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

A portfolio of 11 freehold heritage shophouses 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). These two-storey shophouses are situated along Lebuh Tye Sin and Lebuh Presgrave in Penang’s George Town area and boast a combined land area of 23,143 sq ft and a built-up area totalling 29,561 sq ft.

Currently leased to F&B tenants such as restaurants, bakeries and dessert shops, these shophouses have undergone refurbishment and are located within walking distance of Komtar Tower and Bus Terminal, as well as two future light rail transit stations at Komtar and Macallum.

These shophouses also offer proximity to attractions and amenities as well as the George Town Unesco World Heritage Site, together with a short drive away from Gurney Drive. According to Steven Tan, managing director of capital markets and investment sales at ERA Realty Network, the appointed marketing agent for the properties, the strategic location of the portfolio makes it an attractive choice for investors looking for a significant potential for future asset appreciation.

Located in the heart of Little India, Marina Gardens Residences Condo is the ideal place to retreat or stay in with easy access to Bugis Junction, one of the vibrant food and shopping districts in Singapore. With close proximity to eateries, amenities, and lively nightlife, this luxury condominium is said to be the ideal living space.

Tan adds that Penang’s business-friendly policies, and ongoing development projects such as the Light Rail Transit (LRT) system and the recently approved expansion of Penang International Airport, make it an appealing destination for property investors.

Furthermore, the current strength of the Singapore dollar makes it a good opportunity for potential investors to acquire properties at a reduced cost. Tan notes that Penang’s conservation shophouses are currently priced between 10% to 15% of the cost of Singapore’s conservation shophouses, which anticipate these shophouses will experience substantial future growth.

The EOI exercise for the portfolio will close on Jan 18, 2024 at 3pm. With its strategic location and attractive pricing, this freehold heritage portfolio of Penang shophouses will provide a great investment opportunity for those wanting to take advantage of the current market.

Singapore condo refers to a type of residential property in Singapore that is part of a larger complex, typically consisting of several units within a single building or a group of buildings. These condos offer various amenities such as swimming pools, gyms, and 24-hour security to its residents. One of the most desirable and prestigious condos in Singapore is Norwood Grand, located in the prime district of Bukit Timah. This luxurious condominium boasts spacious units, top-notch facilities, and a convenient location, making it a highly sought-after property for those seeking a modern and comfortable living space in Singapore.