Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
Logically positioned within a commercial office area, the site is located between two office buildings, Wisma Goldhill and Wisma MPL. Numerous hotels are located nearby, including the Holiday Inn Express Kuala Lumpur City Centre across the road and Parkroyal Serviced Suites Kuala Lumpur.
The location’s distance to commercial and tourist attractions makes it optimal for hotel redevelopment, attracting both business visitors and tourists, shares Hon. With a plot ratio of 8, he predicts that the future hotel can suit as much as 252 spaces, with lobby and establishments across 35 floors and a basement, pending approval from the relevant authorities.
The site presents a great opportunity for capitalists, especially Singaporean financiers that are wanting to endeavor right into the Kuala Lumpur hospitality market because of the great exchange rate and fairly low access price, he continues. “With an overall financial investment of less than RM200 million ($ 60 million)– considering land investment and property development costs– financiers can develop a top notch resort in an in-demand place.”
With its strategic location, redevelopment capability and the chance to associate with seasoned lodging managers, the site presents a prime financial investment opportunity to capitalise on Kuala Lumpur’s tourism sector in one of its most promising spots.
Hon adds that the site actually has interested operators wanting to take care of the hotel. “If the site is accepted for hotel redevelopment, the future owner can be connected with hospitality managers that are reputable in the market and have shown interest in regulating it.”
The regular-shaped spot is being made use of as a carpark. The owners are using the real estate up for sale as they reassess their portfolio, states Hon Kah Yick, vice president of Master Realty, who is promoting the real estate.
The Changkat Bukit Bintang region, a vivid leisure area in Kuala Lumpur, is simply a stone’s toss from the site. This area brings in a various range of tourists, from residents to travelers, with its blend of present-day stylish and historic appeal. The network of streets and roads features lines of pre-war structures transformed into upscale pubs and dining establishments.
Not far away, the well-known Jalan Alor Food Street is located less than 500m from the Changkat Bukit Bintang area. This lively night market features rows of outdoor food stalls and dining establishments, offering a diverse mix of nearby and global foods.
A property business place on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has been put up for sale at RM65 million, or about $20 million. With a land area of 20,309 sq ft, this calculates to approximately RM3201 psf ($ 985 psf).
The location is situated in a prime location inside Kuala Lumpur’s Golden Triangle, which includes the city’s economic hub as well as its main shopping and nightlife 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 likewise nearby major business areas and vacationer destinations. It is less than 2km from Suria KLCC, one of Kuala Lumpur’s popular shopping center, and just 900m from Pavilion Kuala Lumpur, a leading deluxe retail venue.
