Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The location is located in a prime location within Kuala Lumpur’s Golden Triangle, which includes the metro’s economic centre as well as its primary purchasing and nightlife areas. This area 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 east and Jalan Yap Kwan Seng and Jalan Tun Razak in the northeast. It is also near major commercial spots and traveler attractions. It is less than 2km from Suria KLCC, one of Kuala Lumpur’s prominent mall, and simply 900m from Pavilion Kuala Lumpur, a premier luxury retail area.
With its strategic location, redevelopment potential and the chance to associate with seasoned lodging managers, the site offers a prime investment chance to capitalise on Kuala Lumpur’s tourism market in one of its most promising spots.
A property commercial area on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has recently been put up for sale at RM65 million, or referring to $20 million. With an acreage of 20,309 sq ft, this calculates to around RM3201 psf ($ 985 psf).
Hon adds that the site actually has interested drivers looking to manage the resort. “If the site is accredited for hotel redevelopment, the future owner can be linked up with hospitality managers that are reputable in the market and have shown interest in managing it.”
Not far away, the well-known Jalan Alor Food Street lies less than 500m from the Changkat Bukit Bintang area. This lively evening market features rows of outdoor food stalls and restaurants, offering a different mix of nearby and worldwide cuisines.
Logically established inside a business office location, the site is located in between 2 office complex, Wisma Goldhill and Wisma MPL. Many hotels are situated nearby, including the Holiday Inn Express Kuala Lumpur City Centre along the street and Parkroyal Serviced Suites Kuala Lumpur.
The Changkat Bukit Bintang region, a lively leisure area in Kuala Lumpur, is just a stone’s throw from the site. This location draws in a diverse variety of tourists, from residents to vacationers, with its mix of contemporary stylish and historic beauty. The network of alleys and streets components rows of pre-war buildings changed right into high end bars and restaurants.
The site offers a great possibility for capitalists, specifically Singaporean investors who are aiming to endeavor into the Kuala Lumpur hospitality sector due to the great currency exchange rate and relatively low access price, he proceeds. “With a total financial investment of less than RM200 million ($ 60 million)– factoring in land acquisition and development expenses– financiers can establish a top notch hotel in a desired area.”
The regular-shaped location is being utilized as a carpark. The proprietors are putting the property up for sale as they reassess their profile, mentions Hon Kah Yick, vice president of Master Property, who is promoting the property.
The location’s distance to commercial and visitors attractions turns it into optimal for hotel redevelopment, attracting both business tourists and vacationers, shares Hon. With a plot ratio of 8, he determines that the future resort could accommodate as much as 252 rooms, with entrance hall and facilities throughout 35 storeys and a basement, pending approval from the appropriate experts.
