Historic Shop Houses in George Town Listed for RM400 Million After 80-Year Wait
A rare opportunity has emerged in George Town, Penang, where 39 double-storey pre-war terrace houses along Bangkok Lane are now being offered for sale via open tender — marking the first time in over 80 years these heritage properties are available to the public.
These buildings, located behind the iconic Bangkok Lane fried noodles stall, are part of a significant property portfolio previously owned by the late Cheah Leong Keah. Cheah was a highly influential businessman during the early 20th century, with substantial holdings in the transportation, plantation, and real estate sectors.
According to Edge Property, the combined market value of this cluster — including shop houses and commercial units on Burma Road and Kelawai Road — is estimated between RM300 million and RM400 million.
Sale Permitted Only After 80 Years Due to Trust Clause
These properties have been held under a strict trust clause since Cheah’s passing in 1941, prohibiting any sale for 80 years. Now that the trust has matured, the assets can finally be transferred to new owners.
Prime Heritage Location in UNESCO-Listed George Town
The Bangkok Lane shop houses are particularly desirable due to their classic Straits Eclectic architectural style. Featuring original wooden shutters, vintage floor tiles, and ornate façades, the homes offer both cultural value and strong commercial potential.
Situated in the heart of George Town — a UNESCO World Heritage Site — these buildings fall within one of Penang’s most protected heritage zones, adding to their exclusivity.
Major Potential for Heritage Redevelopment
Spanning a total land area of 55,273 square feet, this block of properties is seen as ideal for restoration into boutique hotels, cafés, heritage galleries, or specialty retail outlets. Real estate agents project individual unit values between RM1.5 million and RM2 million, depending on size and building condition.
Source : Edge Property
