Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
An estate commercial place on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has been put up for sale at RM65 million, or around $20 million. With a land area of 20,309 sq ft, this calculates to around RM3201 psf ($ 985 psf).
With its strategic location, redevelopment capacity and the chance to affiliate with experienced lodging managers, the site gives a prime investment chance to capitalise on Kuala Lumpur’s tourism sector in among its most promising spots.
The site is positioned in a prime area within Kuala Lumpur’s Golden Triangle, which involves the town’s financial hub as well as its main shopping and nightlife regions. This place 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 nearby major business areas and vacationer attractions. It is less than 2km from Suria KLCC, one of Kuala Lumpur’s prominent shopping malls, and simply 900m from Pavilion Kuala Lumpur, a premier deluxe retail venue.
Not far away, the popular Jalan Alor Food Street lies less than 500m from the Changkat Bukit Bintang location. This lively night market includes rows of outside food stalls and dining establishments, providing a different mix of nearby and worldwide foods.
Lumina Grand Bukit Batok West Avenue 5
Hon includes that the site already has interested drivers seeking to take care of the resort. “If the site is approved for hotels and resort redevelopment, the future proprietor can be connected with hospitality operators who are reputable in the marketplace and have shown interest in managing it.”
The site offers an excellent possibility for financiers, especially Singaporean investors that are wanting to venture into the Kuala Lumpur hospitality market because of the favourable currency exchange rate and reasonably reduced entry charge, he proceeds. “With a complete financial investment of less than RM200 million ($ 60 million)– factoring in land purchase and property development costs– investors can develop a top notch hotel in a popular area.”
Logically positioned within a business office area, the site is situated between 2 office complex, Wisma Goldhill and Wisma MPL. Various hotels are located nearby, including the Holiday Inn Express Kuala Lumpur City Centre across the road and Parkroyal Serviced Suites Kuala Lumpur.
The Changkat Bukit Bintang region, a vivid leisure area in Kuala Lumpur, is simply a rock’s toss from the site. This location attracts a various range of visitors, from residents to travelers, with its blend of present-day stylish and historical appeal. The network of streets and streets attributes rows of pre-war structures changed right into upscale pubs and restaurants.
The site’s closeness to business and vacationer attractions turns it into perfect for resort redevelopment, attracting both business tourists and tourists, states Hon. With a plot ratio of 8, he predicts that the future resort could fit as much as 252 bedrooms, with lobby and amenities throughout 35 storeys and a basement, pending authorization from the relevant experts.
The regular-shaped location is being made use of as a carpark. The owners are putting the property up for sale as they reassess their profile, mentions Hon Kah Yick, vice president of Master Real Estate, who is advertising the property.
