{"id":2318,"date":"2026-03-23T20:05:34","date_gmt":"2026-03-23T20:05:34","guid":{"rendered":"https:\/\/octowilltrustees.com\/cheah-trusts-prime-land-in-jalan-kelawai-said-to-be-sold-for-rm130-mil\/"},"modified":"2026-04-10T04:05:34","modified_gmt":"2026-04-10T04:05:34","slug":"cheah-trusts-prime-land-in-jalan-kelawai-said-to-be-sold-for-rm130-mil","status":"publish","type":"post","link":"https:\/\/octowilltrustees.com\/zh-hans\/cheah-trusts-prime-land-in-jalan-kelawai-said-to-be-sold-for-rm130-mil\/","title":{"rendered":"Cheah trust\u2019s prime land in Jalan Kelawai said to be sold for RM130 mil"},"content":{"rendered":"

The 2.32-acre plot on Jalan Kelawai is minutes away from Gurney Paragon Mall (Photo by CBRE | WTW)<\/span><\/p>\n

This article first appeared in The Edge Malaysia Weekly on January 12, 2026 – January 18, 2026<\/p>\n

ONE of the key properties belonging to the trust of the late tycoon Cheah Leong Keah has been sold, sources tell The Edge. The 2.32-acre plot on the corner of Jalan Kelawai and Leandro\u2019s Lane, just 100m from Gurney Paragon Mall, is currently home to eight single-storey bungalows. <\/p>\n

The freehold land is said to have been sold via a tender exercise for RM130 million, or RM1,287 psf, and the sale will take nine months to conclude, The Edge understands.<\/p>\n

The buyer is said to be Sevenco Sdn Bhd, which several agents familiar with the deal say is a new company. A company search reveals its directors, and one name in particular, Datuk Seri Koe Peng Kang, stands out. According to the company\u2019s website, Koe is Sevenco\u2019s group managing director, while its group chairman and executive director is Jeffrey Chung. <\/p>\n

Koe is no stranger to the property fraternity. He joined S P Setia Bhd (KL:SPSETIA) in 1997 as a project manager and rose up to deputy president and chief operating officer before leaving in September 2022. He pioneered the award-winning Setia eco-themed township developments, initiated the hospitality segment and overseas projects for the group, according to a statement released by S P Setia. Koe went on to pursue his own project management and consultancy business specialising in boutique and joint-venture development. <\/p>\n

At press time, Sevenco had not responded to enquiries by The Edge. It is understood that the company has plans for a hotel and branded residences for the prime site. <\/p>\n

On its website, its projects listed in the northern region are landed homes Vista Arora in Sungai Petani, Kedah, and Villa Cloud Gate in Tanjung Tokong, Penang, along with three upcoming projects, two of which are in Bukit Mertajam and the third in Jelutong. In the central region, it lists Seri Amani in Cyberjaya as well as four upcoming projects in Cheras, Kepong, Klang and Sungai Besi. <\/p>\n

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Other trust properties<\/span><\/strong><\/p>\n

Last April, The Edge reported that a list of prime properties \u2014 with an estimated combined value of RM300 million to RM400 million \u2014 under the Cheah trust had been put on the market via a tender exercise (see table). It is said to be the largest en bloc subsale of heritage real estate in the country, and CBRE | WTW is the exclusive marketing agent. <\/p>\n

Cheah, a prominent Penang tycoon who was involved in a range of businesses, including transport, rubber and real estate, died in 1941. A stipulation under the trust was that the properties were to remain intact for 80 years after his passing. Therefore, the properties have been put up for sale. <\/p>\n

Cheah was born in 1875 in Swatow, China, and moved to Penang in 1914, where he founded Chin Seng & Co. He was instrumental in bringing motor vehicles and fire engines to Penang, in collaboration with business partners such as the Sarkies Brothers of the E&O Hotel. <\/p>\n

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The Jalan Kelawai land, the only sizeable plot on the list with redevelopment potential, was estimated to be worth between RM125 million and RM135 million. Given its proximity to Gurney Drive and Pulau Tikus, the site has potential for branded serviced residences and premium dining or lifestyle retail spaces. The land is also suitable for corporate headquarters, medical centres or private educational institutions. <\/p>\n

