A commercial building on Jalan Tuanku Abdul Rahman in the Kuala Lumpur City Centre is up for sale by private treaty, according to an April 15 press release by marketing agent ERA Realty Network. The 10-storey freehold building has an asking price of about $12.5 million.
The building occupies a land area of around 6,533 sq ft. Development records show that it was approved for a commercial and hotel development with a floor area of up to 62,547 sq ft. Based on this floor area, the asking price works out to $200 psf. According to ERA, the property previously operated as a hotel before being converted into a commercial cum retail building by the present owners.
The building occupies a land area of around 6,533 sq ft (Picture: ERA Realty Network)
The property is located on the historic Jalan Tuanku Abdul Rahman, which is today best known for its pre-war buildings housing eateries and shops selling fabrics, textiles and other goods. Other landmarks in the area include Sogo Shopping Complex, Menara DBKL and Menara UOB, while tourist destinations such as Chow Kit and Petaling Street are also nearby.
The building is an opportunity for investors or end-users to acquire a prime road-fronting commercial property in a city centre location popular with locals as well as tourists, says Donald Goh, director of capital markets and investment sales at ERA. Goh adds that investors could consider converting the property into a hotel to serve Malaysia’s tourist population.
