Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
Logically situated inside a commercial workplace area, the site is nestled in between 2 office complex, Wisma Goldhill and Wisma MPL. Numerous resorts are situated close by, including the Holiday Inn Express Kuala Lumpur City Centre across the street and Parkroyal Serviced Suites Kuala Lumpur.
The regular-shaped site is being utilized as a carpark. The owners are using the property up for sale as they reassess their accounts, mentions Hon Kah Yick, vice president of Master Realty, who is marketing the real estate.
The site provides a good possibility for investors, particularly Singaporean investors who are wanting to endeavor right into the Kuala Lumpur hospitality sector due to the good currency exchange rate and relatively low access price, he continues. “With an overall investment of less than RM200 million ($ 60 million)– factoring in land investment and property development costs– capitalists can develop a top notch hotel in a sought-after area.”
The Changkat Bukit Bintang region, a vibrant leisure district in Kuala Lumpur, is just a rock’s toss from the site. This area draws in a different range of people, from citizens to vacationers, with its mix of contemporary chic and historic charm. The network of streets and roads attributes rows of pre-war structures transformed right into high end pubs and dining establishments.
North Gaia Sing Holdings Limited
Hon adds that the site already has interested drivers looking to take care of the resort. “If the site is accepted for accommodation redevelopment, the future owner can be linked up with hospitality operators that are reputable in the marketplace and have displayed interest in regulating it.”
The location’s proximity to commercial and vacationer destinations makes it suitable for hotel redevelopment, attracting both business visitors and tourists, says Hon. With a plot ratio of 8, he estimates that the future hotel can suit up to 252 spaces, with lobby and amenities across 35 storeys and a basement, pending authorization from the appropriate experts.
A freehold commercial site on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has recently been offered at RM65 million, or referring to $20 million. With a land area of 20,309 sq ft, this works out to approximately RM3201 psf ($ 985 psf).
The site is positioned in a prime location within Kuala Lumpur’s Golden Triangle, that includes the metro’s financial centre along with its main purchasing and night life regions. 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 eastern and Jalan Yap Kwan Seng and Jalan Tun Razak in the northeast. It is also close to major commercial areas and vacationer attractions. It is less than 2km from Suria KLCC, among Kuala Lumpur’s prominent mall, and just 900m from Pavilion Kuala Lumpur, a leading high-end retail area.
With its strategic location, redevelopment capability and the possibility to associate with accomplished lodging managers, the site presents a prime financial investment chance to capitalise on Kuala Lumpur’s tourism sector in among its most promising spots.
Not far away, the popular Jalan Alor Food Street lies less than 500m from the Changkat Bukit Bintang area. This lively evening market features rows of exterior food stalls and restaurants, using a different mix of nearby and international cuisines.
