Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The site offers a good chance for investors, specifically Singaporean financiers that are seeking to endeavor right into the Kuala Lumpur hospitality industry because of the good exchange rate and reasonably reduced entry price, he proceeds. “With a complete financial investment of less than RM200 million ($ 60 million)– considering land purchase and enhancement prices– capitalists can develop a high quality resort in a sought-after location.”
Nearby, the well-known Jalan Alor Food Street is located less than 500m from the Changkat Bukit Bintang area. This dynamic night market features rows of outdoor food stalls and dining establishments, using a different mix of nearby and worldwide foods.
The location is situated in a prime place within Kuala Lumpur’s Golden Triangle, that involves the town’s finance center along with its main purchasing and night life areas. This place stretches 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 primary commercial parts and vacationer destinations. It is less than 2km from Suria KLCC, among Kuala Lumpur’s popular shopping malls, and just 900m from Pavilion Kuala Lumpur, a premier high-end retail destination.
A freehold commercial site on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has already been offered at RM65 million, or about $20 million. With an acreage of 20,309 sq ft, this works out to around RM3201 psf ($ 985 psf).
Hon adds that the site already has interested drivers aiming to take care of the hotel. “If the site is accepted for hotels and resort redevelopment, the future proprietor can be linked with hospitality managers who are well-established in the marketplace and have presented interest in regulating it.”
Logically situated within a business workplace area, the site is situated between 2 office complex, Wisma Goldhill and Wisma MPL. Many hotels are located nearby, including the Holiday Inn Express Kuala Lumpur City Centre across the road and Parkroyal Serviced Suites Kuala Lumpur.
With its strategic location, redevelopment capability and the possibility to associate with seasoned lodging operators, the site offers a prime financial investment chance to capitalise on Kuala Lumpur’s tourism sector in one of its most promising spots.
The Changkat Bukit Bintang region, a lively leisure area in Kuala Lumpur, is just a rock’s toss from the site. This area brings in a diverse variety of people, from citizens to tourists, with its blend of present-day stylish and historic appeal. The network of alleys and roads attributes lines of pre-war buildings changed into upscale clubs and restaurants.
The location’s proximity to commercial and tourist destinations makes it suitable for hotel redevelopment, attracting both business travellers and tourists, states Hon. With a plot ratio of 8, he predicts that the future resort can accommodate approximately 252 rooms, with lobby and amenities throughout 35 floors and a basement, pending confirmation from the relevant experts.
The regular-shaped location is being used as a carpark. The owners are using the property up for sale as they reassess their accounts, states Hon Kah Yick, vice president of Master Real Estate, who is advertising the property.
