Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The location is located in a prime location inside Kuala Lumpur’s Golden Triangle, which involves the town’s financial center along with its main shopping and night life sectors. 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 eastern and Jalan Yap Kwan Seng and Jalan Tun Razak in the northeast. It is also nearby primary commercial areas and tourist attractions. It is less than 2km from Suria KLCC, one of Kuala Lumpur’s popular mall, and just 900m from Pavilion Kuala Lumpur, a leading luxury retail destination.
The location’s proximity to business and vacationer destinations makes it excellent for hotel redevelopment, attracting both business travellers and tourists, says Hon. With a plot ratio of 8, he predicts that the future hotel can fit as much as 252 bedrooms, with entrance hall and facilities throughout 35 floors and a basement, pending authorization from the relevant experts.
Nearby, the widely known Jalan Alor Food Street lies less than 500m from the Changkat Bukit Bintang location. This dynamic evening market features rows of outside food stalls and dining establishments, supplying a different mix of local and worldwide cuisines.
With its strategic location, redevelopment capacity and the possibility to affiliate with experienced hotel operators, the site gives a prime investment opportunity to capitalise on Kuala Lumpur’s tourism market in one of its most promising spots.
The regular-shaped spot is being used as a carpark. The proprietors are putting the real estate up for sale as they reassess their accounts, mentions Hon Kah Yick, vice president of Master Real Estate, who is marketing the real estate.
A property business place on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has recently been put up for sale at RM65 million, or about $20 million. With an acreage of 20,309 sq ft, this calculates to approximately RM3201 psf ($ 985 psf).
The Changkat Bukit Bintang region, a vibrant leisure district in Kuala Lumpur, is just a stone’s throw from the site. This area brings in a different range of people, from locals to vacationers, with its blend of modern chic and historic appeal. The network of alleys and roads attributes lines of pre-war buildings transformed right into upscale clubs and restaurants.
Strategically positioned inside a business workplace location, the site is situated in between two office complex, Wisma Goldhill and Wisma MPL. Numerous hotels are situated nearby, including the Holiday Inn Express Kuala Lumpur City Centre in front of the street and Parkroyal Serviced Suites Kuala Lumpur.
Hon includes that the site actually has interested operators aiming to manage the resort. “If the site is approved for hotels and resort redevelopment, the future owner can be linked with hospitality operators that are reputable in the marketplace and have actually displayed interest in regulating it.”
The site offers a great possibility for financiers, especially Singaporean capitalists who are looking to endeavor into the Kuala Lumpur hospitality sector because of the great currency exchange rate and fairly reduced entry charge, he proceeds. “With a total financial investment of less than RM200 million ($ 60 million)– factoring in land purchase and property development expenses– financiers can develop a premium resort in an in-demand place.”
