Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
Strategically established inside a business office location, the site is situated in between two office buildings, Wisma Goldhill and Wisma MPL. Numerous hotels are located close by, including the Holiday Inn Express Kuala Lumpur City Centre in front of the street and Parkroyal Serviced Suites Kuala Lumpur.
The regular-shaped spot 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 Realty, who is promoting the property.
The Changkat Bukit Bintang region, a lively leisure district in Kuala Lumpur, is just a stone’s toss from the site. This location attracts a various series of people, from locals to vacationers, with its blend of contemporary chic and historic beauty. The network of alleys and roads components lines of pre-war buildings transformed right into high end clubs and dining establishments.
The location’s closeness to commercial and visitors destinations turns it into ideal for hotel redevelopment, appealing to both business travellers and vacationers, states Hon. With a plot ratio of 8, he determines that the future hotel could accommodate up to 252 rooms, with entrance hall and amenities throughout 35 floors and a basement, pending authorization from the relevant authorities.
Not far away, the widely known Jalan Alor Food Road lies less than 500m from the Changkat Bukit Bintang location. This vibrant night market includes rows of outdoor food stalls and restaurants, using a different mix of local and global cuisines.
With its strategic location, redevelopment potential and the chance to partner with seasoned hotel managers, the site presents a prime financial investment opportunity to capitalise on Kuala Lumpur’s tourism sector in among its most promising locations.
An estate business area on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has been offered at RM65 million, or about $20 million. With a land area of 20,309 sq ft, this calculates to around RM3201 psf ($ 985 psf).
The location is positioned in a prime location inside Kuala Lumpur’s Golden Triangle, which involves the metro’s finance centre along with its main shopping 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 eastern and Jalan Yap Kwan Seng and Jalan Tun Razak in the northeast. It is also close to primary business parts and traveler 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 premier luxury retail destination.
The site offers an excellent chance for investors, specifically Singaporean investors who are aiming to endeavor right into the Kuala Lumpur hospitality industry because of the favourable currency exchange rate and reasonably low access fee, he continues. “With a complete financial investment of less than RM200 million ($ 60 million)– considering land investment and development expenses– financiers can establish a premium resort in a sought-after location.”
Hon adds that the site already has interested drivers wanting to take care of the hotel. “If the site is accredited for hotels and resort redevelopment, the future owner can be linked up with hospitality operators who are reputable in the market and have actually displayed interest in regulating it.”
