Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The location is located in a prime location throughout Kuala Lumpur’s Golden Triangle, which includes the city’s financial center as well as its main purchasing and nightlife districts. This area 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 east and Jalan Yap Kwan Seng and Jalan Tun Razak in the northeast. It is additionally nearby main business areas and traveler destinations. It is less than 2km from Suria KLCC, among Kuala Lumpur’s popular shopping malls, and simply 900m from Pavilion Kuala Lumpur, a leading luxury retail venue.
A freehold business site on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has already been offered at RM65 million, or about $20 million. With a land area of 20,309 sq ft, this works out to about RM3201 psf ($ 985 psf).
The site presents a great opportunity for investors, especially Singaporean investors that are seeking to venture into the Kuala Lumpur hospitality market due to the favourable currency exchange rate and fairly reduced access charge, he proceeds. “With a total financial investment of less than RM200 million ($ 60 million)– considering land purchase and development expenses– capitalists can establish a top notch hotel in a desired location.”
The regular-shaped location is being made use of as a carpark. The proprietors are using the property up for sale as they reassess their accounts, states Hon Kah Yick, vice president of Master Realty, who is marketing the real estate.
Hon includes that the site already has interested drivers looking to manage the hotel. “If the site is accepted for hotels and resort redevelopment, the future proprietor can be linked with hospitality operators who are well-established in the market and have shown interest in managing it.”
Logically situated inside a commercial workplace area, the site is nestled between two office buildings, Wisma Goldhill and Wisma MPL. Many resorts are located close by, including the Holiday Inn Express Kuala Lumpur City Centre along the street and Parkroyal Serviced Suites Kuala Lumpur.
With its strategic location, redevelopment potential and the chance to partner with accomplished hotel operators, the site gives a prime financial investment chance to capitalise on Kuala Lumpur’s tourism sector in among its most promising spots.
The location’s closeness to business and tourist destinations turns it into suitable for hotel redevelopment, appealing to both business travellers and tourists, shares Hon. With a plot ratio of 8, he determines that the future resort can suit as much as 252 rooms, with lobby and facilities across 35 storeys and a basement, pending approval from the relevant experts.
The Changkat Bukit Bintang area, a dynamic entertainment area in Kuala Lumpur, is just a stone’s throw from the site. This location draws in a different variety of people, from locals to vacationers, with its blend of contemporary chic and historical beauty. The network of alleys and streets attributes columns of pre-war structures transformed into high end pubs and restaurants.
Not far away, the well-known Jalan Alor Food Road is located less than 500m from the Changkat Bukit Bintang location. This vibrant night market features rows of exterior food stalls and dining establishments, using a different mix of local and worldwide foods.
