This article first appeared in The Edge Malaysia Weekly on February 16, 2026 - February 22, 2026
TWO parcels of prime development land with seaview in Teluk Bahang — a popular tourist destination in Penang — are up for sale. Measuring a combined total of 2.26 acres, the parcels are situated along Jalan Teluk Bahang, about 20km from Georgetown.
They are located between Angsana Teluk Bahang and the upcoming InterContinental Penang Resort. The former is owned by Senja Aman Development Sdn Bhd and operated and managed under the Banyan Tree Group’s luxury Angsana brand. The latter, formerly the Penang Mutiara Beach Resort, is owned by Tradewinds Corporations Bhd.
It is understood that the owners of both parcels are looking for offers of around RM400 psf, which puts the price at close to RM40 million. The properties were put up for sale via a tender exercise last year, which ended on July 18. Lim Ewe Tatt, group COO of One Asia Property Consultants, one of several appointed agents, says there was interest but some of them only wanted to buy one lot, not two.
According to documents sighted by The Edge, Hwa Sing Development Sdn Bhd owns Lot 342 while Penang Beach Hotel Sdn Bhd owns Lot 343. Both companies are said to be related with some common shareholders and directors.
A company search on Hwa Sing Development shows that its shareholders are Chong Company Sdn Bhd (55% stake), Felicitous Vision Sdn Bhd (15%) and Inner Intelligence Sdn Bhd (30%). Its directors are Chan Foek Siuw @ Jusuf Tjandra, Datuk Chan Fock Seng @ Sujamin Tjandra, Chan Foek Ning @ Jamin Tjandra and Ong Khai Jiet.
Penang Beach Hotel’s top four share holders are Chong Company (25%), Herman Iskandar and Willy Iskandar (12.5% each) and Generate Design Sdn Bhd (10%). It has the same directors as Hwa Sing Development, with the addition of Hsu Yueh Ping.
The Chan family, through Chong Company, has been around since 1963. The company’s main activity is listed on its website as property development. The Chong Company Group of Companies has developed over 5,000 units of landed and strata properties. Datuk Chan Fock Seng is a committee member of the Real Estate and Housing Developers’ Association (Rehda) Penang branch.
The group’s website lists the North Kulim Industrial Park (NKIP) in Kedah, Sierra East and Taman Pantai Indah in Penang as current projects.
One Asia Property Consultants’ Lim says there have been some land transactions nearby. “A couple of land transactions have occurred in Batu Ferringhi and Tanjung Bungah between RM400 psf and RM750 psf. The booming tourism sector should spur interest in building more hotels in Penang. There is a need to build more resorts to cater to tourists, especially those who can spend and enjoy resort-style living.”
Bernama reported on Jan 10 that Penang is expecting over eight million tourists to arrive via the Penang International Airport, with further announcements of new direct international routes to the state, including AirAsia flights from Phuket, and Spring Airlines flights from Shanghai and Guangzhou. Last year, the airport recorded eight million passenger movements, pending official figures.
Meanwhile, The Edge understands that in the first phase of NKIP, Chong Company is selling 19 lots — ranging from 7.58 acres to 11.34 acres — at RM60 psf.
In October last year, The Edge reported that a 4.7-acre beachfront parcel in Jalan Tanjung Bungah was up for sale via tender with an indicative price of around RM600 psf, or RM120 million. Owned by the low-profile Neoh family from Penang, the freehold land is adjacent to the Dalat International School.
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