Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The site presents a great opportunity for capitalists, especially Singaporean financiers who are wanting to endeavor right into the Kuala Lumpur hospitality sector due to the good currency exchange rate and relatively reduced access fee, he continues. “With a complete financial investment of less than RM200 million ($ 60 million)– considering land investment and innovation prices– financiers can establish a high quality resort in an in-demand place.”
Hon includes that the site actually has interested drivers seeking to take care of the resort. “If the site is approved for accommodation redevelopment, the future proprietor can be linked up with hospitality operators that are well-established in the market and have actually displayed interest in regulating it.”
The Changkat Bukit Bintang region, a dynamic leisure district in Kuala Lumpur, is just a rock’s toss from the site. This area brings in a diverse variety of visitors, from residents to tourists, with its blend of modern stylish and historical charm. The network of alleys and roads attributes columns of pre-war buildings changed right into upscale clubs and restaurants.
The site is positioned in a prime area within Kuala Lumpur’s Golden Triangle, that encompasses the town’s financial hub as well as its main purchasing and nightlife areas. 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 eastern and Jalan Yap Kwan Seng and Jalan Tun Razak in the northeast. It is also near main business areas and vacationer destinations. It is less than 2km from Suria KLCC, among Kuala Lumpur’s prominent shopping center, and just 900m from Pavilion Kuala Lumpur, a premier deluxe retail area.
Strategically established within a commercial workplace area, the site is located between 2 office complex, Wisma Goldhill and Wisma MPL. Many hotels are located nearby, including the Holiday Inn Express Kuala Lumpur City Centre across the road and Parkroyal Serviced Suites Kuala Lumpur.
The location’s closeness to commercial and vacationer destinations turns it into optimal for hotel redevelopment, attracting both business travellers and tourists, says Hon. With a plot ratio of 8, he determines that the future hotel might accommodate up to 252 spaces, with entrance hall and establishments throughout 35 storeys and a basement, pending confirmation from the appropriate experts.
An estate commercial area on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has recently been offered at RM65 million, or around $20 million. With an acreage of 20,309 sq ft, this works out to approximately RM3201 psf ($ 985 psf).
Nearby, the widely known Jalan Alor Food Street lies less than 500m from the Changkat Bukit Bintang area. This dynamic night market features rows of outside food stalls and dining establishments, offering a different mix of local and global cuisines.
With its strategic location, redevelopment capability and the chance to associate with accomplished hotel operators, the site presents a prime investment chance to capitalise on Kuala Lumpur’s tourism market in one of its most promising spots.
The regular-shaped location is being made use of as a carpark. The owners are placing the real estate up for sale as they reassess their profile, states Hon Kah Yick, vice president of Master Property, who is advertising the property.
