KUALA LUMPUR, April 19 — A collection of prime pre-war properties and vacant land in George Town, Penang, is now open for sale, offering one of the largest en bloc subsale opportunities of mature properties in the country.

The properties, many of which date back to the early 1900s, feature architectural styles that have been preserved through the decades.

This sale includes 110 houses, primarily in rows of 10 to 20 units, The Star reported today.

Most of these properties are located in the affluent Pulau Tikus area, with property experts estimating that the total value of the sale could be around RM300 million.

The properties being sold are ready for redevelopment, though any changes must adhere to local heritage preservation regulations.

Buyers will need to ensure that their redevelopment plans comply with Penang’s conservation laws, which aim to protect the area’s architectural and cultural significance.

Tan Chean Hwa, Penang director of CBRE WTW that is the exclusive marketing agent for the sale, also noted that the units are in an area not conducive to demolition.

“They may be more suitable to be repurposed as posh commercial units, leveraging on their well-preserved pre-war architecture as merits,” he was quoted as saying.

One of the most prominent areas for sale is Bangkok Lane, which contains 39 two-storey terraced houses and two detached houses.

The homes were built in 1928 by Penang tycoon Cheah Leong Keah, who was instrumental in introducing motorcycles, cars, and fire engines to Penang.

Cheah constructed these houses for his extended family, creating a community within the area.

The properties feature Straits-Eclectic architecture, and much of the original woodwork remains intact.

Before his death in 1941, Cheah placed these properties in trust, stipulating that they could not be sold until a designated number of years had passed.

“There are no reserve prices,” Tan confirmed.

“The sale is by tender and prospective buyers make their own judgments, confer with consultants and valuers before placing their bids.”

The tender will close on May 9, with a number of enquiries already received from both local and international buyers.