The portfolio of 11 freehold heritage shophouses in George Town, Penang are up for sale through an expression of interest exercise (Picture: ERA Realty Network)
SINGAPORE (EDGEPROP) - A portfolio of 11 freehold heritage shophouses located in Penang, Malaysia are up for sale through an expression of interest (EOI) exercise. In a Nov 15 press release, ERA Realty Network, the appointed marketing agent for the properties, says the shophouses are up for sale at a guide price of $10.6 million (RM36.6 million), or $359 psf on the built-up area.
Situated along Lebuh Tye Sin and Lebuh Presgrave in Penang’s George Town area, the two-storey shophouses have a combined land area of 23,143 sq ft and a built-up area totalling 29,561 sq ft. The shophouses have undergone refurbishment and are currently leased to F&B tenants including restaurants, a bakery and a dessert shop.
The shophouses are within walking distance of Komtar Tower and Bus Terminal, as well as two future light rail transit stations at Komtar and Macallum, says ERA. They are also within walking distance of areas that fall within the George Town Unesco World Heritage Site, while also being a short drive away from Gurney Drive.
Read also: Shophouse sales value up 62% q-o-q in 1Q2024: PropNex Research
“The strategic location of the portfolio, in close proximity to various attractions and amenities, makes it an attractive investment choice for property investors looking to own an exceptional freehold heritage piece of Penang with significant potential for future asset appreciation,” remarks Steven Tan, managing director of capital markets and investment sales at ERA.
He adds that Penang’s business-friendly policies, together with ongoing development projects in the state, make it an appealing destination for investors, including those from Singapore. Notable developments in the pipeline include the proposed construction of a Light Rail Transit (LRT) system in Penang as well as the recently approved expansion of Penang International Airport.
For Tan, the current strength of the Singapore dollar makes it an opportune time to acquire overseas properties at a reduced cost. “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," he continues.
The EOI exercise for the portfolio will close on Jan 18, 2024 at 3pm.