Concorde Hotel Kuala Lumpur has been put on the market with an asking price of RM700 million, according to sources.

Speaking to the New Straits Times, sources revealed that the four-star hotel on Jalan Sultan Ismail, associated with Singapore-based Malaysian tycoon Ong Beng Seng, and the adjoining land, are now up for sale.

If a buyer is secured, the property is expected to be demolished and redeveloped into a multibillion-ringgit integrated development.

The hotel, which features 581 rooms and occupies approximately 4.5 acres of freehold land, is a prime asset.

Ong and his partners are reportedly looking to liquidate their assets to explore new investment opportunities.

"Several investors are keen on redeveloping the site due to its strategic location. However, the owners are not rushing to sell unless a very compelling offer is made," a source told the English daily.

Established in 1957 as Merlin Hotel, it was rebranded as Concorde Hotel in 1990.

In 2018, The Edge reported that plans for the hotel’s demolition and redevelopment were postponed until market conditions improved.

Ong holds a 30% stake in the hotel through his Singapore-listed company, Hotel Properties Ltd, while the Sultan of Selangor, Sultan Sharafuddin Idris Shah, and entrepreneur Tan Sri Syed Yusof Syed Nasir jointly own another 30%. The remaining 40% is held by Hongkong Land Holdings Ltd.

Meanwhile, Ong is also putting the Concorde Hotel & Shopping Centre in Singapore up for sale via public tender, according to the New Straits Times. The property is owned by Hotel Properties Ltd along with other stakeholders.