Some argue not enough is being done to safeguard Penang’s heritage.
Penang’s heritage real estate is a hot topic once again. Being bought by foreigners who see the appeal in this style of property and will also reap the benefits of capital appreciation due to there only being a limited supply. But the question lingering at the moment is, who will own Penang in the future?
Development in any corner of the world often comes with its concerns. Some are not willing to accept change, whereas others worry that history will be quickly wiped away. As overseas investors make their mark on this pretty part of Malaysia, the locals are being pushed out due to increased prices and rents. According to recent figures approximately 250 buildings are not owned my Malaysians any longer. This is in contrary to lower figures released by the government.
The charm of Penang is the history of the pre-war tenements. These Chinese shop houses are often home for one family, one generation after another. Investors are snapping up these properties as real estate agents put pressure on owners to sell up. The vibrancy of the area becomes jeopardised.
In response to complaints the government has insisted that it will stop this trend. There have been talks of increasing the minimum price to MYR 2 million, however many buildings are achieving well in excess of this. Other mumurs include restricting ownership strata titles. But many argue that this is too little too late as many who made this this strip of Malaysia what it is, have already moved out.
Should the government step in there could make valiant attempts of restoring the buildings to their former glory. This would also be to the benefit of the local residents. Development and protecting heritage can go hand in hand and many investors are insisting that they are aiming to retain the appeal of the area. Without it their investment isn’t as valuable. But for some, uncertainties loom overhead as they feel that investors are just concerned with the bottom line: how much money they can make. Similar stories are occurring across cities across the world. But with so little heritage in existence, it is particularly important to protect Penang.