Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The site’s distance to business and vacationer destinations turns it into optimal for hotel redevelopment, appealing to both business visitors and vacationers, says Hon. With a plot ratio of 8, he predicts that the future resort might fit approximately 252 bedrooms, with entrance hall and facilities across 35 floors and a basement, pending authorization from the appropriate authorities.
The site provides a good chance for financiers, particularly Singaporean investors who are looking to venture right into the Kuala Lumpur hospitality sector because of the favourable currency exchange rate and relatively low entry charge, he proceeds. “With a total financial investment of less than RM200 million ($ 60 million)– factoring in land purchase and enhancement costs– financiers can establish a premium resort in an in-demand place.”
Logically positioned inside a business office area, the site is located between 2 office complex, Wisma Goldhill and Wisma MPL. Numerous hotels are situated nearby, including the Holiday Inn Express Kuala Lumpur City Centre along the street and Parkroyal Serviced Suites Kuala Lumpur.
Not far away, the popular Jalan Alor Food Road lies less than 500m from the Changkat Bukit Bintang area. This vibrant evening market features rows of outdoor food stalls and dining establishments, providing a different mix of local and worldwide foods.
Hon includes that the site already has interested drivers looking to manage the resort. “If the site is accredited for accommodation redevelopment, the future proprietor can be linked up with hospitality managers that are reputable in the market and have shown interest in supervising it.”
The regular-shaped location is being made use of as a carpark. The proprietors are placing the real estate up for sale as they reassess their portfolio, says Hon Kah Yick, vice president of Master Real Estate, who is promoting the real estate.
The Changkat Bukit Bintang region, a dynamic leisure area in Kuala Lumpur, is simply a stone’s throw from the site. This location attracts a various series of visitors, from residents to tourists, with its blend of contemporary chic and historic beauty. The network of streets and roads attributes rows of pre-war buildings turned right into upscale clubs and dining establishments.
With its strategic location, redevelopment capacity and the chance to affiliate with accomplished hotel managers, the site presents a prime financial investment opportunity to capitalise on Kuala Lumpur’s tourism market in one of its most promising spots.
An estate commercial site on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has recently been put up for sale 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 area within Kuala Lumpur’s Golden Triangle, that includes the city’s finance hub as well as its primary 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 also nearby primary business parts and vacationer destinations. It is less than 2km from Suria KLCC, among Kuala Lumpur’s popular shopping center, and just 900m from Pavilion Kuala Lumpur, a leading high-end retail venue.
