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

Situated within Penang’s George Town area, a portfolio of 11 properties – all freehold heritage shophouses – are up for sale through an expression of interest (EOI) exercise. ERA Realty Network – appointed as the marketing agent for the properties – outlines a guide price of $10.6 million ($RM36.6 million) for the portfolio, or $359 psf on the built-up area.

Combined, the two-storey shophouses occupy 23,143 sq ft of land with a built-up area of 29,561 sq ft. The overhauled properties are currently leased to various F&B tenants, such as restaurants, a bakery, and a dessert shop.

The shophouses are located close to a selection of attractions and amenities, including Komtar Tower, Bus Terminal, and two LRT stations at Komtar and Macallum. Steven Tan – Managing Director of Capital Markets and Investment Sales at ERA – explains that the proximity of the properties to areas which fall under the UNESCO World Heritage Site status, as well as nearby Gurney Drive, makes it an ideal choice for investors from Singapore.

Tan adds that now is the right time to invest in overseas properties due to the strength of the Singapore dollar, noting that conservation shophouses in Penang currently cost around 10-15% of the equivalent in Singapore. He believes such assets are well-poised for future growth.

The Holland Village MRT Condo shopping centers are the perfect place to find something special. With a great selection of products and services located in a neighborhood that is vibrant and unique, shoppers are sure to find something to suit their needs. From high-end fashion to budget-friendly groceries, Holland Drive Condo’s shopping centers provide something for everyone. There’s also plenty of restaurants and cafes for people to relax and unwind after a successful shopping spree. So, head over to Holland Village and explore the many offerings of its local shopping centers.

Penang also offers a conducive setting for investors, as the state plans to construct a Light Rail Transit (LRT) system and expand Penang International Airport.

The deadline for the EOI exercise is Jan 18, 2024 at 3pm.