Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The site is situated in a prime area within Kuala Lumpur’s Golden Triangle, which encompasses the city’s financial center along with its primary shopping and nightlife 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 east and Jalan Yap Kwan Seng and Jalan Tun Razak in the northeast. It is additionally close to main business areas and vacationer attractions. 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 deluxe retail destination.
Hon includes that the site already has interested drivers aiming to take care of the hotel. “If the site is accredited for accommodation redevelopment, the future owner can be linked up with hospitality managers that are reputable in the market and have presented interest in supervising it.”
Not far away, the widely known Jalan Alor Food Road lies less than 500m from the Changkat Bukit Bintang area. This vibrant night market features rows of outside food stalls and restaurants, supplying a diverse mix of nearby and international foods.
The Changkat Bukit Bintang region, a dynamic entertainment area in Kuala Lumpur, is just a rock’s throw from the site. This location attracts a various series of people, from citizens to travelers, with its mix of contemporary chic and historical beauty. The network of streets and roads components columns of pre-war buildings transformed into upscale bars and dining establishments.
A property commercial place on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has been offered at RM65 million, or about $20 million. With an acreage of 20,309 sq ft, this calculates to around RM3201 psf ($ 985 psf).
The site presents an excellent chance for capitalists, especially Singaporean investors who are aiming to venture into the Kuala Lumpur hospitality industry due to the favourable currency exchange rate and reasonably low entry charge, he continues. “With a total investment of less than RM200 million ($ 60 million)– factoring in land investment and enhancement costs– financiers can develop a high quality resort in a sought-after place.”
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The site’s closeness to business and tourist attractions makes it excellent for resort redevelopment, attracting both business visitors and vacationers, shares Hon. With a plot ratio of 8, he predicts that the future hotel could suit up to 252 bedrooms, with lobby and establishments across 35 storeys and a basement, pending approval from the appropriate experts.
With its strategic location, redevelopment potential and the chance to partner with experienced lodging managers, the site gives a prime financial investment opportunity to capitalise on Kuala Lumpur’s tourism market in one of its most promising areas.
Strategically situated inside a business office location, the site is situated in between two office complex, Wisma Goldhill and Wisma MPL. Various resorts are located nearby, including the Holiday Inn Express Kuala Lumpur City Centre across the road and Parkroyal Serviced Suites Kuala Lumpur.
The regular-shaped site is being made use of as a carpark. The owners are putting the real estate up for sale as they reassess their profile, mentions Hon Kah Yick, vice president of Master Realty, who is promoting the property.
