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Two heritage bungalows in Penang up for sale by tender from RM18.05 mil

Hannah Rafee | theedgeproperty.com
Friday, 14 August 2015 16:25:06 PM

Pulau Tikus Penang

PETALING JAYA (Aug 13): Property services firm Raine & Horne International Zaki + Partners Sdn Bhd is selling via tender two Malay-style heritage bungalows on adjoining land in Pulau Tikus, Penang, for a collective reserve price of RM18.05 million.

Defined as ‘Category 2’ by George Town World Heritage Incorporated (GTWHI) where “building, objects and sites of special interest that warrant every effort being made to preserve them”, the heritage site boasts plenty of potential for restoration.

“This site presents a great opportunity for buyers to purchase the heritage homes together with a strategic piece of land, for a reasonable price. One of the hottest commercial spots of Pulau Tikus, the site is certainly suitable for restoration,” said senior partner of Raine & Horne International Zaki + Parners Sdn Bhd Michael Geh.

“The heritage bungalows and the land are ideal for owner occupiers, especially for those who are looking to do a tourism-based, service-oriented business in a high visibility area,” he added.

According to Majlis Bandaraya Pulau Pinang (MBPP), the site is currently zoned “Perumahan Am” but is sited within an area which is permitted to be rezoned from “Perumahan Am” to “Perniagaan Am”.

Given the site’s total land area of 22,565 sq ft, it also provides ample parking space, which is a rarity in Pulau Tikus, said Geh.

Situated at the intersection of Cantonment Road and Jalan Kelawei, it is close to Gurney Drive, one of Penang’s most famous streets.

“The site is in one of the most exciting neighbourhoods in Penang,” he noted.

Some of the notable properties in the vicinity include four- and five-star hotels such as Gurney Hotel, G Hotel and Evergreen Laurel Hotel Penang, with high-rise purpose-built office towers such as Gurney Tower and Northam Tower.

Shopping malls such as Gurney Plaza, Gurney Paragon Mall and Midlands Park and other pre-war shophouses and office buildings are also situated nearby.

The firm anticipates more bidders for the site, said Geh. 

“We are looking at bidders from Singapore and Malaysia. At present, we already have a few enquiries about this site,” he added. 

The tender ends on Aug 28.