Best Peranakan/Nyonya option in Penang today is Winn’s on 2 Irrawadi Road ([Penang] Nyonya lunch at Winn's Cafe, Irrawadi Road).
There are some newbies - especially along Sri Bahari Road in the old downtown, where there are 3 Nyonya restaurants along a 100-foot-stretch: Bibik’s Kitchen, Baba Phang’s and Ceki. Their prices are pretty competitive and nothing much to separates the 3 although, IMO, 3-week-old newbie, Ceki, has that edge by offering fresher, lighter cooking.
[Penang, Malaysia] Ceki Nyonya Restaurant, Sri Bahari Road - #7 by Harters
Peranakan/Nyonya restaurants in Singapore can be relatively pricey nowadays, as demand for their food increases in tandem with the recent surge of interest in Peranakan/Baba-Nyonya culture. The Peranakan at Claymore Connect in downtown Orchard Road, Singapore, provides some good renditions on the various Southern Nyonya dishes. It’s a beautiful space within a smallish mall connected to the Orchard Hotel.
These pictures were taken at The Peranakan just yesterday when Sandra Galistan of the Singapore Food Whisperers brought me there:
Previously, I’d have recommended Guan Hoe Soon, a long-time favourite of my family & friends in Singapore, but it’s stagnated somewhat and appeared tired even during the last Chowdown we had a year ago when CH’s Alpha Hound, Jim Leff, was in town (https://www.chowhound.com/post/singapore-chowdown-guan-hoe-1065187).
I’ll post more on The Peranakan when I get back to Penang tonight (am currently in Singapore and running some last-minute errands). Other top Nyonya places in Singapore at the moment are PeraMakan at the Keppel Club; the rather pricey (but good) True Blue on Armenian Street next to the Peranakan Museum (which is worth a visit in itself); and, if you want to splurge, the one-Michelin-starred Candlenut on Dempsey Hill, with its inventive take on Nyonya cooking.