Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The location is located in a prime location inside Kuala Lumpur’s Golden Triangle, that involves the town’s finance center as well as its primary purchasing and night life districts. This location extends from the junctions of Jalan Raja Chulan and Jalan Tun Perak in the southwest to Jalan Bukit Bintang and Jalan Tun Razak in the eastern and Jalan Yap Kwan Seng and Jalan Tun Razak in the northeast. It is also close to primary business spots and visitor attractions. It is less than 2km from Suria KLCC, among Kuala Lumpur’s noticeable mall, and just 900m from Pavilion Kuala Lumpur, a leading luxury retail venue.
The site offers a great possibility for capitalists, particularly Singaporean investors that are seeking to endeavor into the Kuala Lumpur hospitality industry because of the favourable exchange rate and fairly low entry fee, he continues. “With a complete investment of less than RM200 million ($ 60 million)– considering land acquisition and enhancement costs– financiers can establish a high quality hotel in an in-demand location.”
With its strategic location, redevelopment capacity and the possibility to partner with seasoned hotel operators, the site gives a prime financial investment opportunity to capitalise on Kuala Lumpur’s tourism market in one of its most promising spots.
Nearby, the popular Jalan Alor Food Road is located less than 500m from the Changkat Bukit Bintang area. This vibrant evening market includes rows of outside food stalls and dining establishments, using a diverse mix of local and worldwide foods.
The regular-shaped location is being made use of as a carpark. The owners are placing the real estate up for sale as they reassess their profile, says Hon Kah Yick, vice president of Master Realty, who is promoting the property.
Hon includes that the site actually has interested operators wanting to manage the resort. “If the site is accredited for accommodation redevelopment, the future proprietor can be connected with hospitality managers that are well-established in the market and have displayed interest in supervising it.”
A freehold commercial site on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has been offered at RM65 million, or referring to $20 million. With a land area of 20,309 sq ft, this calculates to approximately RM3201 psf ($ 985 psf).
Strategically established within a business workplace area, the site is nestled between 2 office complex, Wisma Goldhill and Wisma MPL. Various hotels are positioned close by, including the Holiday Inn Express Kuala Lumpur City Centre in front of the road and Parkroyal Serviced Suites Kuala Lumpur.
The Changkat Bukit Bintang region, a lively entertainment area in Kuala Lumpur, is just a stone’s throw from the site. This area brings in a diverse range of people, from locals to vacationers, with its mix of contemporary stylish and historical charm. The network of alleys and roads features columns of pre-war structures turned into upscale clubs and restaurants.
The site’s proximity to business and visitors attractions makes it suitable for resort redevelopment, attracting both business travellers and tourists, shares Hon. With a plot ratio of 8, he determines that the future hotel might suit as much as 252 bedrooms, with entrance hall and establishments across 35 floors and a basement, pending authorization from the relevant authorities.
