Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The site provides an excellent possibility for financiers, especially Singaporean investors who are seeking to venture into the Kuala Lumpur hospitality market because of the great currency exchange rate and fairly low entry cost, he continues. “With a complete investment of less than RM200 million ($ 60 million)– considering land purchase and development expenses– investors can establish a high quality resort in a popular area.”
With its strategic location, redevelopment potential and the possibility to associate with accomplished lodging managers, the site gives a prime investment chance to capitalise on Kuala Lumpur’s tourism market in among its most promising areas.
A property business area on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has been put up for sale at RM65 million, or referring to $20 million. With a land area of 20,309 sq ft, this calculates to about RM3201 psf ($ 985 psf).
Strategically positioned inside a business workplace location, the site is nestled between two office complex, Wisma Goldhill and Wisma MPL. Various resorts are positioned close by, including the Holiday Inn Express Kuala Lumpur City Centre along the street and Parkroyal Serviced Suites Kuala Lumpur.
The Changkat Bukit Bintang region, a dynamic leisure district in Kuala Lumpur, is simply a rock’s toss from the site. This location brings in a diverse series of tourists, from locals to vacationers, with its blend of modern chic and historic charm. The network of streets and streets attributes lines of pre-war buildings turned into high end pubs and dining establishments.
The location is situated in a prime place within Kuala Lumpur’s Golden Triangle, which involves the town’s economic center as well as its primary shopping and nightlife areas. 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 main business parts and visitor attractions. It is less than 2km from Suria KLCC, one of Kuala Lumpur’s famous mall, and just 900m from Pavilion Kuala Lumpur, a premier high-end retail destination.
The site’s proximity to commercial and vacationer attractions makes it perfect for hotel redevelopment, attracting both business travellers and tourists, shares Hon. With a plot ratio of 8, he predicts that the future resort could suit as much as 252 spaces, with entrance hall and facilities throughout 35 storeys and a basement, pending approval from the relevant experts.
Hon adds that the site actually has interested drivers looking to manage the hotel. “If the site is accredited for hotels and resort redevelopment, the future proprietor can be linked with hospitality operators who are well-established in the marketplace and have shown interest in regulating it.”
Nearby, the popular Jalan Alor Food Street is located less than 500m from the Changkat Bukit Bintang area. This lively night market features rows of outdoor food stalls and restaurants, using a different mix of local and worldwide foods.
The regular-shaped site is being used as a carpark. The proprietors are placing the property up for sale as they reassess their accounts, says Hon Kah Yick, vice president of Master Real Estate, who is advertising the property.
