Four years ago you could buy a reasonable bottle of table wine from Australia, Chile, South Africa or the US for about RM30 at Cold Storage, or elsewhere. European or NZ wine tended to start at higher prices.
Now, the price seems closer to RM40, with only a few wines lower than that. That’s rather high, especially compared to food prices. But if you buy the specials you can still get something for a little over RM30.
The best value I have found is at Sunshine Supermarket, 1 Jalan Mayang Pasir, 11950, Bayan Lepas, but it’s not at all close to where I live. But be careful what you buy, as some wines are imported in bulk to Malaysia and bottled here, with added chemicals. You can save a few ringitt on wine here, with proper selection.
A little further north, at Queensbay Mall, Jusco Supermarket often has a few reasonably priced wines. Sometimes you need to be a member to get the best price, and whether that is worth it would be up to you to calculate.
Tesco, near the Penang Bridge, and at Tanjung Bunguh, have a relatively small selection, although recently sometimes have wine at a competitive price.
Cold Storage at Gurney Plaza and Island Plaza, Tanjung Tokong are quite good for a selection of reasonably priced wines, generally, and sometimes have specials.
The Wine Shop, Lintang Burmah, used to sell cases of the same wine the E & O Hotel served for their free flow buffet nights, one red and one white, for a good price. I hear they are still doing this – if you buy a doze,n one bottle costs around RM28. (December 2012). Generally, the specialty wine shops tend to have more expensive wines, though.
Overall, I tend to think Cold Storage is where you can most reliably get the best value wine.
If there is somewhere you recommend, please let me know.