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 by way of an expression of interest (EOI). Situated along Lebuh Tye Sin and Lebuh Presgrave in George Town, the two-storey shophouses have a combined land area of 23,143 sq ft and a built-up area of 29,561 sq ft.

ERA Realty Network, the appointed marketing agent for the properties, has put the shophouses up for sale at a guide price of $10.6 million (RM36.6 million), or $359 psf on the built-up area.

These shophouses have been refurbished and leased to F&B tenants currently, which include restaurants, a bakery and a dessert shop. The strategic location of the portfolio makes it an ideal investment for property investors, due to the abundance of amenities that are within walking distance, including Komtar Tower, Bus Terminal, two upcoming light rail transit stations at Komtar and Macallum and the George Town Unesco World Heritage Site.

Steven Tan, managing director of capital markets and investment sales at ERA, noted that the recent strength of the Singapore dollar makes this an opportune time to invest in an overseas property.

“Penang’s conservation shophouses are priced at 10-15% of the cost of Singapore’s conservation shophouses, and are anticipated to have significant potential for future growth,” added Tan.

He also cited Penang’s business-friendly policies and development projects, such as the proposed construction of a Light Rail Transit (LRT) system and the expansion of Penang International Airport, as being the attracts for investors from Singapore.

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

Residents of Tengah Plantation Close EC can enjoy a variety of attractions and amenities nearby. Jurong East Shopping Mall, which is close to the EC, is a popular destination for shopping and dining. It also houses a cinema for movie-lovers. Tourists can also visit nearby attractions such as Jurong Bird Park, Science Centre and Chinese and Japanese Gardens to explore the vibrant culture of Singapore.

With an attractive investment option of owning a freehold heritage piece of Penang being made available and a growing interest from investors in Singapore, the shophouse portfolio is likely to be a lucrative investment and an asset that appreciates in value in the future.