Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The location’s distance to business and visitors destinations turns it into suitable 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 approximately 252 bedrooms, with entrance hall and facilities across 35 floors and a basement, pending approval from the appropriate authorities.
The Changkat Bukit Bintang region, a vibrant leisure area in Kuala Lumpur, is simply a stone’s throw from the site. This location draws in a different range of visitors, from residents to vacationers, with its mix of contemporary chic and historical appeal. The network of streets and roads features columns of pre-war buildings changed right into upscale clubs and restaurants.
With its strategic location, redevelopment capability and the possibility to partner with seasoned lodging operators, the site presents a prime financial investment chance to capitalise on Kuala Lumpur’s tourism sector in among its most promising locations.
The site offers a good possibility for financiers, especially Singaporean capitalists that are wanting to endeavor into the Kuala Lumpur hospitality industry because of the great currency exchange rate and fairly reduced access charge, he continues. “With a total financial investment of less than RM200 million ($ 60 million)– considering land purchase and property development expenses– investors can establish a high quality hotel in an in-demand area.”
Not far away, the well-known Jalan Alor Food Road lies less than 500m from the Changkat Bukit Bintang area. This dynamic night market includes rows of outside food stalls and restaurants, using a different mix of nearby and worldwide foods.
Hon adds that the site already has interested operators seeking to manage the hotel. “If the site is approved for hotels and resort redevelopment, the future proprietor can be linked with hospitality operators that are well-established in the market and have actually displayed interest in supervising it.”
The regular-shaped spot is being utilized as a carpark. The owners are putting the property up for sale as they reassess their profile, says Hon Kah Yick, vice president of Master Property, who is marketing the property.
The site is located in a prime place within Kuala Lumpur’s Golden Triangle, which involves the town’s financial centre as well as its main purchasing and nightlife sectors. This area 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 eastern and Jalan Yap Kwan Seng and Jalan Tun Razak in the northeast. It is likewise near main commercial spots and vacationer destinations. It is less than 2km from Suria KLCC, one of Kuala Lumpur’s famous shopping center, and simply 900m from Pavilion Kuala Lumpur, a premier deluxe retail venue.
An estate commercial site on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has recently been offered at RM65 million, or around $20 million. With an acreage of 20,309 sq ft, this works out to about RM3201 psf ($ 985 psf).
Logically established within a commercial workplace area, the site is nestled between two office buildings, Wisma Goldhill and Wisma MPL. Numerous resorts are located nearby, including the Holiday Inn Express Kuala Lumpur City Centre across the road and Parkroyal Serviced Suites Kuala Lumpur.
