True story – I was out on an assignment to view Sri Mahkota to post a review here on PropertyReviews.my, and the clueless taxi driver brought me to Sri Mutiara instead. These two properties are like heaven and earth. I mean, painted yellow and white, who would miss Sri Mahkota?How could one get confused? The colour scheme may befit a Sungai Besi apartment – not something you’d find on the Embassy Row.
Sitting on freehold land on Jalan Ampang Tengah, this low-rise and low-density property houses a total of only 16 units distributed in the single block of its 4-storey building. It is located right behind Menara Perkeso and neighbors Iringan Hijau condominium, Villa Ampang condominium, Brunsfield Embassyview, the High Commission of the Republic of Ghana, and the embassies of Russia and Belgium. And may we add… Sri Mahkota is rather old. You could probably guessed this from its rather “outdated” name; if it’s a newer property on Embassy Row it would have been called the Embassy Residences, or Ambassador Place or Insert-Your-Own-Pretentious-Name-Here 😉
The Embassy Row is an enclave which boasts of tree-lined roads and relatively less dense population, affording its residents privacy and comfort. No wonder it is a very popular home choice among expatriates, especially those who work in the Ampang and city centre areas. The enclave is a few kilometers away from KLCC and is well-connected via major roads and public transportation. Additionally, countless amenities are available to residents. We like Embassy Row a lot… except for some duds, properties here are rather nice.
Zooming In on Sri Mahkota
There are only four units on every floor of Sri Mahkota, yielding a total of just 16 units. Each unit has 3+1 bedrooms and four bathrooms. Additionally, each unit has two huge balconies. However, don’t count on nice views of the Kuala Lumpur skyline… because of its low height, virtually everything is blocked by its neighbours – Menara Perkeso and Villa Ampang, especially. Sri Mahkota provides 24-hour security, one carpark for every unit and a swimming pool to its residents. Nothing too fancy, really.
Upon checking recent listings for Sri Mahkota in local property hubs, we have discovered that asking prices range from RM440 psf to RM520 psf. Rental rate is pegged, on the average, at RM2.40 psf. For purposes of comparison, we also checked listings for old condominium properties in Ampang – Ampang 971 and Desa Palma. Asking prices for the former range from RM480 psf to Rm600 psf and rental rates from RM2.00 psf to RM3.50 psf. On the other hand, Desa Palma units sell from RM590 psf to RM890 psf, while rental rates range from RM2.30 psf to RM3.40 psf.
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As you may notice, subsale prices for Sri Mahkota are almost comparable with Ampang 971’s but are significantly lower compared to Desa Palma. The price difference may be attributed to the fact that, despite being old, Desa Palma seems to be better maintained and offers full condominium facilities to its residents. From the facade of Sri Mahkota, it may be gleaned that it is poorly maintained through its run down physical attributes. If the management of Sri Mahkota will not improve its facilities and its maintenance, then the property’s value may slide down the market.
Sri Mahkota is one of the oldest developments here in Ampang Hilir, which means that it could be a candidate for en-bloc purchases (similar bets could be made in the case of, say, Desa Kudalari in KLCC). However, we wouldn’t bet too much on that though. Location-wise, Sri Mahkota is at a prime spot even among Embassy Row properties; the fact that it’s near the international schools (across the road) and the embassies mean that it could well be a good candidate for the prime rental market at Ampang Hilir. Additionally, the low density factor is a major selling point especially for expats with growing families.
The minus points are rather clear – Sri Mahkota hardly looks impressive, and it does look like it needs a fresh layer of paint. Also, the lack of facilities may be a sore point for some tenants, as well as its status of being the dwarf amongst high rises which neighbours it. Also, the management fees are rather steep according to another property portal – but this remains unverified so it’s advisable for the buyer to check this out.
Finally, the price that the buyers pay will be the key driving factor behind the size of the returns on investment. Download this brief guide on how to valuate a unit at Sri Mahkota (or any property) using this rather nifty method which we share below –