Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The site’s distance to commercial and tourist attractions makes it excellent for resort redevelopment, attracting both business tourists and tourists, says Hon. With a plot ratio of 8, he determines that the future hotel might suit as much as 252 rooms, with entrance hall and facilities throughout 35 storeys and a basement, pending approval from the relevant authorities.
With its strategic location, redevelopment capacity and the chance to affiliate with seasoned hotel managers, the site presents a prime financial investment chance to capitalise on Kuala Lumpur’s tourism market in among its most promising spots.
Hon adds that the site already has interested drivers aiming to take care of the hotel. “If the site is approved for hotels and resort redevelopment, the future proprietor can be connected with hospitality operators who are reputable in the marketplace and have displayed interest in supervising it.”
Strategically positioned within a business workplace area, the site is nestled in between two office buildings, Wisma Goldhill and Wisma MPL. Numerous resorts are situated nearby, including the Holiday Inn Express Kuala Lumpur City Centre in front of the street and Parkroyal Serviced Suites Kuala Lumpur.
The regular-shaped spot is being made use of as a carpark. The owners are placing the property up for sale as they reassess their profile, mentions Hon Kah Yick, vice president of Master Realty, who is advertising the property.
The Changkat Bukit Bintang area, a vivid entertainment district in Kuala Lumpur, is simply a stone’s toss from the site. This area draws in a diverse series of people, from citizens to travelers, with its blend of contemporary stylish and historical charm. The network of alleys and roads features columns of pre-war structures changed into upscale pubs and restaurants.
The site is situated in a prime place throughout Kuala Lumpur’s Golden Triangle, which encompasses the city’s economic center as well as its primary purchasing and nightlife regions. 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 also near major commercial areas and traveler destinations. It is less than 2km from Suria KLCC, among Kuala Lumpur’s prominent shopping center, and just 900m from Pavilion Kuala Lumpur, a leading high-end retail destination.
Nearby, the well-known Jalan Alor Food Road lies less than 500m from the Changkat Bukit Bintang location. This vibrant evening market includes rows of exterior food stalls and dining establishments, offering a diverse mix of local and worldwide foods.
The site presents an excellent possibility for investors, especially Singaporean investors that are looking to venture into the Kuala Lumpur hospitality industry due to the great exchange rate and relatively low access cost, he continues. “With a total investment of less than RM200 million ($ 60 million)– considering land purchase and development expenses– financiers can establish a premium resort in a sought-after location.”
An estate business place on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has been offered at RM65 million, or about $20 million. With an acreage of 20,309 sq ft, this calculates to about RM3201 psf ($ 985 psf).
