Ready for a new era: Many of the homes and shophouses, built in the 1900s with their artful yesteryear architecture still well preserved, are ready for redevelopment and repurposing. — CHAN BOON KAI/THE STAR
GEORGE TOWN: Whole blocks of prime pre-war properties and some vacant land here – all locked in trust deeds for decades – have now been opened for sale in what could be the largest en bloc subsale offer of mature properties in the country.
Many of the homes and shophouses, built in the 1900s with their artful yesteryear architecture still well preserved, are ready for redevelopment and repurposing.
They include 110 houses, most of which are in whole rows of 10 to 20 units.
Nearly all are in the affluent suburb of Pulau Tikus.
According to property players, the expected value of this “mega sale” could fetch about RM300mil with the most prominent cluster for sale in Bangkok Lane.
These 39 two-storey terraced houses, plus two more two-storey detached houses, take up the whole lane.
They were built by Penang tycoon Cheah Leong Keah (1875-1941), who was instrumental in importing early day motorcycles, cars and fire engines into Penang.
He built the Bangkok Lane houses in 1928 for members of his extended family to live together.
The Straits-Eclectic architecture and interior woodwork are impressively intact until now.
Before his death, he willed that these properties be held in trust for his descendants for a set number of decades before they can be sold.
“No reserve prices are stated in the tender documents,” said Tan Chean Hwa, Penang director of CBRE WTW Sdn Bhd, the exclusive marketing agent.
“The sale is by tender and prospective buyers make their own judgments, confer with consultants and valuers before placing their bids.”
The tender closes on May 9.
“It depends on the title deeds or lot numbers. We can sell them singly or together.
“We are flexible so interested parties are free to bid on any property they consider to be worth investing in,” Tan said, adding that they would select the highest bidders.
He confirmed that several enquiries had come in from Penang, from other states and other countries.
“Some of the interested buyers from other countries may have already invested in Penang properties.”
He said that the trustee of these properties appointed his firm to conduct the sale after the trust deeds had matured.
Tan also said an interested buyer told him that on checking with Penang Island City Council, the facade of the Bangkok Lane houses must be preserved under town planning rules, but the back portions can be re-developed.
“Many of these properties are subject to plot ratios, urban development constraints, road set back rules and other requirements.
“So bidders must check all these.”
He said because of the locales, most properties were not suited for demolition, leading to high-rise development.
“They may be more suitable to be repurposed as posh commercial units, leveraging on their well-preserved pre-war architecture as merits,” he said.
He said perhaps the only parcel suitable for re-development was the 9,400sq m (2.32 acres) plot at the corner of Kelawei Road and Leandros Lane, across the road from Gurney Paragon.
Other blocks for sale that are of note are 11 shophouses and a squat pre-war structure with 10 storerooms at the corner of Burma Road and Solok Moulmein, opposite Pulau Tikus police station. The land area is almost 1,500sq m.
Closer to Komtar, along Burma Road and opposite SRJK(C) Union, are 10 double-storey pre-war shophouses with exclusive driveways with a built-up area of 2,010sq m.
Behind those shophouses, along Phuah Hin Leong Road, are two rows totalling 34 pre-war houses on half a hectare, the original architecture well preserved.
Pulau Tikus assemblyman Joshua Woo is optimistic this property deal spells a potential for the suburb to have a new era of modernity.
“This is the most affluent neighbourhood within George Town’s central business district corridor, and it is even beside Gurney Drive.
“We welcome property investors and developers. But they must be reminded of Penang’s strict urban planning rules and policies, particularly in the areas of traffic management and sewerage grids to control flood risks, so do ensure that regulatory compliance is a part of your planning,” he added.
