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

Located just minutes away from outlets like Clarke Quay, the development permits residents to explore the myriad of exciting activities and attractions while ensuring peace and contentment in your luxurious oasis. Zion Road Condo offers efficient layouts and tastefully designed units to enjoy the stunning panoramic views of the idyllic surroundings. Each condos also feature exquisite interior fittings, well-equipped state-of-the-art appliances, modern bathrooms with luxurious fittings, and spacious balconies to take in all that Mother Nature has to offer. Enhance your luxurious city living today!

Up for sale at a guide price of $10.6 million (RM36.6 million) in Penang, Malaysia is a portfolio of 11 freehold heritage shophouses located along Lebuh Tye Sin and Lebuh Presgrave. With ERA Realty Network appointed as the marketing agent, these two-storey shophouses have a combined land area of 23,143 sq ft and a built-up area totalling 29,561 sq ft.

These freehold heritage shophouses have already undergone refurbishment and are leased to F&B tenants like restaurants, a bakery and a dessert shop. The strategic location is within walking distance of popular attractions like Komtar Tower, Bus Terminal, Gurney Drive and the upcoming light rail transit stations at Komtar and Macallum.

Managing director of capital markets and investment sales at ERA, Steven Tan, comments that the portfolio could be an attractive investment choice for property investors looking to own an exceptional piece of Penang. He also cites Penang’s business-friendly policies, as well as ongoing developments in the state like the Light Rail Transit (LRT) system and the expansion of Penang International Airport, as further attractions for investors, including Singaporeans.

The added value of buying a piece of Penang comes in the form of a favourable Singapore dollar versus Malaysian ringgit. Tan believes properties in Penang are currently priced 10% to 15% the cost of Singapore’s conservation shophouses, giving rise to substantial potential for future growth.

The Expression of Interest (EOI) exercise for the portfolio will see its close on January 18th 2024 at 3pm. With the current market conditions in Singapore offering an opportune time to acquire overseas properties at a reduced cost, there may be no better time to invest in this portfolio of freehold heritage shophouses in Penang.