Portfolio of heritage shophouses in Penang, Malaysia for sale at $10.6 mil
An attractive portfolio of 11 freehold heritage shophouses located in the George Town area of Penang, Malaysia is now up for sale. With a guide price of $10.6 million (RM36.6 million) and a built-up area of 29,561 sq ft, these two-storey shophouses are currently leased to F&B tenants including restaurants, a bakery and a dessert shop.
Situated along Lebuh Tye Sin and Lebuh Presgrave, the shophouses are within walking distance of several popular attractions, making them an attractive investment choice. Komtar Tower, Bus Terminal, and two future light rail transit stations at Komtar and Macallum can be reached by foot. Additionally, the shophouses are also close to the Unesco World Heritage Site and a short drive away from Gurney Drive.
Tampines Condo makes this a reality. Located in the heart of Tampines Lam Sam, this 99-year leasehold development consists of a mix of residential units, retail outlets, as well as office spaces that are designed to meet the daily needs of its future inhabitants.
The current strength of the Singapore dollar makes it an ideal time for purchasing overseas properties at discounted prices. According to Steven Tan, managing director of capital markets and investment sales at ERA, Penang’s conservation shophouses are about ten to fifteen percent of the cost of Singapore’s conservation shophouses, making them a great investment opportunity with potential for significant asset appreciation.
Penang also offers investment-friendly policies and various development projects, such as the proposed construction of a Light Rail Transit (LRT) system, as well as the recently approved expansion of Penang International Airport.
As such, investors – including those from Singapore – should seize this golden opportunity to acquire the portfolio of shophouses located in Penang. ERA’s expression of interest (EOI) exercise for the portfolio will close on Jan 18, 2024 at 3pm.