Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
An estate commercial place on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has already been put up for sale at RM65 million, or referring to $20 million. With a land area of 20,309 sq ft, this works out to around RM3201 psf ($ 985 psf).
The regular-shaped spot is being used as a carpark. The proprietors are placing the real estate up for sale as they reassess their portfolio, says Hon Kah Yick, vice president of Master Property, who is promoting the property.
With its strategic location, redevelopment capacity and the possibility to associate with experienced hotel operators, the site offers a prime investment opportunity to capitalise on Kuala Lumpur’s tourism sector in one of its most promising spots.
The site provides a good possibility for financiers, especially Singaporean capitalists that are wanting to venture right into the Kuala Lumpur hospitality market because of the great exchange rate and fairly low access cost, he continues. “With a complete financial investment of less than RM200 million ($ 60 million)– considering land acquisition and enhancement expenses– financiers can establish a premium resort in an in-demand location.”
Hon includes that the site actually has interested operators wanting to manage the resort. “If the site is accredited for accommodation redevelopment, the future owner can be connected with hospitality managers who are well-established in the marketplace and have presented interest in managing it.”
Nearby, the popular Jalan Alor Food Street lies less than 500m from the Changkat Bukit Bintang area. This vibrant night market includes rows of outdoor food stalls and restaurants, supplying a diverse mix of nearby and worldwide cuisines.
The Changkat Bukit Bintang area, a dynamic entertainment district in Kuala Lumpur, is just a rock’s toss from the site. This area attracts a various range of people, from citizens to visitors, with its mix of contemporary chic and historical appeal. The network of streets and roads components rows of pre-war structures turned into high end clubs and dining establishments.
The site’s closeness to business and tourist attractions makes it optimal for hotel redevelopment, appealing to both business tourists and vacationers, states Hon. With a plot ratio of 8, he determines that the future hotel can suit approximately 252 rooms, with lobby and facilities across 35 floors and a basement, pending authorization from the relevant experts.
Logically positioned inside a commercial office location, the site is situated between two office buildings, Wisma Goldhill and Wisma MPL. Various resorts are situated nearby, including the Holiday Inn Express Kuala Lumpur City Centre across the street and Parkroyal Serviced Suites Kuala Lumpur.
The site is located in a prime location inside Kuala Lumpur’s Golden Triangle, which includes the city’s economic centre along with its primary shopping and night life 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 east and Jalan Yap Kwan Seng and Jalan Tun Razak in the northeast. It is additionally close to major commercial spots and traveler attractions. It is less than 2km from Suria KLCC, one of Kuala Lumpur’s prominent shopping center, and simply 900m from Pavilion Kuala Lumpur, a leading luxury retail venue.
