Foreign buyers make up 30% of sales at St Mary Residences so far

KUALA LUMPUR: Eastern & Oriental Bhd's (E&O) St Mary Residences condominium project in Kuala Lumpur has attracted a significant number of foreign buyers.

E&O's executive director Eric Chan said foreigners make-up about 30% of the sales. "We have buyers from 13 different nationalities, including countries such as Japan, Hong Kong, Singapore and Indonesia," he said.

The project with a gross development value (GDV) of RM800 million comprises three 28-storey towers on a 4.04-acre freehold site on Jalan Tengah. The three towers offer a total 657 units with Tower A, B and C offering 288 units, 200 units and 169 units respectively.

Chan said Tower C has been 90% sold, while Tower A is 50% sold since its launch in August 2009. Tower B is being kept for the original landowner. The price is at an average of RM1,100 psf.

"We are the only residential building in the CBD [Central Business District] area. It is eight minutes to KLCC and five minutes to Pavilion KL, as well as being only three blocks away from the Raja Chulan monorail station," he told reporters during a media tour of the sales gallery.

The sales gallery is located on the actual development site. Visitors can also visit the onsite St Mary Residences show apartment.

The development began earth works in 2009, and is scheduled for completion in 4Q2012, said Chan.

The unit sizes range from 1,131 sq ft to 2,249 sq ft for the normal units, while the 16 penthouses are 4,000 sq ft each. The selling price ranges from RM1.45 million to RM11.08 million.

"The size is luxurious but practical," Eric said, adding that Tower A has 12 units per floor, Tower B has eight units per floor while Tower C has seven units per floor.

The units are comes with timber flooring, air-conditioners, kitchen cabinets, fridge, kitchen hob as well as microwave oven and washing machine.

The project will also feature a 1.2-acre central park. There will also be a 2-storey 35,000 sq ft retail annex that will feature a collection of boutique F&B, basic and lifestyle services designed to offer residents the convenience of city lifestyle. E&O plans to lease the retail space

The construction of St Mary Residences is a joint-venture development between E&O and The Lion Group. The land formerly housed St. Mary's School and was later purchased by the Lion Group from The Synod of the Diocese of West Malaysia. The Lion Group has provided a new purpose-built school in Selayang for the relocation of the St Mary's School.