Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The location is situated in a prime place throughout Kuala Lumpur’s Golden Triangle, that includes the town’s financial hub as well as its primary shopping and night life sectors. This location 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 also near main commercial areas and vacationer destinations. It is less than 2km from Suria KLCC, one of Kuala Lumpur’s noticeable shopping malls, and just 900m from Pavilion Kuala Lumpur, a leading luxury retail venue.
The location’s proximity to business and tourist destinations turns it into optimal for hotel redevelopment, attracting both business visitors and vacationers, states Hon. With a plot ratio of 8, he estimates that the future hotel might accommodate as much as 252 bedrooms, with entrance hall and amenities across 35 storeys and a basement, pending approval from the appropriate authorities.
The Changkat Bukit Bintang area, a dynamic leisure area in Kuala Lumpur, is just a rock’s toss from the site. This location draws in a diverse series of visitors, from residents to tourists, with its mix of modern stylish and historical beauty. The network of streets and roads features columns of pre-war buildings changed into high end bars and restaurants.
Hon adds that the site already has interested drivers aiming to manage the hotel. “If the site is approved for hotels and resort redevelopment, the future proprietor can be linked with hospitality managers who are reputable in the marketplace and have displayed interest in regulating it.”
The site offers a good possibility for capitalists, particularly Singaporean financiers that are aiming to endeavor into the Kuala Lumpur hospitality sector due to the favourable currency exchange rate and fairly reduced entry price, he proceeds. “With a complete financial investment of less than RM200 million ($ 60 million)– factoring in land purchase and development prices– investors can establish a high-quality resort in an in-demand place.”
Not far away, the widely known Jalan Alor Food Street is located less than 500m from the Changkat Bukit Bintang area. This dynamic night market includes rows of outdoor food stalls and restaurants, using a diverse mix of nearby and worldwide cuisines.
An estate commercial place on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has been put up for sale at RM65 million, or referring to $20 million. With a land area of 20,309 sq ft, this calculates to approximately RM3201 psf ($ 985 psf).
Strategically positioned within a business workplace area, the site is situated between 2 office complex, Wisma Goldhill and Wisma MPL. Various resorts are located nearby, including the Holiday Inn Express Kuala Lumpur City Centre along the road and Parkroyal Serviced Suites Kuala Lumpur.
With its strategic location, redevelopment potential and the possibility to partner with accomplished hotel managers, the site offers a prime investment opportunity to capitalise on Kuala Lumpur’s tourism market in one of its most promising spots.
The regular-shaped location is being utilized as a carpark. The proprietors are putting the real estate up for sale as they reassess their portfolio, states Hon Kah Yick, vice president of Master Real Estate, who is marketing the real estate.
