Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The Changkat Bukit Bintang region, a vivid leisure area in Kuala Lumpur, is just a stone’s throw from the site. This area draws in a diverse variety of visitors, from residents to visitors, with its mix of contemporary stylish and historic appeal. The network of streets and streets attributes lines of pre-war buildings transformed into upscale bars and dining establishments.
A property business place on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has already been put up for sale at RM65 million, or around $20 million. With a land area of 20,309 sq ft, this works out to approximately RM3201 psf ($ 985 psf).
The location is situated in a prime place within Kuala Lumpur’s Golden Triangle, which encompasses the city’s financial center as well as its primary purchasing and night life 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 likewise close to major commercial spots and tourist attractions. It is less than 2km from Suria KLCC, among Kuala Lumpur’s prominent shopping malls, and just 900m from Pavilion Kuala Lumpur, a premier high-end retail venue.
The site presents a great opportunity for capitalists, specifically Singaporean capitalists that are wanting to venture into the Kuala Lumpur hospitality industry due to the good exchange rate and reasonably reduced access cost, he proceeds. “With an overall investment of less than RM200 million ($ 60 million)– considering land acquisition and development costs– investors can develop a high quality resort in a popular place.”
The site’s distance to commercial and visitors attractions makes it optimal for resort redevelopment, attracting both business visitors and vacationers, says Hon. With a plot ratio of 8, he predicts that the future resort could suit approximately 252 bedrooms, with entrance hall and facilities across 35 floors and a basement, pending approval from the relevant authorities.
Hon includes that the site already has interested operators seeking to take care of the hotel. “If the site is approved for hotels and resort redevelopment, the future owner can be linked up with hospitality operators that are reputable in the market and have actually presented interest in regulating it.”
Nearby, the popular Jalan Alor Food Road lies less than 500m from the Changkat Bukit Bintang area. This vibrant night market features rows of outdoor food stalls and dining establishments, supplying a different mix of nearby and global cuisines.
With its strategic location, redevelopment capacity and the possibility to affiliate with seasoned hotel operators, the site presents a prime financial investment opportunity to capitalise on Kuala Lumpur’s tourism market in among its most promising locations.
The regular-shaped spot is being used as a carpark. The owners are putting the property up for sale as they reassess their portfolio, says Hon Kah Yick, vice president of Master Real Estate, who is advertising the property.
Logically established within a business workplace area, the site is nestled between two office buildings, Wisma Goldhill and Wisma MPL. Numerous hotels are positioned close by, including the Holiday Inn Express Kuala Lumpur City Centre in front of the street and Parkroyal Serviced Suites Kuala Lumpur.
