Given your space constraints, I think it would be best to hang the TV on the wall that is common to the study/living room (just to the right of the door entry). You could get two or three small upholstered chairs for the living area (gives you flexibility in moving them around.) I would have a table surface hung so it can swing out and be used on the wall between the door and the opening to the kitchen. If hung with a hinge attachment so it can be flat on the wall when not in use, you still have space to move around. Backless bar stools could be lined up on that wall when the table is stored flat to the wall, and still be used for more guest seating.

You will need space to walk and for your feet if you turn the chairs around - if you put a divider in you will block the view from the dining table out to the balcony - and thus make the kitchen and dining room both have no view ! So if you keep it open, the natural light can get through !

In that space you will only really have room for some seating and a DR table and chairs I would be looking fo a long low shallow unit for the media pieces and hang the T.V. on the wall 10.5 ' is very narrow. The room in these pics is almost exactly the same size as yours , if you see where the empty fireplace is that is where I would put your T.V. and then wap the bench for the sofa .

I've inherited this house and started some renovation work. My problem is how to decorate the living cum dining area. The colour palette in my mind is beige and orange as The highlight. On wall 1 I would like to put the tv. But I don't how how to arrange my chairs and sofa and the dining table which we r yet to buy. The 4th wall shows the kitchen door. This room will be mainly used as a family room and to entertain very close friends. As we have a formal sitting area downstairs. Please help me with your valuable suggestions. The pictures from the Houzz are for reference . However I'm unable to upload any more pictures from my gallery. Sorry for that .