Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The Changkat Bukit Bintang area, a dynamic leisure district in Kuala Lumpur, is simply a stone’s toss from the site. This area brings in a different variety of people, from citizens to tourists, with its mix of present-day stylish and historic appeal. The network of alleys and streets features rows of pre-war structures turned right into upscale clubs and dining establishments.
The site is positioned in a prime location inside Kuala Lumpur’s Golden Triangle, that includes the city’s financial hub along with its primary shopping and nightlife sectors. This area 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 likewise close to primary commercial spots and vacationer 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 leading high-end retail venue.
The site’s proximity to commercial and tourist destinations turns it into perfect for resort redevelopment, attracting both business travellers and vacationers, shares Hon. With a plot ratio of 8, he predicts that the future resort might suit approximately 252 spaces, with lobby and amenities throughout 35 storeys and a basement, pending approval from the relevant experts.
The site presents an excellent possibility for capitalists, especially Singaporean financiers who are looking to endeavor right into the Kuala Lumpur hospitality sector due to the great exchange rate and reasonably low access price, he proceeds. “With an overall investment of less than RM200 million ($ 60 million)– considering land purchase and property development expenses– financiers can develop a top notch hotel in an in-demand place.”
Not far away, the widely known Jalan Alor Food Road is located less than 500m from the Changkat Bukit Bintang location. This lively evening market features rows of outside food stalls and restaurants, using a diverse mix of local and worldwide cuisines.
A property commercial site on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has recently been offered at RM65 million, or referring to $20 million. With a land area of 20,309 sq ft, this calculates to around RM3201 psf ($ 985 psf).
With its strategic location, redevelopment potential and the possibility to partner with seasoned lodging managers, the site offers a prime investment opportunity to capitalise on Kuala Lumpur’s tourism market in among its most promising areas.
Hon adds that the site already has interested operators looking to take care of the hotel. “If the site is accredited for hotels and resort redevelopment, the future owner can be linked with hospitality managers that are well-established in the market and have actually displayed interest in regulating it.”
Logically situated inside a business workplace area, the site is situated in between two office buildings, Wisma Goldhill and Wisma MPL. Numerous resorts are positioned nearby, including the Holiday Inn Express Kuala Lumpur City Centre along the street and Parkroyal Serviced Suites Kuala Lumpur.
The regular-shaped spot is being utilized as a carpark. The proprietors are placing the real estate up for sale as they reassess their accounts, says Hon Kah Yick, vice president of Master Real Estate, who is promoting the property.
