Buying or renting a condominium unit can be a complicated process – there are simply a lot of factors to consider and a lot of choices to make. However, there are some condominiums that make life a little easier for condominium buyers or renters, and among them is the Mayfair in Sri Hartamas.
Mayfair is situated within the Plaza Damas district. It is conveniently located in the Sri Hartamas area, where there are a lot of cafes, boutiques, shops, and restaurants. It is interesting to note that Mayland is both the developer of Mayfair as well as the Sri Hartamas Shopping Centre. A Hong Kong-based developer, the Mayland Group is behind a roster of developments in the Hartamas area including Dorchester (studio apartments) and the Waldorf Tower (a serviced apartment at Plaza Damas). Elsewhere, it is more well known as the developer of the Dorsett Regency Hotel in the heart of Kuala Lumpur’s Golden Triangle.
This residential development is also near Mont Kiara, a very affluent community. As Sri Hartamas properties tend to lag a little behind their counterparts in Mont Kiara, there could well be bargains to be had. Additionally, Mayfair enjoys a good location which means that it is able to command a premium over the regular Sri Hartamas (and to a certain extent, some Mont Kiara) condominiums.
Mayfair – Configuration & Location
Singles or small families looking for a new place to call home would love the Mayfair. Besides offering reasonable prices for its studio units whose sizes range from 400 to 600 square feet, it offers convenience and quality facilities. The price per sq ft has been hovering around RM650 for some time, and the asking and transacted prices have been quite elastic for the past twelve months, having heavily impacted by nearby apartments such as the Dorchester and the Waldorf Tower.
Living at the Mayfair means convenience. Being located in the heart of Sri Hartamas, it makes everything within reach. Boutiques and restaurants can be reached by foot within only minutes. Being near the Hartamas Shopping Centre could be both a boon and a bane to tenants.
A quick check at the property portals indicate that the asking prices are in the range between RM700-850 PSF. We do expect the actual transacted prices to be LOWER by about 10-20% given the competition and supply levels in the area. To determine what is the fair market value for Mayfair, remember to use our free guide which you can download here.
Reaching the city proper would not be a problem, as the Mayfair can be accessed via Jalan Duta and the Sprint highway. The Penchala Link serves as the main access road if you want to go to TTDI, Damansara, and Bandar Utama. It will only take about 15 minutes to get to the city, and around 10 minutes to get to Damansara Heights.
Best for Singles, Students, and Small Families
There has been an increasing demand for small studio-type units among condominiums. The Mayfair Mont Kiara offers one of the most reasonable prices in the market as of the moment, making the demand for its studio units go off the charts. One can also invest on a studio unit and rent it out to Taylor’s students, as this strategy has yielded only success so far for investors. Singles would enjoy the convenience of condominium living in a great location. The nearby amenities are increasing by the numbers, as Sri Hartamas gradually develops over time.
We do hear misgivings about its developer Mayland, but it’s also easy to overlook its rather rich portfolio (Dorsett Residences in the Bukit Bintang area, Regalia on Jalan Sultan Ismail, Royal Regent on Jalan Kuching). It does seem to be further concentrating its efforts in the city condominiums niche with the announcement of a new project on Jalan Ampang (news coverage here). There’s absolutely no question about the developer’s experience in building up quality city apartments at all.
Small(ish) units and studio apartments remain niche in the Malaysia property market, and we see that there seems to be a higher concentration of these in the Mont Kiara and Sri Hartamas area (for example, Tiffani Kiara and Verve Suites in the west of Mont Kiara). There could well be intense competition in the years to come which would impact rental and capital yields. Something to watch out for – especially if you are figuring out what’s the “fair price” to pay for a unit here at Mayfair.