New Luxury Condo Tower Coming to Kuala Lumpur's Business District

New Luxury Condo Tower Coming to Kuala Lumpur's Business District

Residential News » Residential Real Estate Edition | By Michael Gerrity | October 14, 2009 10:45 AM ET

(News Source: E & O Group)

(KUALA LAMPUR, MALAYSIA) - Malaysia-listed premier property developer Eastern & Oriental Berhad (E&O Group) today announced the official launch of St Mary Residences Tower A targeting international home purchasers.

Styled after Manhattan's iconic loft apartments, St Mary Residences is the epitome of chic city living in Kuala Lumpur. Tower A is the second of three towers to be offered to buyers. The luxury residential serviced suites, situated in the Central Business District (CBD) of the city's landmark Kuala Lumpur City Centre (KLCC), home to the iconic Petronas Twin Towers, is set to draw investor demand beyond Malaysia; attracting those looking to invest in a prime location property with attractive pricing and rental returns.

St Mary Residences features three majestic towers, offering spectacular views of the Petronas Twin Towers, KL Tower, Bukit Nanas Nature Reserve and the CBD skyline. The 657-unit freehold-titled development is nestled within a 1.2-acre urban sanctuary and includes a residents-only clubhouse, gym and function rooms.

Designed by WATG, an award-winning US-based consultant for the hospitality, leisure and entertainment industries such as Four Seasons, Ritz Carlton and Hyatt Resorts Worldwide, St Mary Residences interiors have been impeccably fashioned with top-line specifications and fittings. Clearly setting the bar high for luxury metropolitan living, St Mary Residences offers globetrotting urbanites an inimitably urbane chic environment. Stylish amenities will be within reach as a 2-storey retail annexes in Tower A featuring bistros and spas will also be added to complement the busy lifestyles of its cosmopolitan dwellers.

Units range from a spacious 1,131 square feet for a 1-bedroom Studio Suite priced from RM1.105 million to the expansive 6,000 square feet rooftop Penthouses. There are also 2 and 3-bedroom City and Metro Suites at 1,442 square feet and 2,249 square feet respectively. The price of an average unit in Tower A works out to RM1,250 psf, an unattainable value for a similar size condo in neighboring Singapore. Such a value proposition coupled with the undervalued ringgit will give savvy overseas buyers and investors more reason to place their money in this exciting project.

Apart from competitive pricing, the project's interest absorption scheme offers another incentive for investors seeking to get a slice of the upmarket KLCC property pie. Buyers need only pay 10% cash up front with no further payments needed till the TOP date in 2012 - the developer will absorb the loan interest that is accrued during the construction period. Rental yield is expected to be between 5-6%. With a stable influx of expats working in Kuala Lumpur to boost housing demand and the recent policy relaxation on property purchases, there is no better time to ride on the property wave.

Ms Lim Hooi Yen, General Manager, Marketing and Sales for E&O believes the scheme will attract more international purchasers to the high-end project in light of the current steep property prices in their own country which shows no immediate signs of abating. "In Malaysia's capital city of Kuala Lumpur, the real estate market is just beginning to gain momentum. There is tremendous upside potential as prices are still below peak levels. Best of all, with a lower cash commitment upfront, buyers do not need to over-extend themselves in order to reap significant returns later."

"A project of this caliber represents a blue-chip investment in good as well as volatile times. While it has benefited from a resurgence in consumer sentiment, the fact remains that prime location residential properties will always be in demand. And St Mary Residences' winning edge is that it's located in the heart of the CBD without the astronomical downtown prices seen in other capital cities," says Mr. Eric Chan Kok Leong, E&O's Executive Director.

Eastern & Oriental Berhad (collectively referred to as 'The E&O Group' is listed on the Main-board of Bursa Malaysia. The Company has interests in 3 core business activities; namely hospitality and lifestyle, property development and property investment.

E&O undertook the meticulous refurbishment and upgrading of the heritage Eastern & Oriental Hotel (E&O Hotel) as well as Lone Pine Hotel in the late 1990s. Since it was established by the Sarkies Brothers in 1885, E&O Hotel has charmed travelers from near and far, creating a reputation to match its sister hotels - The Raffles, Singapore and The Strand, Rangoon - also founded by the Sarkies. Lone Pine Hotel is the oldest beach hotel, established in 1948, along Penang Island's famed tourist strip of Batu Ferringhi. There are ongoing efforts to capitalize on the hotel management expertise currently available, and extend this service to enable the Group to eventually manage a portfolio of hotels and resorts within Malaysia as well as around the region.

Recently, E&O embarked on a new food and beverage (F&B) venture, via the acquisition of a substantial stake in The Delicious Group, which currently operates Delicious restaurants in One Utama (Petaling Jaya), Bangsar Village II, Dua Residency Annex and Mid Valley Megamall (Kuala Lumpur) as well as D'lish in Bangsar Village I. With F&B to be closely linked to lifestyle in the larger mindset, synergies are evident in strategic positioning of Delicious restaurants in the prime commercial/retail properties which E&O will retain, providing cuisines that are in line with the lifestyle of its urban developments. E&O Property Development Berhad (E&OProp) is the property development arm of E&O. Prior to the formation of E&OProp, E&O undertook several prestigious property projects within Kuala Lumpur. Along Jalan Ampang's Embassy Row, E&O completed residential developments such as Sri Se-Ekar and 202 Desa Cahaya (202 DC), whilst at nearby Kampung Warisan, Malaysia's celebrated cartoonist Datuk Lat successfully conceptualized a traditional Malay village ambience within the heart of the capital.

Presently, E&OProp focuses on building premium homes within prime locations of Klang Valley and on Penang Island. E&OProp has recently completed the high-end condominium Dua Residency, located within the vicinity of the Kuala Lumpur City Centre (KLCC) as well as Idamansara, located in Kuala Lumpur's highly prized residential address of Damansara Heights. Seventy Damansara is another one of E&OProp's signature development with 12 exclusive detached homes within a gated and guarded community. On Penang Island, the master plan seafront development Seri Tanjung Pinang is situated minutes from Millionaires' Row of Gurney Drive, underpinning E&OProp's consistent business strategy of focusing on development in prime areas where demand is prevalent.

The newly-established Property Investment division's core mandate is the acquisition of select land banks and properties that provides E&O with steady, recurring income flow and opportunities for capital appreciation in the longer term.

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