According to The Edge Malaysia, one of the key properties belonging to the trust of the late Cheah Leong Keah has been sold in a deal that underscores continued interest in prime Penang real estate.
Sources told The Edge that the 2.32-acre freehold plot at the corner of Jalan Kelawai and Leandro’s Lane, located just about 100m from Gurney Paragon Mall, was sold via a tender exercise for RM130 million, translating to approximately RM1,287 per sq ft. The site is currently occupied by eight single-storey bungalows, and the transaction is expected to take around nine months to conclude.
The buyer is said to be Sevenco Sdn Bhd, a relatively new company. A company search revealed several directors, with Koe Peng Kang standing out. According to Sevenco’s website, Koe is its group managing director, while the group chairman and executive director is Jeffrey Chung.
Koe is a familiar name in the property industry. He joined S P Setia Bhd in 1997 as a project manager and rose through the ranks to become deputy president and chief operating officer before leaving in September 2022. During his tenure, he was instrumental in pioneering Setia’s eco-themed township developments, as well as initiating the group’s hospitality and overseas ventures. He later ventured into project management and consultancy, focusing on boutique and joint-venture developments.
At press time, Sevenco had not responded to queries from The Edge. However, it is understood that the company plans to develop a hotel and branded residences on the prime Jalan Kelawai site.
Sevenco’s website lists several projects across Malaysia, including developments in Kedah, Penang, the central region and multiple upcoming projects nationwide.
