Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The regular-shaped location is being made use of as a carpark. The owners are placing the property up for sale as they reassess their accounts, says Hon Kah Yick, vice president of Master Real Estate, who is advertising the property.
The Changkat Bukit Bintang area, a vivid entertainment area in Kuala Lumpur, is simply a stone’s toss from the site. This location attracts a different series of people, from locals to vacationers, with its blend of modern chic and historic appeal. The network of streets and streets components rows of pre-war buildings transformed right into high end clubs and restaurants.
The location is positioned in a prime place within Kuala Lumpur’s Golden Triangle, that includes the metro’s finance centre along with its main shopping and night life regions. This place 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 nearby main commercial spots and visitor attractions. It is less than 2km from Suria KLCC, one of Kuala Lumpur’s prominent mall, and simply 900m from Pavilion Kuala Lumpur, a premier high-end retail destination.
Hon includes that the site actually has interested operators wanting to manage the resort. “If the site is accepted for hotels and resort redevelopment, the future proprietor can be connected with hospitality managers that are well-established in the market and have actually presented interest in supervising it.”
Strategically positioned within a commercial office location, the site is nestled between 2 office buildings, Wisma Goldhill and Wisma MPL. Various resorts are situated nearby, including the Holiday Inn Express Kuala Lumpur City Centre along the road and Parkroyal Serviced Suites Kuala Lumpur.
A property business area on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has already been offered at RM65 million, or around $20 million. With a land area of 20,309 sq ft, this calculates to about RM3201 psf ($ 985 psf).
Nearby, the popular Jalan Alor Food Street lies less than 500m from the Changkat Bukit Bintang location. This lively night market includes rows of exterior food stalls and dining establishments, offering a different mix of nearby and worldwide cuisines.
The site offers a great possibility for financiers, particularly Singaporean financiers who are wanting to venture right into the Kuala Lumpur hospitality market due to the favourable currency exchange rate and reasonably reduced access charge, he proceeds. “With a complete financial investment of less than RM200 million ($ 60 million)– considering land purchase and property development costs– investors can develop a high-quality hotel in a desired area.”
The location’s proximity to commercial and tourist attractions makes it ideal for resort redevelopment, attracting both business travellers and vacationers, says Hon. With a plot ratio of 8, he determines that the future hotel could accommodate as much as 252 bedrooms, with entrance hall and amenities throughout 35 storeys and a basement, pending approval from the relevant experts.
With its strategic location, redevelopment potential and the possibility to partner with experienced hotel operators, the site offers a prime financial investment opportunity to capitalise on Kuala Lumpur’s tourism sector in one of its most promising areas.
