Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
An estate commercial area on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has been put up for sale at RM65 million, or about $20 million. With a land area of 20,309 sq ft, this calculates to about RM3201 psf ($ 985 psf).
The location is located in a prime area throughout Kuala Lumpur’s Golden Triangle, which includes the city’s economic hub as well as its main shopping and nightlife 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 east and Jalan Yap Kwan Seng and Jalan Tun Razak in the northeast. It is also near primary commercial areas and tourist destinations. It is less than 2km from Suria KLCC, one of Kuala Lumpur’s popular shopping malls, and just 900m from Pavilion Kuala Lumpur, a premier deluxe retail destination.
The regular-shaped site is being made use of as a carpark. The owners are putting the property up for sale as they reassess their profile, mentions Hon Kah Yick, vice president of Master Property, who is promoting the property.
With its strategic location, redevelopment capacity and the chance to partner with accomplished hotel managers, the site presents a prime investment opportunity to capitalise on Kuala Lumpur’s tourism market in among its most promising areas.
Logically positioned inside a business office location, the site is situated between 2 office complex, Wisma Goldhill and Wisma MPL. Numerous hotels are situated nearby, including the Holiday Inn Express Kuala Lumpur City Centre along the road and Parkroyal Serviced Suites Kuala Lumpur.
Not far away, the well-known Jalan Alor Food Road is located less than 500m from the Changkat Bukit Bintang location. This dynamic night market includes rows of exterior food stalls and restaurants, providing a diverse mix of nearby and worldwide foods.
The location’s closeness to business and visitors destinations turns it into optimal for resort redevelopment, appealing to both business visitors and tourists, says Hon. With a plot ratio of 8, he determines that the future hotel might suit approximately 252 rooms, with entrance hall and amenities across 35 floors and a basement, pending authorization from the appropriate experts.
The Changkat Bukit Bintang area, a vivid leisure district in Kuala Lumpur, is just a rock’s toss from the site. This location draws in a various variety of guests, from locals to visitors, with its mix of modern stylish and historical charm. The network of streets and roads features columns of pre-war buildings transformed right into high end bars and dining establishments.
The site provides a good chance for capitalists, particularly Singaporean capitalists that are wanting to endeavor into the Kuala Lumpur hospitality industry because of the great currency exchange rate and reasonably reduced entry fee, he continues. “With a complete investment of less than RM200 million ($ 60 million)– factoring in land purchase and enhancement expenses– capitalists can establish a premium resort in a desired area.”
Hon adds that the site actually has interested drivers seeking to manage the resort. “If the site is accepted for hotels and resort redevelopment, the future proprietor can be linked with hospitality managers who are reputable in the market and have actually presented interest in supervising it.”
