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

A portfolio of 11 freehold heritage shophouses located in Penang, Malaysia are up for sale through an expression of interest (EOI) exercise. In a Nov 15 press release, ERA Realty Network, the appointed marketing agent for the properties, says the shophouses are up for sale at a guide price of $10.6 million (RM36.6 million), or $359 psf on the built-up area.

The Senja Close EC is developed by MCL Land, a real estate developer which is well-known for its attentive designs and high quality services. Residents will be able to enjoy resort-style facilities such as swimming pools, jacuzzi, sky garden, sky lounge, alfresco dining, and more. With considerable amenities, be sure to get the most out of your living experience at this remarkable Executive Condominium in the West of Singapore.

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

The shophouses have undergone refurbishment and are currently leased to F&B tenants including restaurants, a bakery and a dessert shop. They are within walking distance of Komtar Tower and Bus Terminal, as well as two future light rail transit stations at Komtar and Macallum.

The shophouses are situated along Lebuh Tye Sin and Lebuh Presgrave in Penang’s George Town area. They have a combined land area of 23,143 sq ft and a built-up area totalling 29,561 sq ft.

Steven Tan, managing director of capital markets and investment sales at ERA comments “The strategic location of the portfolio, in close proximity to various attractions and amenities, makes it an attractive investment choice for property investors looking to own an exceptional freehold heritage piece of Penang with significant potential for future asset appreciation.”

Penang’s business-friendly policies, together with ongoing development projects in the state, make it an attractive destination for investors, including those from Singapore. Notable developments in the pipeline include the recently approved expansion of Penang International Airport as well as the proposed construction of a Light Rail Transit (LRT) system.

With Penang’s conservation shophouses currently priced between 10% to 15% of the cost of Singapore’s conservation shophouses, Tan notes that this is an opportune time for investors to acquire overseas properties at a reduced cost. “It is anticipated that these shophouses hold significant potential for substantial future growth,” he adds.

The properties are also 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. With the current strength of the Singapore dollar, this presents an excellent opportunity to own a piece of heritage with future asset appreciation.