Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The site is located in a prime area within Kuala Lumpur’s Golden Triangle, which involves the town’s economic hub along with its main purchasing and nightlife districts. 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 also close to major commercial spots and tourist destinations. It is less than 2km from Suria KLCC, among Kuala Lumpur’s noticeable shopping center, and just 900m from Pavilion Kuala Lumpur, a leading luxury retail area.
The regular-shaped site is being made use of as a carpark. The proprietors are using the real estate up for sale as they reassess their portfolio, says Hon Kah Yick, vice president of Master Real Estate, who is advertising the real estate.
Logically situated within a commercial office area, the site is situated between two office buildings, Wisma Goldhill and Wisma MPL. Numerous 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.
A property commercial site on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has already been offered at RM65 million, or referring to $20 million. With an acreage of 20,309 sq ft, this works out to around RM3201 psf ($ 985 psf).
The Changkat Bukit Bintang area, a vivid entertainment district in Kuala Lumpur, is just a stone’s throw from the site. This area attracts a diverse range of guests, from residents to tourists, with its blend of modern chic and historic appeal. The network of alleys and streets components columns of pre-war buildings turned into upscale clubs and dining establishments.
The location’s distance to commercial and visitors attractions turns it into perfect for hotel redevelopment, appealing to both business tourists and vacationers, says Hon. With a plot ratio of 8, he predicts that the future hotel could accommodate as much as 252 bedrooms, with entrance hall and establishments across 35 floors and a basement, pending approval from the relevant experts.
With its strategic location, redevelopment potential and the chance to affiliate with seasoned lodging operators, the site gives a prime financial investment chance to capitalise on Kuala Lumpur’s tourism sector in among its most promising areas.
The site provides a good opportunity for investors, particularly Singaporean capitalists who are looking to endeavor into the Kuala Lumpur hospitality sector due to the favourable currency exchange rate and fairly reduced access price, he proceeds. “With a complete investment of less than RM200 million ($ 60 million)– factoring in land investment and innovation expenses– financiers can establish a high-quality resort in a desired area.”
Not far away, the well-known Jalan Alor Food Street lies less than 500m from the Changkat Bukit Bintang location. This lively night market includes rows of exterior food stalls and restaurants, supplying a diverse mix of nearby and international cuisines.
Hon adds that the site already has interested operators seeking to take care of the resort. “If the site is accredited for accommodation redevelopment, the future owner can be linked up with hospitality managers that are reputable in the marketplace and have shown interest in supervising it.”
