Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil
The location’s distance to business and vacationer attractions turns it into optimal for resort redevelopment, attracting both business tourists and tourists, shares Hon. With a plot ratio of 8, he determines that the future resort might accommodate as much as 252 spaces, with lobby and facilities throughout 35 storeys and a basement, pending authorization from the appropriate experts.
The site is situated in a prime area inside Kuala Lumpur’s Golden Triangle, which encompasses the town’s finance hub as well as its main purchasing and night life areas. 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 eastern and Jalan Yap Kwan Seng and Jalan Tun Razak in the northeast. It is likewise nearby main commercial spots and tourist attractions. It is less than 2km from Suria KLCC, one of Kuala Lumpur’s popular shopping malls, and simply 900m from Pavilion Kuala Lumpur, a leading high-end retail venue.
The regular-shaped location is being made use of as a carpark. The proprietors are putting the real estate up for sale as they reassess their portfolio, mentions Hon Kah Yick, vice president of Master Real Estate, who is promoting the property.
With its strategic location, redevelopment capacity and the possibility to partner with seasoned lodging operators, the site gives a prime investment chance to capitalise on Kuala Lumpur’s tourism market in among its most promising areas.
Union Square Residences floor plan
The site offers a good chance for capitalists, particularly Singaporean investors who are seeking to venture right into the Kuala Lumpur hospitality industry because of the great currency exchange rate and relatively low access charge, he continues. “With a complete investment of less than RM200 million ($ 60 million)– considering land acquisition and enhancement expenses– capitalists can develop a high quality resort in a sought-after area.”
An estate commercial place on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has recently been offered at RM65 million, or around $20 million. With an acreage of 20,309 sq ft, this calculates to about RM3201 psf ($ 985 psf).
The Changkat Bukit Bintang area, a lively leisure area in Kuala Lumpur, is simply a stone’s toss from the site. This location draws in a various range of guests, from locals to visitors, with its blend of contemporary stylish and historical charm. The network of streets and roads features columns of pre-war buildings changed right into high end bars and restaurants.
Strategically positioned inside a business office location, the site is nestled in between two office complex, Wisma Goldhill and Wisma MPL. Many hotels are situated close by, including the Holiday Inn Express Kuala Lumpur City Centre along the road and Parkroyal Serviced Suites Kuala Lumpur.
Hon adds that the site actually has interested drivers seeking to take care of the hotel. “If the site is accredited for hotel redevelopment, the future proprietor can be connected with hospitality operators who are well-established in the market and have actually shown interest in managing it.”
Not far away, the well-known Jalan Alor Food Road lies less than 500m from the Changkat Bukit Bintang area. This lively night market includes rows of exterior food stalls and dining establishments, supplying a diverse mix of nearby and worldwide cuisines.
