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

This attractive Woodlands Condo comes with modern design, lush greenery, swimming pool, clubhouse and other recreational facilities. With well-planned indoor and outdoor areas, Champions Way Condo provides a tranquil living environment for residents. The perfect combination of location and facilities makes this an ideal place to stay in Singapore.

The portfolio of 11 freehold heritage shophouses located in Penang, Malaysia are up for sale through an expression of interest (EOI) exercise at 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 Penang’s George Town area, the two-storey shophouses have a combined land area of 23,143 sq ft and a built-up area totalling 29,561 sq ft.

The shophouses have undergone refurbishment and are currently leased to F&B tenants including restaurants, a bakery and a dessert shop. Steven Tan, managing director of capital markets and investment sales at ERA Realty Network, the appointed marketing agent for the properties, remarks that the strategic location of the portfolio makes it an attractive investment choice due to its close proximity to various attractions and amenities.

Tan adds that the current strength of the Singapore dollar makes it an opportune time to acquire overseas properties at a reduced cost. He continues, “With Penang’s conservation shophouses currently priced between 10% to 15% of the cost of Singapore’s conservation shophouses, it is anticipated that these shophouses hold significant potential for substantial future growth.”

The shophouses are within walking distance of Komtar Tower and Bus Terminal, as well as two future light rail transit stations at Komtar and Macallum. They are also situated within walking distance of areas that fall within the George Town Unesco World Heritage Site, while also being a short drive away from Gurney Drive.

Penang’s business-friendly policies, together with ongoing development projects in the state – such as the proposed construction of a Light Rail Transit (LRT) system in Penang and the expansion of Penang International Airport – make it an appealing destination for investors, including those from Singapore.

The EOI exercise for the portfolio will close on Jan 18, 2024 at 3pm. Property investors looking for an exceptional freehold heritage piece of Penang with potential for future asset appreciation should not miss the opportunity to seize this investment chance.