Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
A property business place on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has recently been offered at RM65 million, or referring to $20 million. With an acreage of 20,309 sq ft, this works out to approximately RM3201 psf ($ 985 psf).
Nearby, the well-known Jalan Alor Food Road is located less than 500m from the Changkat Bukit Bintang area. This lively evening market features rows of outdoor food stalls and restaurants, supplying a diverse mix of nearby and worldwide foods.
With its strategic location, redevelopment potential and the possibility to associate with seasoned hotel managers, the site gives a prime investment opportunity to capitalise on Kuala Lumpur’s tourism sector in one of its most promising areas.
The regular-shaped site is being made use of as a carpark. The proprietors are putting the property up for sale as they reassess their accounts, says Hon Kah Yick, vice president of Master Property, who is advertising the real estate.
Hon adds that the site actually has interested operators seeking to take care of the resort. “If the site is accepted for hotels and resort redevelopment, the future proprietor can be linked with hospitality managers who are well-established in the marketplace and have presented interest in managing it.”
The site presents a great possibility for capitalists, especially Singaporean financiers that are aiming to venture into the Kuala Lumpur hospitality market due to the favourable currency exchange rate and reasonably low access charge, he proceeds. “With an overall investment of less than RM200 million ($ 60 million)– considering land investment and enhancement prices– investors can establish a premium hotel in an in-demand area.”
The location’s proximity to commercial and visitors attractions turns it into suitable for hotel redevelopment, attracting both business visitors and vacationers, states Hon. With a plot ratio of 8, he estimates that the future hotel can fit as much as 252 spaces, with lobby and facilities throughout 35 storeys and a basement, pending authorization from the appropriate experts.
The Changkat Bukit Bintang region, a dynamic entertainment district in Kuala Lumpur, is simply a rock’s throw from the site. This area brings in a different range of tourists, from citizens to tourists, with its mix of present-day stylish and historic appeal. The network of streets and streets components columns of pre-war buildings turned into upscale clubs and restaurants.
The location is situated in a prime area within Kuala Lumpur’s Golden Triangle, that includes the city’s financial centre along with its main shopping and night life 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 eastern and Jalan Yap Kwan Seng and Jalan Tun Razak in the northeast. It is also near major business areas and visitor destinations. It is less than 2km from Suria KLCC, one of Kuala Lumpur’s noticeable shopping malls, and simply 900m from Pavilion Kuala Lumpur, a premier deluxe retail destination.
Logically situated within a commercial workplace area, the site is nestled between two office complex, Wisma Goldhill and Wisma MPL. Numerous resorts are positioned close by, including the Holiday Inn Express Kuala Lumpur City Centre along the road and Parkroyal Serviced Suites Kuala Lumpur.
