Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
An estate commercial site on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has 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).
Hon includes that the site actually has interested operators wanting to take care of the hotel. “If the site is accepted for hotels and resort redevelopment, the future owner can be linked with hospitality operators that are well-established in the market and have shown interest in regulating it.”
The site is situated in a prime area throughout Kuala Lumpur’s Golden Triangle, which encompasses the town’s finance centre along with its primary purchasing and night life regions. 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 east and Jalan Yap Kwan Seng and Jalan Tun Razak in the northeast. It is additionally nearby primary business areas and tourist destinations. It is less than 2km from Suria KLCC, among Kuala Lumpur’s noticeable shopping malls, and just 900m from Pavilion Kuala Lumpur, a premier deluxe retail venue.
With its strategic location, redevelopment capacity and the chance to partner with experienced lodging managers, the site offers a prime investment opportunity to capitalise on Kuala Lumpur’s tourism market in one of its most promising spots.
The Changkat Bukit Bintang region, a vivid leisure district in Kuala Lumpur, is just a rock’s toss from the site. This location attracts a various range of tourists, from residents to travelers, with its mix of modern stylish and historical beauty. The network of streets and roads components columns of pre-war structures turned into upscale pubs and restaurants.
The regular-shaped location is being used as a carpark. The proprietors are putting the property up for sale as they reassess their portfolio, mentions Hon Kah Yick, vice president of Master Property, who is promoting the real estate.
Logically situated inside a commercial office location, the site is located in between 2 office complex, Wisma Goldhill and Wisma MPL. Numerous hotels are situated close by, including the Holiday Inn Express Kuala Lumpur City Centre across the street and Parkroyal Serviced Suites Kuala Lumpur.
The site provides an excellent possibility for financiers, particularly Singaporean financiers who are aiming to endeavor into the Kuala Lumpur hospitality sector due to the favourable exchange rate and fairly low access price, he proceeds. “With a complete financial investment of less than RM200 million ($ 60 million)– considering land purchase and enhancement expenses– financiers can establish a premium resort in a sought-after location.”
Nearby, the widely known Jalan Alor Food Road is located less than 500m from the Changkat Bukit Bintang area. This vibrant night market features rows of outdoor food stalls and restaurants, providing a diverse mix of nearby and worldwide foods.
The location’s distance to business and visitors attractions turns it into perfect for resort redevelopment, attracting both business tourists and vacationers, says Hon. With a plot ratio of 8, he estimates that the future hotel might accommodate up to 252 rooms, with entrance hall and establishments across 35 floors and a basement, pending approval from the relevant authorities.
