Recently gazetted as a UNESCO World Heritage Site, Penang’s Georgetown has easily become one of the most valuable property markets in Malaysia. The amount of available land for additional property development has become scarcer, and the increasing popularity of converting residential properties into holiday homes has caused the island’s property future to become increasingly saturated. Or has it?

Old heritage properties are being snapped up by investors and converted into tourist-attracting destinations such as boutique heritage hotels, or restaurants cum museums.

CHEONG FATT TZE MANSION

One of Penang’s most iconic landmarks is the Cheong Fatt Tze Mansion. The Leith Street signature blue building was the mansion of Cheong Fatt Tze, famously referred to as the ‘Rockefeller of the East’, and ‘J.P. Morgan of China’. When he was alive, the mansion was used as an office and a home – the main base of his business operations, the office of the Chinese Vice-Consulate, and a home to his favourite, seventh wife. It has since been converted into a boutique heritage hotel since the passing of his last remaining heir in 1989, and the completion of restoration works in 1995. The building is honoured with numerous awards including the PAM Architecture Award in Recognition of Design Excellence, and the Asia-Pacific Heritage Award for Culture Heritage Conservation. The boutique heritage hotel now offers 16 themed bedrooms to visitors and is owned by architect Laurence Loh.

LONE PINE

Lone Pine was the first hotel on the now famous stretch of Batu Feringghi beach. It was built by an English doctor, Dr Albert McKern, who used it as his residence until 1948 when he leased it to a Chinese family with the intention of operating the first hotel in Batu Feringghi. Lone Pine then started as a 10-room hotel and up to several years ago, Lone Pine remained a budget hotel that charms with colonial architecture. After E&O took over operations and the hotelier and property developer giant subsequently designed a significant refurbishment of the hotel, increasing the room count to 90. Hints of the former Lone Pine, such as the old lobby and original bungalow remain preserved and used until today.

EASTERN & ORIENTAL HOTEL

The Grand Dame of Penang, Eastern & Oriental Hotel (E&O), goes unsaid as the property to look to when discussing heritage sites that have been converted for commercial use. Originally built in 1885 by four Armenian brothers, the Sarkies, the Eastern & Oriental was the first of many hotels with the brothers going on to establish The Raffles in Singapore and The Strand in Rangoon. E&O is currently building a new Victory Annexe, scheduled to open in 2012, adding a further 139 rooms to the original building.

THE SIRE – HOUSE OF YEAP CHOR EE

The first ever museum restaurant in Penang, The Sire was the home of successful tycoon Yeap Chor Ee and his family in 1868-1952 before they moved to Homestead on Northam Road. The Sire on King Street houses a fine-dining restaurant on the ground floor and is a museum on the upper levels. Originally two storeys high, the shop-house was converted to four storeys during refurbishment. The property still remains in the Yeap family’s care, belonging to Yeap Chor Ee’s grandson, Dr Steven Yeap.

YENG KENG HOTEL

The 150-year-old Yeng Keng Hotel building was originally built as a home for prominent Anglo-Indian personality Shaik Eusoffe bin Shaik Latiff. After switching hands several times, Datuk Ong Gim Huat acquired the hotel in 1985 and continued leasing it as a budget hotel until 2009, when he worked with architect and Cheong Fatt Tze mansion owner Laurence Loh, to restore the building and convert it to a heritage boutique luxury hotel. Fifteen months and RM5 million spent on restoration later, the restored Yeng Keng Hotel emerged on June 2010 as a 20-room fully operational heritage boutique luxury hotel and a new landmark on Chulia Street.