Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The site presents a good possibility for financiers, particularly Singaporean capitalists who are aiming to endeavor right into the Kuala Lumpur hospitality sector because of the favourable currency exchange rate and reasonably low entry cost, he continues. “With an overall financial investment of less than RM200 million ($ 60 million)– considering land investment and enhancement costs– capitalists can develop a top notch resort in an in-demand area.”
Not far away, the well-known Jalan Alor Food Street is located less than 500m from the Changkat Bukit Bintang area. This lively night market includes rows of outdoor food stalls and restaurants, providing a diverse mix of local and worldwide cuisines.
With its strategic location, redevelopment potential and the possibility to affiliate with seasoned lodging managers, the site presents a prime financial investment opportunity to capitalise on Kuala Lumpur’s tourism market in one of its most promising areas.
The site’s closeness to commercial and tourist attractions makes it excellent for hotel redevelopment, appealing to both business travellers and vacationers, shares Hon. With a plot ratio of 8, he estimates that the future resort can accommodate up to 252 spaces, with entrance hall and amenities throughout 35 floors and a basement, pending authorization from the relevant authorities.
The regular-shaped site is being made use of as a carpark. The proprietors are using the real estate up for sale as they reassess their accounts, says Hon Kah Yick, vice president of Master Property, who is marketing the real estate.
Emerald Of Katong Sim Lian Group
The location is located in a prime area within Kuala Lumpur’s Golden Triangle, which involves the city’s finance hub along with its main purchasing and night life sectors. This area 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 east and Jalan Yap Kwan Seng and Jalan Tun Razak in the northeast. It is likewise nearby main commercial areas and visitor attractions. It is less than 2km from Suria KLCC, one of Kuala Lumpur’s noticeable mall, and just 900m from Pavilion Kuala Lumpur, a premier deluxe retail venue.
The Changkat Bukit Bintang area, a lively leisure area in Kuala Lumpur, is simply a rock’s toss from the site. This area brings in a diverse variety of people, from citizens to travelers, with its mix of contemporary stylish and historic appeal. The network of streets and roads components lines of pre-war structures turned into upscale bars and restaurants.
Logically situated within a commercial workplace area, the site is located in between two office buildings, Wisma Goldhill and Wisma MPL. Numerous hotels are located nearby, including the Holiday Inn Express Kuala Lumpur City Centre across the road and Parkroyal Serviced Suites Kuala Lumpur.
An estate business place on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has been put up for sale at RM65 million, or referring to $20 million. With an acreage of 20,309 sq ft, this calculates to around RM3201 psf ($ 985 psf).
Hon includes that the site actually has interested operators seeking to take care of the hotel. “If the site is accepted for hotels and resort redevelopment, the future owner can be connected with hospitality managers who are well-established in the market and have displayed interest in managing it.”
