Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The location is situated in a prime area within Kuala Lumpur’s Golden Triangle, which involves the town’s economic center along with its main shopping and nightlife sectors. 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 eastern and Jalan Yap Kwan Seng and Jalan Tun Razak in the northeast. It is additionally near main commercial parts and visitor destinations. It is less than 2km from Suria KLCC, among Kuala Lumpur’s prominent shopping malls, and just 900m from Pavilion Kuala Lumpur, a leading luxury retail area.
Not far away, the widely known Jalan Alor Food Road is located less than 500m from the Changkat Bukit Bintang location. This vibrant night market includes rows of outside food stalls and dining establishments, offering a different mix of nearby and global foods.
Strategically established within a commercial workplace location, the site is nestled between two office complex, Wisma Goldhill and Wisma MPL. Numerous hotels are located close by, including the Holiday Inn Express Kuala Lumpur City Centre in front of the street and Parkroyal Serviced Suites Kuala Lumpur.
An estate business place on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has already been offered at RM65 million, or around $20 million. With an acreage of 20,309 sq ft, this works out to around RM3201 psf ($ 985 psf).
The site’s closeness to business and vacationer attractions turns it into optimal for hotel redevelopment, attracting both business travellers and tourists, says Hon. With a plot ratio of 8, he estimates that the future resort might fit approximately 252 bedrooms, with entrance hall and establishments across 35 storeys and a basement, pending authorization from the relevant authorities.
Hon adds that the site actually has interested operators looking to manage the resort. “If the site is approved for hotel redevelopment, the future proprietor can be connected with hospitality operators who are reputable in the market and have actually presented interest in regulating it.”
The Changkat Bukit Bintang region, a vibrant entertainment area in Kuala Lumpur, is simply a rock’s throw from the site. This area attracts a diverse series of guests, from residents to vacationers, with its mix of present-day chic and historical charm. The network of streets and roads attributes columns of pre-war buildings turned into high end pubs and restaurants.
The regular-shaped spot is being used as a carpark. The proprietors are placing the property up for sale as they reassess their profile, says Hon Kah Yick, vice president of Master Real Estate, who is marketing the property.
With its strategic location, redevelopment capability and the chance to affiliate with experienced lodging managers, the site gives a prime financial investment opportunity to capitalise on Kuala Lumpur’s tourism market in among its most promising locations.
The site offers an excellent chance for capitalists, particularly Singaporean financiers that are wanting to venture right into the Kuala Lumpur hospitality sector due to the good currency exchange rate and fairly reduced access cost, he continues. “With an overall investment of less than RM200 million ($ 60 million)– factoring in land investment and development costs– capitalists can develop a premium hotel in a desired area.”
