Freehold site in Kuala Lumpur with hotel redevelopment potential for sale at RM65 mil

A freehold commercial site on 290 Jalan Raja Chulan in Kuala Lumpur, Malaysia, has been put up for sale at RM65 million, or about $20 million. With a land area of 20,309 sq ft, this works out to about RM3201 psf ($985 psf). The regular-shaped site is being used as a carpark. The owners are putting the property up for sale as they reassess their portfolio, says Hon Kah Yick, vice president of Master Real Estate, who is marketing the property. Strategically situated within a commercial office area, the site is nestled 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. Read also: The MINH: Indochine-inspired resort living in KL’s exclusive Mont’Kiara area Advertisement Advertisement The site is situated in a prime location within Kuala Lumpur’s Golden Triangle, which encompasses the city’s financial hub as well as its main shopping and nightlife districts. 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 also near major commercial areas and tourist attractions. It is less than 2km from Suria KLCC, one of Kuala Lumpur's prominent shopping malls, and just 900m from Pavilion Kuala Lumpur, a premier luxury retail destination. The Changkat Bukit Bintang area, a vibrant entertainment district in Kuala Lumpur, is just a stone’s throw from the site. This area attracts a diverse range of visitors, from locals to tourists, with its blend of contemporary chic and historical charm. The network of alleys and streets features rows of pre-war buildings transformed into upscale pubs and restaurants. Nearby, the well-known Jalan Alor Food Street is located less than 500m from the Changkat Bukit Bintang area. This lively night market features rows of outdoor food stalls and restaurants, offering a diverse mix of local and global cuisines. The site's proximity to commercial and tourist attractions makes it ideal for hotel redevelopment, appealing to both business travellers and tourists, says Hon. With a plot ratio of 8, he estimates that the future hotel could accommodate up to 252 rooms, with lobby and facilities across 35 storeys and a basement, pending approval from the relevant authorities. The site presents a good opportunity for investors, particularly Singaporean investors who are looking to venture into the Kuala Lumpur hospitality industry due to the favourable exchange rate and relatively low entry cost, he continues. “With a total investment of less than RM200 million ($60 million) — factoring in land purchase and development costs — investors can establish a high-quality hotel in a sought-after location.” Hon adds that the site already has interested operators looking to manage the hotel. “If the site is approved for hotel redevelopment, the future owner can be linked up with hospitality operators who are well-established in the market and have shown interest in managing it.” Read also: Oxley Holdings’ Jewel by Oxley KLCC in Kuala Lumpur achieves 60% pre-sales Advertisement Advertisement With its strategic location, redevelopment potential and the chance to partner with experienced hotel operators, the site offers a prime investment opportunity to capitalise on Kuala Lumpur’s tourism sector in one of its most promising areas. For more information, Contact HON KAH YICK | 91886758 VICE PRESIDENT (R027081H) MASTER REAL ESTATE PTE. LTD.