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

Tengah Executive Condominium offers residents access to a variety of amenities including a clubhouse, swimming pool, gym, tennis court, playground and a multi-storey car park. Residents can also enjoy an array of facilities such as a 24-hour security system, intercom system and CCTV surveillance.

A portfolio of 11 freehold heritage shophouses located in Penang, Malaysia are up for sale through an expression of interest (EOI) exercise, with 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 of 29,561 sq ft. These shophouses have been recently refurbished and leased to F&B tenants such as restaurants, a bakery and a dessert shop.

The shophouses are in close proximity to various key attractions and amenities in the area. This includes Komtar Tower and Bus Terminal, two future light rail transit stations at Komtar and Macallum, and the UNESCO World Heritage Site in George Town. In addition, Gurney Drive is just a short drive away.

According to Steven Tan, managing director of capital markets and investment sales at ERA Realty Network, the appointed marketing agent for the properties, Penang has attractive business-friendly policies and ongoing development projects. He believes that these shophouses provide an exceptional investment opportunity, with significant potential for future asset appreciation.

In addition, the current strength of the Singapore dollar presents an opportune time to acquire overseas properties at a reduced cost. Tan adds that the Penang shophouses are currently priced between 10% to 15% of the cost of Singapore’s conservation shophouses which bodes well for the future growth of these assets.

The EOI exercise for the portfolio will close on Jan 18, 2024 at 3pm. With the attractive prospects of the shophouses, ERA encourages interested investors from Singapore and beyond to seize this opportunity.

The investment potential of Penang’s conservation shophouses is undeniable. Boasting a strategic location and various development projects in the pipeline, including the Light Rail Transit (LRT) system and the expansion of Penang International Airport, this EOI exercise provides investors with a great chance to acquire a piece of heritage in Malaysia.

At the same time, current market conditions are perfect for investors looking to take advantage of the strength of the Singapore dollar. With Penang’s conservation shophouses significantly cheaper compared to those in Singapore, the future growth of these assets looks to be extremely promising.

Hence, interested investors from Singapore and beyond are encouraged to make their move during this EOI exercise. The deadline to submit an offer is Jan 18, 2024 at 3pm.