Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
Strategically positioned inside a business workplace area, the site is situated in between 2 office complex, Wisma Goldhill and Wisma MPL. Numerous hotels are located close by, including the Holiday Inn Express Kuala Lumpur City Centre across the street and Parkroyal Serviced Suites Kuala Lumpur.
The regular-shaped spot is being utilized as a carpark. The proprietors are using the real estate up for sale as they reassess their accounts, states Hon Kah Yick, vice president of Master Real Estate, who is marketing the real estate.
The Changkat Bukit Bintang area, a vibrant leisure area in Kuala Lumpur, is simply a stone’s throw from the site. This area brings in a different variety of people, from residents to visitors, with its blend of present-day stylish and historical charm. The network of streets and roads components columns of pre-war structures transformed right into upscale pubs and restaurants.
Nearby, the widely known Jalan Alor Food Road is located less than 500m from the Changkat Bukit Bintang location. This dynamic night market includes rows of exterior food stalls and restaurants, offering a different mix of local and global cuisines.
The location is positioned in a prime location throughout Kuala Lumpur’s Golden Triangle, which includes the metro’s economic center as well as its main purchasing and night life 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 east and Jalan Yap Kwan Seng and Jalan Tun Razak in the northeast. It is also near primary business parts and visitor attractions. It is less than 2km from Suria KLCC, one of Kuala Lumpur’s famous shopping malls, and simply 900m from Pavilion Kuala Lumpur, a leading deluxe retail destination.
A freehold business site on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has recently been offered at RM65 million, or about $20 million. With an acreage of 20,309 sq ft, this calculates to about RM3201 psf ($ 985 psf).
With its strategic location, redevelopment potential and the chance to affiliate with accomplished lodging operators, the site offers a prime financial investment opportunity to capitalise on Kuala Lumpur’s tourism market in one of its most promising spots.
The location’s proximity to commercial and visitors attractions turns it into ideal for hotel redevelopment, appealing to both business visitors and vacationers, shares Hon. With a plot ratio of 8, he determines that the future resort might fit approximately 252 bedrooms, with lobby and establishments throughout 35 floors and a basement, pending approval from the relevant authorities.
The site provides a good chance for investors, specifically Singaporean investors that are wanting to venture into the Kuala Lumpur hospitality market because of the favourable exchange rate and fairly reduced access charge, he proceeds. “With an overall investment of less than RM200 million ($ 60 million)– considering land acquisition and development costs– capitalists can establish a high-quality resort in a popular place.”
Hon includes that the site already 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 who are reputable in the marketplace and have presented interest in supervising it.”