Two other plots of land from the trust that are up for sale \u2014 in Jalan Trusan and Jalan Transfer \u2014 are less than an acre each. Based on previous transactions of nearby land, an agent estimates that the Jalan Trusan plot could be sold at RM250 to RM400 psf, and the Jalan Transfer plot at between RM600 and RM900 psf. The latter is suitable for medical or wellness centres, he adds. <\/p>\n

In total, seven clusters of properties, mostly in the Pulau Tikus area, were put up for sale. Among them are two rows of terraced heritage houses located behind the former Bangkok Lane Mee Goreng restaurant, and two two-storey bungalows fronting Jalan Kelawai. The cluster comprises 41 units and has a total land area of 55,273 sq ft. <\/p>\n

A local source estimates the value of this cluster at between RM70 million and RM75 million, which translates into RM1.5 million to RM2 million per unit. The area is ideal for boutique hotel development, with conservation regulations ensuring that the original facades will be preserved. <\/p>\n

It is understood that a foreign investor is eyeing the cluster for a boutique hotel.<\/p>\n

The next cluster, located along Jalan Burma and Solok Moulmein, comprises eight shophouses \u2014 beginning from the Swee Kong coffee shop, plus three more behind it \u2014 and 10 nearby stores. These properties are situated across from the Pulau Tikus police station. This cluster includes four shophouses that face the main road, one of which houses the Michelin Guide restaurant Flower Mulan Nyonya Caf\u00e9, which is near the former Bangkok Lane Mee Goreng restaurant, which has moved to New World Park in Jalan Burma. <\/p>\n

An agent tells The Edge that these properties have strong commercial potential as the area is known for its food and beverage (F&B) scene. They could be transformed into curated F&B spaces and retail outlets, with boutique offices, co-working spaces or creative studios on the upper floors catering to architects, designers and niche businesses looking for unique spaces. Ground-floor units are expected to generate high rental yields of RM10 to RM20 psf. <\/p>\n

Then there are the 34 pre-war two-storey terraced houses in Jalan Phuah Hin Leong. With built-ups of 2,000 sq ft, the houses have an estimated value of RM800 to RM900 psf. The Edge understands that one unit has been sold. <\/p>\n

Situated opposite Union Chinese Primary School in Jalan Burma are 10 pre-war shophouses valued at RM1.3 million to RM1.5 million each.<\/p>\n

Other transactions in Penang<\/span><\/strong><\/p>\n

There have been several land transactions in Penang recently. On Jan 5, Sunway Bhd (KL:SUNWAY) acquired for RM61.45 million a one-acre freehold parcel that is about 500m from Gurney Bay and a few minutes away from the abovementioned Jalan Kelawai land. Sunway plans to develop a mixed-use development comprising serviced apartments and retail components. <\/p>\n

Majestic Gen Sdn Bhd in early December acquired three adjoining parcels of freehold land along Jalan Anson for RM75 million from Paramount Corp Bhd (KL:PARAMON). The parcels are currently occupied by UOW Malaysia KDU Penang University College, which has a combined gross floor area of almost 300,000 sq ft. <\/p>\n

Poh, R. (2026, January 21). Cheah trust\u2019s prime land in Jalan Kelawai said to be sold for RM130 mil. The Edge Malaysia. https:\/\/theedgemalaysia.com\/node\/788979<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"

The 2.32-acre plot on Jalan Ke…<\/p>\n","protected":false},"author":1,"featured_media":2293,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-2318","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-case-study-zh-hans"},"_links":{"self":[{"href":"https:\/\/octowilltrustees.com\/zh-hans\/wp-json\/wp\/v2\/posts\/2318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/octowilltrustees.com\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/octowilltrustees.com\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/octowilltrustees.com\/zh-hans\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/octowilltrustees.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=2318"}],"version-history":[{"count":0,"href":"https:\/\/octowilltrustees.com\/zh-hans\/wp-json\/wp\/v2\/posts\/2318\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/octowilltrustees.com\/zh-hans\/wp-json\/wp\/v2\/media\/2293"}],"wp:attachment":[{"href":"https:\/\/octowilltrustees.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=2318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/octowilltrustees.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=2318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/octowilltrustees.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=2318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}