Source: Concorde Hotel KL Is Up For Sale For RM700 Million
The hotel is expected to be demolished to make way for a new project.
By Yap Wan Xiang — 04 Sep 2024, 11:22 AM — Updated 2 months ago
Concorde Hotel Kuala Lumpur is up for sale with a price tag of RM700 million, according to sources
Speaking to the New Straits Times, sources said the four-star hotel on Jalan Sultan Ismail, linked to Singapore-based Malaysian tycoon Ong Beng Seng, along with the adjacent land, is being listed for sale.
If a buyer is found, the building is expected to be demolished to make way for a multibillion-ringgit integrated development.
The 581-room hotel and the land, spanning about 4.5 acres, are freehold properties.
Ong and his partners are reportedly looking to liquidate their assets to explore new investment ventures
"Several investors have shown interest in redeveloping the site due to its prime location. However, the owners are not in a hurry to sell unless a very attractive offer comes through," a source told the English daily.
Established in 1957, the four-star hotel was formally known as Merlin Hotel before changing its name to Concorde Hotel in 1990.
In 2018, The Edge reported that the hotel postponed plans for demolition and redevelopment until the market conditions became favourable.
Ong owns 30% of the hotel through his Singapore-listed Hotel Properties Ltd, while Sultan of Selangor Sultan Sharafuddin Idris Shah and entrepreneur Tan Sri Syed Yusof Syed Nasir collectively own the other 30%.
The remaining 40% stake in the hotel is owned by Hongkong Land Holdings Ltd.
Meanwhile, Ong is also putting the Concorde Hotel & Shopping Centre in Singapore up for sale through a public tender, reported the New Straits Times.
The property is owned by Hotel Properties Ltd along with other stakeholders.
