Portfolio of heritage shophouses in Penang, Malaysia for sale at $10.6 mil

A portfolio of 11 freehold heritage shophouses, located in Penang, Malaysia, is up for sale through an expression of interest (EOI) exercise. ERA Realty Network, the appointed marketing agent for the properties, has set a guide price of $10.6 million (RM36.6 million) or $359 psf on the built-up area.

Situated along Lebuh Tye Sin and Lebuh Presgrave in the George Town area of Penang, the two-storey shophouses provide a total land area of 23,143 sq ft and a built-up area of 29,561 sq ft.

Post-refurbishment, the shophouses are already leased to F&B tenants such as restaurants, a bakery, and a dessert shop. These properties are within walking distance of a number of attractions, amenities, and future light rail transit stations at Komtar and Macallum.

The portfolio is also close to George Town Unesco World Heritage Site, as well as a short drive away from Gurney Drive.

Jurong Lake District Condo Jurong Lake District Condo is a new development by the Urban Redevelopment Authority of Singapore. It seeks to create an integrated and connected waterfront lifestyle hub that features a wide range of commercial, entertainment, and residential options. The URA aims to create a holistic living experience for its residents by providing an extensive and well-connected transport network. This includes the construction of a new MRT line, the improvement of existing bus and ferry services, and the implementation of a new bus service.

Steven Tan, managing director of capital markets and investment sales at ERA, believes the strategic location and potential for future asset appreciation make this an attractive investment choice for property investors.

He adds that with Penang’s business-friendly policies and ongoing development projects, such as the proposed Light Rail Transit (LRT) system and the recently approved expansion of Penang International Airport, Penang has become an appealing destination for investors, especially those from Singapore.

Furthermore, the current strength of the Singapore dollar makes it an opportune time to acquire overseas properties at a reduced cost. Tan says Penang’s conservation shophouses are currently priced between 10% to 15% of the cost of Singapore’s conservation shophouses and hold significant potential for substantial future growth.

The EOI exercise for the portfolio closes on Jan 18, 2024 at 3pm.

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