Located in the heart of Sabah, Malaysia, this former 4-star hotel building in Sandakan City is a rare opportunity for investors to own a prime piece of commercial real estate.
The 26-storey, 299-room hotel building facing the waterfront is now on the market for an asking price of RM120 million (US$26.66 million), which is about RM50 million (US$11.11 million) below its independently evaluated valuation of RM170,580,000 (US$37.9 million).
With a total floor area of 488,943 sqft consisting of the hotel, hotel accessories and a 366-lot multi-storey car park, the property offers ample opportunities for a range of commercial activities.
The asking price translates to a rate of RM245.43 (US$54.53) per sqft, which is significantly lower than construction costs itself today. Making this property an attractive investment opportunity for those seeking a strong capital appreciation in the mid to long term.
The closing of the transaction is anticipated by the sellers to take place before 30 June 2023.
Ideally located near Sandakan's popular downtown area, the property is situated in an area that is central to world-renowned tourist destinations. People visiting Sandakan City are looking for a perfect getaway from the hustle and bustle of city life, and this property’s location provides easy access to Malaysia's treasured nature and wildlife sites.
Tourists can explore the natural beauty of the Rainforest Discovery Centre and Lankayan island, as well as the orangutan sanctuary at nearby Sepilok.
Other popular attractions in the area include the Borneo Sun Bear Conservation Centre, the Sepilok Orangutan Rehabilitation Centre, the Agnes Keith House and the Sandakan Heritage Trail. If you are wondering what else Sandakan has to offer, here is an overview of an adventurous tour itinerary.
Sitting on a site area of 7,452.0 sqm (80,215.3 sqft), the property is one of the city’s largest and tallest hotel buildings.
The hotel’s reception area is also connected to Harbour Mall on level 1, providing easy access to shopping and entertainment facilities as well as the pedestrian promenade.
Hotel facilities include a restaurant, bar with wine cellar, 40-table ballroom, seven function rooms, gym, office facilities, and a large open-air infinity pool overlooking the harbour.
All rooms are fully furnished to a high standard and offer a range of amenities that ensure guests have a comfortable stay. Standard double room rates can range from RM280 (US$62.22) per night during low season to RM600 (US$133.32) in high.
Owning a hotel building in Sabah, Malaysia, presents a unique opportunity to invest in a growing tourism industry and capitalise on the city's natural beauty. With its central location and proximity to popular tourist destinations, the hotel's modern and sleek high-rise design, combined with its unparalleled waterfront location and spectacular ocean views, makes it an attractive investment for both work and play.
Learn more about this unique investment opportunity and make an appointment with us to see the property for yourself.
Whether you're a seasoned investor looking for a solid investment or an entrepreneur seeking to tap into Sabah's thriving tourism industry, this sea view hotel in Malaysia's stunning island of Borneo is an opportunity not to be missed.