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

When it comes to Singapore Condo investments, taking your time to consider your options pays off. Each area of Singapore will offer different investment benefits, so it’s up to you to decide which factors (location, neighbourhood, school districts, transportation, amenities, etc.) are important to you. Take the time to research the property market in each area, and compare other investment options available to you. Keep in mind that if you’re looking to make a rental income property, you should research rental rates and vacancy rates in order to gauge the desirability of the property.

A portfolio of 11 freehold heritage shophouses located in Penang, Malaysia are available for purchase through an expression of interest exercise, with a guide price of $10.6 million (RM36.6 million), or $359 psf on the built-up area. Steven Tan, managing director of capital markets and investment sales at ERA, the appointed marketing agent for the properties, believes the strategic location of the portfolio is an attractive investment choice for property investors.

The two-storey shophouses, situated along Lebuh Tye Sin and Lebuh Presgrave in Penang’s George Town area, have a combined land area of 23,143 sq ft and a built-up area of 29,561 sq ft. They have been refurbished and leased to F&B tenants including restaurants, a bakery and a dessert shop.

The portfolio is located in close proximity to various attractions and amenities, such as Komtar Tower and Bus Terminal, as well as two future light rail transit stations at Komtar and Macallum. Other areas of note that are within walking distance are all part of the Unesco World Heritage Site, while Gurney Drive is only a short drive away.

Penang’s business-friendly policies, along with the proposed construction of a Light Rail Transit system and the recent expansion of Penang International Airport, make it an appealing destination for investors, including those from Singapore.

Additionally, current strength of the Singapore dollar makes the acquisition of overseas properties, such as these shophouses, more accessible. Tan believes these shophouses hold significant potential for substantial future growth, as they are priced between 10% to 15% of the cost of Singapore’s conservation shophouses.

The EOI exercise for the portfolio will close on Jan 18, 2024 at 3pm. Investors looking to own a unique freehold property in Penang should act fast to secure this investment opportunity.