Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
A property commercial area on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has been put up for sale at RM65 million, or around $20 million. With a land area of 20,309 sq ft, this calculates to approximately RM3201 psf ($ 985 psf).
Hon includes that the site actually has interested drivers wanting to manage the hotel. “If the site is approved for hotel redevelopment, the future proprietor can be linked with hospitality managers that are well-established in the market and have actually shown interest in supervising it.”
The Changkat Bukit Bintang region, a vibrant leisure district in Kuala Lumpur, is simply a rock’s throw from the site. This area brings in a diverse range of guests, from residents to tourists, with its blend of present-day stylish and historic charm. The network of streets and roads attributes rows of pre-war buildings turned right into high end clubs and dining establishments.
Strategically established inside a commercial workplace area, the site is situated between two office complex, Wisma Goldhill and Wisma MPL. Numerous hotels are situated close by, including the Holiday Inn Express Kuala Lumpur City Centre in front of the street and Parkroyal Serviced Suites Kuala Lumpur.
Nearby, the well-known Jalan Alor Food Road is located less than 500m from the Changkat Bukit Bintang area. This vibrant evening market includes rows of outdoor food stalls and restaurants, supplying a different mix of nearby and worldwide cuisines.
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The site’s closeness to commercial and visitors destinations makes it optimal for hotel redevelopment, appealing to both business visitors and tourists, states Hon. With a plot ratio of 8, he estimates that the future resort can fit up to 252 bedrooms, with lobby and establishments across 35 storeys and a basement, pending approval from the appropriate authorities.
With its strategic location, redevelopment capability and the possibility to affiliate with accomplished hotel managers, the site offers a prime financial investment chance to capitalise on Kuala Lumpur’s tourism sector in among its most promising spots.
The regular-shaped site is being utilized as a carpark. The owners are placing the property up for sale as they reassess their portfolio, mentions Hon Kah Yick, vice president of Master Property, who is advertising the real estate.
The site provides an excellent possibility for investors, particularly Singaporean investors who are seeking to venture into the Kuala Lumpur hospitality industry due to the good exchange rate and fairly low access cost, he proceeds. “With an overall investment of less than RM200 million ($ 60 million)– considering land investment and property development expenses– investors can establish a top notch hotel in a desired place.”
The location is positioned in a prime place throughout Kuala Lumpur’s Golden Triangle, which involves the town’s finance hub along with its main purchasing 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 near main business areas and vacationer destinations. It is less than 2km from Suria KLCC, among Kuala Lumpur’s noticeable mall, and just 900m from Pavilion Kuala Lumpur, a premier luxury retail venue.
