Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
Logically situated within a business workplace area, the site is located in between two office complex, Wisma Goldhill and Wisma MPL. Various hotels are positioned nearby, including the Holiday Inn Express Kuala Lumpur City Centre along the road and Parkroyal Serviced Suites Kuala Lumpur.
Not far away, the popular Jalan Alor Food Road is located less than 500m from the Changkat Bukit Bintang location. This vibrant evening market features rows of exterior food stalls and dining establishments, offering a different mix of nearby and international foods.
The Changkat Bukit Bintang region, a vivid leisure district in Kuala Lumpur, is just a stone’s toss from the site. This location attracts a various series of visitors, from residents to vacationers, with its mix of modern chic and historical charm. The network of alleys and roads attributes columns of pre-war buildings transformed into high end bars and dining establishments.
With its strategic location, redevelopment capacity and the chance to partner with accomplished hotel managers, the site gives a prime financial investment opportunity to capitalise on Kuala Lumpur’s tourism sector in among its most promising areas.
A property commercial area on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has recently been offered at RM65 million, or referring to $20 million. With a land area of 20,309 sq ft, this works out to approximately RM3201 psf ($ 985 psf).
The location is situated in a prime area inside Kuala Lumpur’s Golden Triangle, that encompasses the town’s financial hub along with its main purchasing and nightlife districts. This place 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 likewise close to primary commercial parts and vacationer attractions. It is less than 2km from Suria KLCC, one of Kuala Lumpur’s noticeable shopping malls, and just 900m from Pavilion Kuala Lumpur, a premier deluxe retail destination.
The site’s proximity to business and visitors attractions makes it excellent for hotel redevelopment, attracting both business travellers and tourists, says Hon. With a plot ratio of 8, he predicts that the future resort might suit as much as 252 spaces, with lobby and establishments across 35 storeys and a basement, pending authorization from the relevant authorities.
The regular-shaped spot is being used as a carpark. The proprietors are placing the real estate up for sale as they reassess their portfolio, mentions Hon Kah Yick, vice president of Master Realty, who is advertising the property.
The site provides a good possibility for investors, specifically Singaporean capitalists that are looking to endeavor right into the Kuala Lumpur hospitality sector because of the good exchange rate and reasonably reduced access cost, he continues. “With a complete investment of less than RM200 million ($ 60 million)– considering land acquisition and enhancement costs– financiers can develop a top notch resort in a popular location.”
Hon adds that the site already has interested operators wanting to take care of the resort. “If the site is approved for hotel redevelopment, the future proprietor can be linked up with hospitality operators that are reputable in the market and have actually displayed interest in regulating it.”
