26-acre reclaimed waterfront land near Gurney Drive reportedly up for sale
A prime parcel of reclaimed waterfront land near Gurney Drive has recently surfaced in the market, drawing attention from property observers and industry insiders. The site, measuring approximately 26 acres, is reportedly being marketed for sale by property agents as a potential large-scale mixed development opportunity in one of Penang Island’s most prestigious coastal corridors.
According to a listing circulated by real estate negotiators, the land is described as a freehold site zoned for commercial or mixed development, strategically positioned between Gurney Drive and Tanjung Tokong. The marketing materials suggest the site could accommodate a large-scale waterfront project comprising residential, commercial and hospitality components, potentially forming a new landmark development along the northern coastline of the island.
The listing places the asking price at RM1.8 billion, translating to approximately RM1,589 per square foot based on the stated land size. However, market observers believe the eventual transaction price could be significantly lower depending on negotiations and development parameters.
Separate reports from local media suggest that the land could realistically change hands at around RM900 to RM1,000 per square foot, implying a potential transaction value of around RM1 billion.
