Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The location’s proximity to commercial and tourist attractions turns it into excellent for resort redevelopment, attracting both business visitors and tourists, states Hon. With a plot ratio of 8, he estimates that the future hotel might suit up to 252 bedrooms, with entrance hall and facilities across 35 floors and a basement, pending confirmation from the relevant authorities.
With its strategic location, redevelopment potential and the chance to partner with accomplished hotel managers, the site presents a prime financial investment opportunity to capitalise on Kuala Lumpur’s tourism sector in one of its most promising areas.
The location is situated in a prime location inside Kuala Lumpur’s Golden Triangle, that encompasses the metro’s economic hub as well as its main purchasing and night life districts. 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 likewise close to primary commercial spots and visitor attractions. It is less than 2km from Suria KLCC, one of Kuala Lumpur’s famous shopping center, and simply 900m from Pavilion Kuala Lumpur, a leading luxury retail destination.
Strategically established inside a commercial office location, the site is located between 2 office complex, Wisma Goldhill and Wisma MPL. Many hotels are positioned nearby, including the Holiday Inn Express Kuala Lumpur City Centre in front of the street and Parkroyal Serviced Suites Kuala Lumpur.
Hon adds that the site actually has interested drivers looking to manage the resort. “If the site is accepted for accommodation redevelopment, the future proprietor can be linked up with hospitality managers who are reputable in the market and have actually displayed interest in managing it.”
The Changkat Bukit Bintang area, a vibrant leisure district in Kuala Lumpur, is just a stone’s throw from the site. This area brings in a different series of tourists, from citizens to vacationers, with its blend of present-day stylish and historic beauty. The network of alleys and streets components rows of pre-war buildings changed into high end pubs and restaurants.
Not far away, the popular Jalan Alor Food Road lies less than 500m from the Changkat Bukit Bintang area. This dynamic night market features rows of outdoor food stalls and dining establishments, providing a different mix of local and international cuisines.
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The regular-shaped site is being used as a carpark. The owners are using the property up for sale as they reassess their portfolio, states Hon Kah Yick, vice president of Master Real Estate, who is promoting the real estate.
The site provides a great possibility for financiers, particularly Singaporean capitalists that are looking to venture into the Kuala Lumpur hospitality market due to the good exchange rate and fairly low entry charge, he proceeds. “With a complete investment of less than RM200 million ($ 60 million)– factoring in land purchase and enhancement costs– financiers can establish a high quality hotel in an in-demand area.”
A property business area on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has already been put up for sale at RM65 million, or about $20 million. With an acreage of 20,309 sq ft, this works out to about RM3201 psf ($ 985 psf).
