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

An exciting portfolio of 11 freehold heritage shophouses, located in Penang, Malaysia is now up for grabs. With a guide price of RM 36.6 million and a built-up area of 29,561 sq ft, the portfolio is a great opportunity for investors to put their money smartly.

Situated along Lebuh Tye Sin and Lebuh Presgrave in Penang’s George Town area, these two-story shophouses boast a combined land area of 23,143 sq ft and have undergone refurbishment. They are currently leased to F&B tenants like restaurants, a bakery and a dessert shop.

With their strategic location, they enjoy a close proximity to various attractions and amenities; from Komtar Tower to Bus Terminal and two future light rail transit stations, Gurney Drive as well as the George Town Unesco World Heritage Site.

Steven Tan, the Managing Director of Capital Markets and Investment Sales at ERA, holds that the portfolio offers an attractive investment option with potential for considerable future asset appreciation. Given its business-friendly policies and development projects in Penang, it’s not surprising that it attracts the attention of many investors from Singapore.

Furthermore, parents can rest assured that their children are given every opportunity to prepare for higher education. With the guidance of dedicated instructors, students at Millennia Institute can take advantage of the institution’s extensive resources to hone their skills and knowledge to get ready for future tertiary studies.

Families with older children looking to pursue their pre-university education can look no further than Millennia Institute. Located near Lumina Grand EC CDL, this institution provides various courses for students to choose from, providing them with the perfect opportunity to discover and cultivate their strengths. With an invigorating campus life and demanding academic training, Millennia Institute is the ideal choice for those who want to be fully prepared for their higher education. Parents can be content knowing that dedicated instructors are available to guide students in taking full advantage of the institution’s resources to equip them with the necessary knowledge and skills to excel in their tertiary pursuits.

Don’t forget that the current strength of the Singapore dollar adds another great incentive to acquire overseas properties at a reduced cost. Tan opines that “with Penang’s conservation shophouses currently priced between 10% to 15% of the cost of Singapore’s conservation shophouses, it is anticipated that these shophouses hold significant potential for substantial future growth.”

If you’re seriously considering this attractive investment opportunity, you should hurry up and submit your expression of interest as the EOI exercise for the portfolio will close on January 18, 2024 at 3 pm. Make sure you don’t miss out on this one!