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- "Several investors have shown interest in redeveloping the site because of its prime location.”
KUALA LUMPUR (Sept 5): Concorde Hotel Kuala Lumpur is up for sale for nearly RM700 million, along with the adjacent land, according to a news report.
The Business Times of Singapore reported that the 581-room hotel located on Jalan Sultan Ismail could be demolished to make way for a multibillion-ringgit integrated development.
The report stated that the four-star Kuala Lumpur hotel is linked to Singapore-based Malaysian tycoon Ong Beng Seng and that he and “and his partners are considering cashing out to pursue other investment opportunities”.
"Several investors have shown interest in redeveloping the site because of its prime location. However, the owners are not in a hurry to sell unless a very attractive offer comes through," a source told Business Times.
Both the hotel and the land — covering a total of about 4.5 acres — are freehold properties.
Concorde Hotel KL hit the in news May when a large tree just outside its premises along Jalan Sultan Ismail toppled due to the strong winds and rain.
A motorist was killed while another was injured during the incident. A number of vehicles were damaged by the falling tree.
Concorde Hotel KL also made history when Pop superstar Michael Jackson and his entourage stayed in its rooms back in 1996. Jackson was on his Malaysian leg of his HIStory World Tour.
Business Times also revealed that Ong is selling Concorde Hotel & Shopping Centre in Singapore through a public tender.
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