The island of Penang features some of the country’s most distinctive heritage buildings, which have been transformed into a myriad of hipster cafes, boutique hotels and museums, with a minority of them being maintained as private homes. These typically two-storey shophouses with long and narrow layouts showcase an eclectic mix of European Neoclassical and Chinese vernacular architecture, combined with local Malay and Indian influences. Companies like Aayu, a hospitality and property management specialist, are at the forefront of reactivating and remodelling these spaces into accommodations, helping to preserve and celebrate the rich cultural legacy of George Town, a UNESCO World Heritage Site.
These sought-after properties easily cost between RM2 to RM6 million apiece, and are often bought by foreign homeowners from Singapore, Hong Kong, Germany and more, who make purchases due to their aesthetic and cultural appreciation of them.
“As they don’t reside in the properties, we help these owners bring them to life and get returns on their investment. It is similar to renting the building out, but the advantage is that there isn’t a significant transformation to its interiors, such as is in most cases with cafes,” says Andy Ooi Chia Yang, one of the founders of Aayu.
Triple Threat
The minds behind the local company are a trio of 32-year-olds, all Penang-born third-generation Chinese immigrants. They are husband and wife duo Low Wei Shane and Chong Xin Pei, together with Ooi, Low’s childhood friend.
Each of them brings different skillsets to the table: Low has property and development in his blood, being the son of Dato’ Low Eng Hock, the founder and group chief executive officer of Ivory Properties Group Berhad, and personally acting as its development director cum executive director. Chong is an architect whose fascination with Sydney’s heritage terraces won her university awards, leading her to be responsible for designing and restoring the properties. Rounding up the troika is Ooi, who handles operations, with his experience from his tenure as the northern regional director cum head of the revenue department of the GFG Group.
Creating Spaces
“Aayu doesn’t own any of the properties but, instead, we collaborate with homeowners to help manage them. We try and break even on the renovation costs within six months, with the absolute maximum being a year. We usually take only up to two months to renovate and get it up and running,” Low explains.
Starting with Aayu Stewart, a five-bedroom guesthouse on the eponymous lane back in August 2023, there are now 11 properties under their management after only a year or so in the business. These are trisected into four villas, three guesthouses and four hostels, with no two dwellings being the same.
View more of the Aayu homes
Minimal staff are required to run the day-to-day operations, as guests carry out self-check-ins, and there are guest assistants who manage two to three properties concurrently. “In addition, they become a local friend to guests, giving them tips and telling them which tourist traps to avoid. This stemmed from our personal experience travelling in Morocco when we struggled to locate our hotel,” Chong says.
Two additions were introduced in the fourth quarter of 2024 and are already seeing bookings. This includes Heritage Villa by Aayu, four adjoining units purchased for approximately RM2.8 million, resulting in a blend of historical character and modern comfort. Another is the Stewart Villa by Aayu, purchased for approximately RM2 million and features a serene private courtyard.
“It is our intention to create spaces that are minimalistic and tranquil, yet offer a glimpse into Penang’s storied cultural past. The idea is to have spaces that are driven by technology, but come with a taste of local culture and hospitality, which is often missing in modern hotels,” Ooi says.
Photography by Law Soo Phye
Cover image: The exterior of Heritage Villa by Aayu.
