Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The Changkat Bukit Bintang region, a vibrant entertainment district in Kuala Lumpur, is simply a rock’s toss from the site. This location draws in a different series of people, from locals to vacationers, with its blend of contemporary chic and historical beauty. The network of streets and streets components columns of pre-war buildings transformed right into upscale pubs and restaurants.
Nearby, the widely known Jalan Alor Food Road is located less than 500m from the Changkat Bukit Bintang location. This lively evening market includes rows of exterior food stalls and restaurants, providing a diverse mix of local and international cuisines.
Logically positioned within a business office location, the site is situated between two office complex, Wisma Goldhill and Wisma MPL. Many hotels are positioned close by, including the Holiday Inn Express Kuala Lumpur City Centre across the street and Parkroyal Serviced Suites Kuala Lumpur.
The location’s distance to business and tourist destinations makes it suitable for hotel redevelopment, appealing to both business travellers and vacationers, says Hon. With a plot ratio of 8, he determines that the future resort might fit approximately 252 bedrooms, with lobby and facilities throughout 35 storeys and a basement, pending authorization from the appropriate authorities.
With its strategic location, redevelopment capacity and the possibility to affiliate with seasoned lodging managers, the site gives a prime investment opportunity to capitalise on Kuala Lumpur’s tourism sector in among its most promising locations.
The site offers a great opportunity for capitalists, particularly Singaporean capitalists that are wanting to endeavor into the Kuala Lumpur hospitality market due to the great currency exchange rate and fairly reduced entry charge, he continues. “With an overall investment of less than RM200 million ($ 60 million)– factoring in land acquisition and enhancement prices– investors can establish a top notch resort in a popular area.”
A property commercial place on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has already 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).
The regular-shaped site is being used as a carpark. The proprietors are placing the real estate up for sale as they reassess their portfolio, states Hon Kah Yick, vice president of Master Property, who is marketing the real estate.
Hon adds that the site already has interested operators aiming to manage the hotel. “If the site is approved for accommodation redevelopment, the future owner can be linked up with hospitality operators that are reputable in the marketplace and have actually displayed interest in regulating it.”
The location is positioned in a prime area within Kuala Lumpur’s Golden Triangle, which encompasses the metro’s economic hub along with its primary shopping and nightlife regions. 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 also close to main business areas and traveler destinations. It is less than 2km from Suria KLCC, one of Kuala Lumpur’s noticeable mall, and simply 900m from Pavilion Kuala Lumpur, a leading deluxe retail area.
