Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The Changkat Bukit Bintang region, a dynamic leisure area in Kuala Lumpur, is simply a rock’s throw from the site. This area draws in a different variety of visitors, from citizens to vacationers, with its mix of contemporary chic and historical charm. The network of alleys and streets components lines of pre-war structures turned into upscale pubs and restaurants.
Nearby, the popular Jalan Alor Food Road is located less than 500m from the Changkat Bukit Bintang area. This dynamic evening market features rows of exterior food stalls and restaurants, offering a different mix of local and global cuisines.
With its strategic location, redevelopment potential and the chance to affiliate with seasoned hotel managers, the site offers a prime investment opportunity to capitalise on Kuala Lumpur’s tourism sector in among its most promising areas.
The site’s distance to business and vacationer destinations makes it perfect for resort redevelopment, attracting both business visitors and tourists, states Hon. With a plot ratio of 8, he determines that the future resort can suit approximately 252 rooms, with entrance hall and establishments across 35 floors and a basement, pending authorization from the relevant authorities.
The site is positioned in a prime area inside Kuala Lumpur’s Golden Triangle, that includes the city’s financial hub along with its primary purchasing and night life sectors. This area 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 likewise near major business parts and visitor destinations. It is less than 2km from Suria KLCC, among Kuala Lumpur’s famous shopping center, and simply 900m from Pavilion Kuala Lumpur, a leading deluxe retail venue.
Hon includes that the site actually has interested drivers seeking to take care of the hotel. “If the site is accepted for accommodation redevelopment, the future proprietor can be linked up with hospitality operators who are well-established in the market and have actually displayed interest in regulating it.”
A freehold commercial area on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has already been offered at RM65 million, or referring to $20 million. With an acreage of 20,309 sq ft, this works out to approximately RM3201 psf ($ 985 psf).
The regular-shaped site is being utilized as a carpark. The proprietors are using the property up for sale as they reassess their accounts, states Hon Kah Yick, vice president of Master Property, who is promoting the real estate.
Strategically established inside a business workplace area, the site is situated between two office buildings, Wisma Goldhill and Wisma MPL. Many hotels are located close by, including the Holiday Inn Express Kuala Lumpur City Centre in front of the road and Parkroyal Serviced Suites Kuala Lumpur.
The site offers a great chance for investors, particularly Singaporean financiers who are seeking to endeavor right into the Kuala Lumpur hospitality industry because of the favourable exchange rate and relatively reduced access fee, he proceeds. “With a complete investment of less than RM200 million ($ 60 million)– factoring in land investment and innovation costs– capitalists can develop a high quality resort in a desired area.”
