Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
A property commercial area on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has been offered at RM65 million, or about $20 million. With an acreage of 20,309 sq ft, this calculates to approximately RM3201 psf ($ 985 psf).
The location’s proximity to business and vacationer destinations makes it excellent for hotel redevelopment, appealing to both business visitors and vacationers, states Hon. With a plot ratio of 8, he determines that the future hotel could suit as much as 252 rooms, with lobby and amenities across 35 storeys and a basement, pending authorization from the appropriate experts.
Strategically positioned inside a commercial workplace area, the site is located between 2 office complex, Wisma Goldhill and Wisma MPL. Many resorts are situated nearby, including the Holiday Inn Express Kuala Lumpur City Centre across the road and Parkroyal Serviced Suites Kuala Lumpur.
The site presents an excellent opportunity for investors, especially Singaporean financiers who are aiming to endeavor into the Kuala Lumpur hospitality sector due to the favourable exchange rate and fairly low access charge, he continues. “With a total investment of less than RM200 million ($ 60 million)– considering land investment and development expenses– capitalists can develop a high-quality hotel in a sought-after place.”
Not far away, the well-known Jalan Alor Food Road is located less than 500m from the Changkat Bukit Bintang location. This lively evening market features rows of exterior food stalls and dining establishments, offering a different mix of local and worldwide cuisines.
With its strategic location, redevelopment capability and the possibility to associate with accomplished hotel operators, the site offers a prime investment chance to capitalise on Kuala Lumpur’s tourism market in one of its most promising spots.
The regular-shaped site is being utilized as a carpark. The proprietors are putting the property up for sale as they reassess their portfolio, mentions Hon Kah Yick, vice president of Master Realty, who is marketing the real estate.
The site is located in a prime area throughout Kuala Lumpur’s Golden Triangle, that involves the town’s economic hub as well as its primary shopping and nightlife sectors. This location stretches from the junctions of Jalan Raja Chulan and Jalan Tun Perak in the southwest to Jalan Bukit Bintang and Jalan Tun Razak in the east and Jalan Yap Kwan Seng and Jalan Tun Razak in the northeast. It is additionally near primary business spots and traveler attractions. It is less than 2km from Suria KLCC, one of Kuala Lumpur’s popular mall, and simply 900m from Pavilion Kuala Lumpur, a leading deluxe retail area.
Hon includes that the site already has interested operators wanting to manage the resort. “If the site is approved for accommodation redevelopment, the future owner can be linked up with hospitality managers that are reputable in the market and have actually shown interest in managing it.”
The Changkat Bukit Bintang region, a dynamic leisure district in Kuala Lumpur, is simply a rock’s throw from the site. This location attracts a different range of guests, from locals to vacationers, with its blend of modern chic and historical charm. The network of alleys and roads attributes rows of pre-war buildings transformed into high end pubs and dining establishments.
