A historic en bloc property sale is unfolding in Penang, with over 100 prime pre-war homes and shophouses—many located in the upscale suburb of Pulau Tikus—now available for purchase. Locked in trust deeds for decades, these heritage assets are being released in what could be the largest collective subsale of mature properties in Malaysia, with a potential total value of RM300 million, according to a report by The Star.

Among the most significant offerings is the entire stretch of Bangkok Lane, comprising 39 two-storey terraced houses and two detached homes, built in 1928 by Penang tycoon Cheah Leong Keah for his extended family. These properties, renowned for their Straits-Eclectic architecture and original woodwork, are remarkably well preserved.

“These units are being sold by tender with no reserve prices,” said Tan Chean Hwa, Penang director of CBRE WTW Sdn Bhd, the exclusive marketing agent. “Bidders are free to submit offers for individual or grouped properties, based on title deeds and lot numbers. Flexibility is key.”

The tender closes on May 9, and interest has already been received from local, interstate, and international buyers. However, potential developers are advised to take into account heritage preservation regulations, urban planning restrictions, plot ratios, and infrastructure requirements. For example, while the façades of the Bangkok Lane homes must be preserved, the rear portions may be modified within planning limits.

Beyond Bangkok Lane, other valuable parcels include a 2.32-acre plot at the junction of Kelawei Road and Leandros Lane, just across from Gurney Paragon—a rare opportunity for redevelopment. Also listed are 11 shophouses and a pre-war structure at the corner of Burma Road and Solok Moulmein, and 10 double-storey pre-war shophouses opposite SRJK(C) Union, near Komtar. Behind them, two rows of 34 pre-war homes line Phuah Hin Leong Road.

Pulau Tikus assemblyman Joshua Woo expressed optimism about the suburb’s future, welcoming new investment while urging adherence to Penang’s strict urban planning and flood mitigation policies.

“This is Penang’s most affluent district within George Town’s CBD corridor, adjacent to Gurney Drive. We look forward to tasteful regeneration that respects the city’s heritage and infrastructure,” he said.

This unprecedented sale marks a pivotal moment for heritage property investment in Penang.