Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The Changkat Bukit Bintang region, a vivid leisure district in Kuala Lumpur, is simply a stone’s throw from the site. This area attracts a diverse range of tourists, from residents to travelers, with its blend of contemporary chic and historic appeal. The network of streets and roads components lines of pre-war buildings changed into high end clubs and dining establishments.
Not far away, the well-known Jalan Alor Food Road is located less than 500m from the Changkat Bukit Bintang area. This lively night market features rows of outside food stalls and restaurants, offering a different mix of nearby and international cuisines.
Hon includes that the site actually has interested operators wanting to manage the hotel. “If the site is approved for accommodation redevelopment, the future proprietor can be linked with hospitality managers who are well-established in the marketplace and have displayed interest in supervising it.”
An estate commercial area on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has recently been put up for sale at RM65 million, or referring to $20 million. With a land area of 20,309 sq ft, this calculates to about RM3201 psf ($ 985 psf).
The site is located in a prime location within Kuala Lumpur’s Golden Triangle, that includes the town’s economic hub as well as its primary shopping and nightlife sectors. This place 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 near main business parts and tourist attractions. It is less than 2km from Suria KLCC, one of Kuala Lumpur’s popular shopping malls, and simply 900m from Pavilion Kuala Lumpur, a premier luxury retail venue.
The site’s distance to commercial and vacationer destinations makes it ideal for hotel redevelopment, appealing to both business tourists and tourists, states Hon. With a plot ratio of 8, he predicts that the future hotel could suit as much as 252 bedrooms, with entrance hall and amenities throughout 35 floors and a basement, pending confirmation from the appropriate experts.
The site presents a great chance for investors, especially Singaporean financiers who are aiming to endeavor right into the Kuala Lumpur hospitality market due to the great currency exchange rate and reasonably reduced access cost, he continues. “With an overall financial investment of less than RM200 million ($ 60 million)– factoring in land acquisition and property development expenses– capitalists can establish a high-quality resort in a desired location.”
With its strategic location, redevelopment capacity and the possibility to associate with accomplished hotel managers, the site offers a prime investment opportunity to capitalise on Kuala Lumpur’s tourism sector in among its most promising locations.
The regular-shaped site is being made use of as a carpark. The proprietors are using the property up for sale as they reassess their profile, states Hon Kah Yick, vice president of Master Real Estate, who is marketing the real estate.
Logically situated inside a business office location, the site is situated between two office buildings, Wisma Goldhill and Wisma MPL. Various resorts are positioned close by, including the Holiday Inn Express Kuala Lumpur City Centre in front of the street and Parkroyal Serviced Suites Kuala Lumpur.
