Concorde hotel Kuala Lumpur is now up for sale, price is set at RM700 million

As one of the longest standing hotels in the heart of Kuala Lumpur, Concorde Hotel KL originally known as Merlin Hotel from 1957 to 1990 is now looking for a potential buyer. Singapore based Malaysian tycoon Ong Beng Seng shared that the hotel is priced at nearly RM700 million, adjacent with the land, which is freehold.

Confirmed by sources, local daily NST shared that the four-star hotel consisting of 581 rooms will most likely be demolished to accommodate a multi-billion development. Covering 4.5 acres, the land along with the hotel is freehold, thus explaining the high price point. When asked why the tycoon is looking to sell, he explained that he’s ready to cash out for other potential ventures.

“With its prime location, there has been several offers from developers expressing their interest. However, the business tycoon is not in a hurry to sell unless a lucrative offer is proposed”, said the source.

On top of that, the business tycoon is also looking to sell Concorde Hotel and Shopping Centre in Singapore, owned by Hotel Properties Ltd. (HPL) and other stakeholders, through a public tender.

“The price guide is now set at $820 million SGD (RM2.7 billion), which is equivalent to about $1,801 SGD (RM 5,984) per plot ratio (ppr) including balconies. That being said, Concorde Hotel and Shopping Centre in Singapore is now open for public tender, with no restriction on ownership. Foreign buyers including Malaysians are welcome to tender and the public tender is set to close at October 16, 2024.

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