Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
A freehold commercial area on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has recently been put up for sale at RM65 million, or around $20 million. With an acreage of 20,309 sq ft, this calculates to around RM3201 psf ($ 985 psf).
The Changkat Bukit Bintang region, a lively entertainment district in Kuala Lumpur, is just a stone’s throw from the site. This location brings in a different series of people, from locals to visitors, with its mix of modern chic and historical charm. The network of streets and roads components columns of pre-war buildings changed right into high end clubs and restaurants.
Nearby, the popular Jalan Alor Food Road lies less than 500m from the Changkat Bukit Bintang location. This lively night market features rows of outside food stalls and restaurants, providing a different mix of nearby and worldwide cuisines.
With its strategic location, redevelopment capacity and the possibility to affiliate with accomplished hotel operators, the site presents a prime financial investment opportunity to capitalise on Kuala Lumpur’s tourism sector in one of its most promising locations.
The location is situated in a prime location inside Kuala Lumpur’s Golden Triangle, which encompasses the city’s economic center along with its main shopping and nightlife 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 close to primary commercial areas and vacationer destinations. It is less than 2km from Suria KLCC, among Kuala Lumpur’s noticeable shopping center, and simply 900m from Pavilion Kuala Lumpur, a leading deluxe retail destination.
Hon includes that the site actually has interested operators looking to take care of the hotel. “If the site is accredited for hotel redevelopment, the future owner can be linked with hospitality managers that are well-established in the market and have displayed interest in managing it.”
The location’s closeness to commercial and visitors attractions turns it into excellent for hotel redevelopment, appealing to both business travellers and vacationers, states Hon. With a plot ratio of 8, he determines that the future hotel could accommodate approximately 252 rooms, with entrance hall and establishments throughout 35 storeys and a basement, pending authorization from the appropriate experts.
Cuscaden Reserve showflat location
Strategically established inside a commercial office area, the site is located between 2 office buildings, Wisma Goldhill and Wisma MPL. Various resorts are situated close by, including the Holiday Inn Express Kuala Lumpur City Centre across the street and Parkroyal Serviced Suites Kuala Lumpur.
The site presents a good chance for investors, especially Singaporean capitalists that are looking to endeavor right into the Kuala Lumpur hospitality sector due to the great currency exchange rate and reasonably low entry price, he continues. “With a complete financial investment of less than RM200 million ($ 60 million)– considering land acquisition and property development costs– financiers can develop a high-quality hotel in an in-demand area.”
The regular-shaped spot is being made use of as a carpark. The owners are using the real estate up for sale as they reassess their portfolio, says Hon Kah Yick, vice president of Master Realty, who is marketing the property.
