This article first appeared in The Edge Malaysia Weekly on August 17, 2026 - August 23, 2026

SEVENTEEN parcels totalling 37.6 acres halfway up Penang Hill are on the market via expression of interest (EOI). The freehold parcels, which The Edge understands were acquired more than 50 years ago, are close to the Penang Hill Funicular Railway and are tagged at about RM32.8 million, or RM20 psf.

Several title searches indicate that most of the parcels are under Penang Hill Plantations Sdn Bhd, which, according to a company search, lists its top shareholders as Chong Keat Sdn Bhd (67%) and Ooi Swee Thian Holdings Sdn Bhd (20%). Epitro Sdn Bhd, which fully owns Chong Keat Sdn Bhd, is in turn wholly owned by Epitro (L) Foundation. The common directors across the three companies — Chong Keat Sdn Bhd, Penang Hill Plantations and Epitro Sdn Bhd — are Tan Siaw Jiun, Khaw Siew Suan and Tan Chor Yeng. According to Epitro’s website, it is an investment holding company focusing on alternative assets such as land, plantations, income-generating properties and early-stage companies.

The Edge understands that the late Tan Chong Keat was an architect who had worked on several projects with the late tycoon Tan Sri Loh Boon Siew. Chong Keat’s brother, the late Datuk Dr Tan Chong Siang, was married to Boon Siew’s late daughter, Datin Loh Ean.

The Roof Realty Sdn Bhd is the marketing agent for the deal. When contacted, its associate leader and partner Paul Lim says the land, which is about 300m above sea level, is suitable for low-density hill development, a wellness or nature retreat or even a boutique resort, and that generally, one can build one bungalow per acre. The EOI ends on Sept 15.

The land looks out over Air Itam, George Town and the Penang Bridge towards the mainland.

Another local agent tells The Edge that Penang Hill sits in a protected forest reserve and an eco-sensitive zone, so very little land is zoned for private ownership at all. What exists is a fixed, shrinking pool. “Freehold is the prize, with most land at the Penang Hill summit being leasehold. Listings for Penang Hill and mid-station land are thin compared to the rest of Penang’s property market, and prices swing enormously, depending on tenure, size and access.”

Some other local agents concur, saying that as much of the hill sits in a forest reserve and hillside conservation zones, due diligence on zoning, land use category and what (if anything) can legally be built is essential before making any offer.

“Steep terrain adds real cost. Access roads, retaining structures, water and electricity supply, and basic site works on a hillside plot cost meaningfully more than on flat land. Generally, hill land is scarce, and prices are often negotiable given how thin the market is,” says one agent.

Several other listings are a five-minute drive or walk from landmarks like the Golden Pagoda (Kek Lok Si’s Ban Po Thar) or the Botanical Gardens. “And that’s the appeal — [as well as] a hard-capped supply, a rare freehold escape from looming lease renewals, improving access, and a setting that money alone can’t replicate anywhere else on the island,” he says.

The Penang Hill Cable Car, seen to be the infrastructure catalyst positively impacting land values in the area, is reportedly 31% complete. Spanning 2.73km, it is expected to be completed by June next year, followed by two or three months of safety testing.

According to a Kwong Wah Yit Poh article, the new aerial cable car system is expected to reduce congestion at the Penang Hill funicular railway station, particularly during peak holiday seasons. The cable car system will feature 50 eight-seater gondolas capable of transporting passengers from the Botanic Gardens to the hilltop in less than 10 minutes. It is a public-private partnership between Penang Hill Corporation, Hartasuma Sdn Bhd and Austrian ropeway specialist Doppelmayr Seilbahnen GmbH.

“For the right buyer — someone drawn to rarity, history and a cooler, greener slice of Penang Island rather than a quick flip — mid-station land on Penang Hill is less a conventional real estate play and more the purchase of a very small, very permanent piece of the island’s skyline,” a local agent says.

Save by subscribing to us for your print and/or digital copy.

P/S: The Edge is also available on Apple's App Store and Android's Google Play.