Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The Changkat Bukit Bintang area, a vibrant entertainment area in Kuala Lumpur, is simply a rock’s throw from the site. This area brings in a various series of visitors, from residents to travelers, with its blend of modern stylish and historical beauty. The network of alleys and streets features rows of pre-war structures transformed right into upscale bars and dining establishments.
With its strategic location, redevelopment potential and the chance to associate with seasoned lodging managers, the site gives a prime financial investment chance to capitalise on Kuala Lumpur’s tourism market in among its most promising locations.
The site’s closeness to commercial and visitors attractions turns it into suitable for resort redevelopment, appealing to both business tourists and vacationers, shares Hon. With a plot ratio of 8, he estimates that the future hotel can accommodate as much as 252 spaces, with lobby and facilities throughout 35 storeys and a basement, pending approval from the appropriate authorities.
Nearby, the widely known Jalan Alor Food Road is located less than 500m from the Changkat Bukit Bintang area. This lively night market features rows of outside food stalls and dining establishments, providing a diverse mix of nearby and worldwide foods.
The site provides a great possibility for capitalists, specifically Singaporean investors who are looking to endeavor right into the Kuala Lumpur hospitality sector due to the great currency exchange rate and fairly reduced access fee, he continues. “With a total investment of less than RM200 million ($ 60 million)– factoring in land acquisition and enhancement prices– financiers can establish a high quality resort in a desired area.”
Hon adds that the site already 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 operators who are reputable in the market and have actually shown interest in supervising it.”
Strategically established within a business office location, the site is nestled in between 2 office complex, Wisma Goldhill and Wisma MPL. Various hotels are located close by, including the Holiday Inn Express Kuala Lumpur City Centre along the road and Parkroyal Serviced Suites Kuala Lumpur.
A freehold business area on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has recently been offered at RM65 million, or referring to $20 million. With a land area of 20,309 sq ft, this works out to approximately RM3201 psf ($ 985 psf).
The site is positioned in a prime location throughout Kuala Lumpur’s Golden Triangle, which involves the town’s economic centre as well as its primary purchasing and nightlife areas. This location 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 east and Jalan Yap Kwan Seng and Jalan Tun Razak in the northeast. It is also close to major commercial parts and traveler attractions. It is less than 2km from Suria KLCC, among Kuala Lumpur’s noticeable shopping malls, and simply 900m from Pavilion Kuala Lumpur, a premier deluxe retail destination.
The regular-shaped spot is being used as a carpark. The owners are using the real estate up for sale as they reassess their portfolio, states Hon Kah Yick, vice president of Master Property, who is marketing the property.
