Unesco listing likely to push up property prices in Penang

In George Town, the prices of pre-war houses in the inner city are expected to soar with foreign and local developers looking to capitalise on the recent Unesco listing.

“Pre-war houses are quite cheap now.

“Depending on the location and the state of the building concerned, it could cost between RM800,000 and RM1mil each,” said Datuk Jerry Chan, chairman of the Penang Real Estate Housing and Developers Association (Rehda).

“With potential business opportunities that come with being a Unesco site, local and foreign developers will be snapping up the pre-war buildings, so I think we can expect a 50% to 100% jump in prices.”

He said the association was not against foreign developers coming in but stressed that the Government must regulate business activities in the area.

“In some instances, it actually costs more to restore an old building than to build a new one so perhaps the Government can offer some incentives to those up for the task,” he said.

Penang Municipal Council president Datuk Zainal Rahim Seman said the council would make sure developers and property owners complied with the council’s heritage guidelines when restoring or renovating their premises. - by The Star

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