Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The location is situated in a prime place inside Kuala Lumpur’s Golden Triangle, that includes the metro’s economic center along with its main shopping and night life districts. This location 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 additionally close to major commercial areas and traveler destinations. It is less than 2km from Suria KLCC, one of Kuala Lumpur’s noticeable mall, and just 900m from Pavilion Kuala Lumpur, a leading luxury retail destination.
The site’s distance to commercial and visitors attractions makes it perfect for hotel redevelopment, attracting both business tourists and tourists, says Hon. With a plot ratio of 8, he determines that the future hotel might suit up to 252 spaces, with lobby and establishments across 35 storeys and a basement, pending approval from the relevant authorities.
Nearby, the popular Jalan Alor Food Street lies less than 500m from the Changkat Bukit Bintang area. This lively night market includes rows of exterior food stalls and restaurants, providing a different mix of local and international foods.
Pinetree Hill UOL Group & Singapore Land Group Limited
The Changkat Bukit Bintang area, a vivid leisure area in Kuala Lumpur, is simply a stone’s toss from the site. This area brings in a various series of tourists, from citizens to visitors, with its blend of contemporary chic and historical appeal. The network of streets and streets features rows of pre-war structures transformed into upscale clubs and dining establishments.
A property commercial area 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 site provides a good possibility for capitalists, specifically Singaporean investors who are aiming to venture into the Kuala Lumpur hospitality market due to the favourable exchange rate and relatively reduced access fee, he continues. “With a total investment of less than RM200 million ($ 60 million)– considering land investment and development costs– capitalists can establish a high quality hotel in a desired location.”
The regular-shaped site is being used as a carpark. The owners are putting the property up for sale as they reassess their accounts, mentions Hon Kah Yick, vice president of Master Realty, who is advertising the property.
Hon adds that the site actually has interested drivers looking to manage the hotel. “If the site is accredited for accommodation redevelopment, the future proprietor can be linked up with hospitality managers who are reputable in the marketplace and have shown interest in supervising it.”
With its strategic location, redevelopment potential and the possibility to partner with accomplished hotel managers, the site offers a prime financial investment opportunity to capitalise on Kuala Lumpur’s tourism market in among its most promising locations.
Strategically established inside a commercial workplace area, the site is nestled between two office complex, Wisma Goldhill and Wisma MPL. Numerous resorts are situated close by, including the Holiday Inn Express Kuala Lumpur City Centre along the road and Parkroyal Serviced Suites Kuala Lumpur.
