Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
Logically situated within a business workplace area, the site is located in between 2 office complex, Wisma Goldhill and Wisma MPL. Many resorts are positioned close by, including the Holiday Inn Express Kuala Lumpur City Centre in front of the street and Parkroyal Serviced Suites Kuala Lumpur.
A property business area on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has already been put up for sale at RM65 million, or about $20 million. With a land area of 20,309 sq ft, this calculates to approximately RM3201 psf ($ 985 psf).
The location is positioned in a prime area throughout Kuala Lumpur’s Golden Triangle, which encompasses the town’s finance center along with its primary purchasing and night life areas. This place 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, among Kuala Lumpur’s famous shopping malls, and simply 900m from Pavilion Kuala Lumpur, a leading high-end retail area.
The Changkat Bukit Bintang area, a dynamic entertainment district in Kuala Lumpur, is just a rock’s throw from the site. This area brings in a diverse range of guests, from residents to vacationers, with its mix of contemporary chic and historic appeal. The network of alleys and streets components lines of pre-war structures turned right into upscale bars and dining establishments.
The regular-shaped location is being made use of as a carpark. The proprietors are using the real estate up for sale as they reassess their portfolio, says Hon Kah Yick, vice president of Master Real Estate, who is promoting the property.
The location’s distance to business and visitors destinations makes it perfect for resort redevelopment, attracting both business travellers and tourists, shares Hon. With a plot ratio of 8, he estimates that the future resort might accommodate approximately 252 spaces, with lobby and facilities across 35 floors and a basement, pending authorization from the appropriate authorities.
The site offers a good opportunity for capitalists, specifically Singaporean financiers that are aiming to endeavor into the Kuala Lumpur hospitality market because of the good currency exchange rate and fairly low access fee, he proceeds. “With a complete investment of less than RM200 million ($ 60 million)– considering land purchase and enhancement expenses– financiers can develop a premium resort in a desired location.”
Nearby, the well-known Jalan Alor Food Road is located less than 500m from the Changkat Bukit Bintang location. This lively night market includes rows of outdoor food stalls and dining establishments, offering a diverse mix of local and worldwide foods.
With its strategic location, redevelopment capability and the possibility to associate with seasoned lodging managers, the site offers a prime investment chance to capitalise on Kuala Lumpur’s tourism market in one of its most promising spots.
Hon includes that the site already has interested drivers wanting to take care of the resort. “If the site is accepted for accommodation redevelopment, the future owner can be connected with hospitality operators that are well-established in the marketplace and have actually displayed interest in regulating it.”
