Questions have been raised as to how safeguard the shophouses of Penang’s heritage.
George Town, the capital of Penang, is fast becoming a property hot spot. This area is lined with original Chinese pre-war shophouses brimming with original features from ornate wooden shutters at the window to impressive high ceilings and grand rooms. Over the years there has been a gradual increase in these being restored to their former glory as the attraction of these properties rises.
Appealing to investors, many rows have been snapped up by mainly Singaporean investors, who see the value in these rather uniquely designed properties. The areas itself is preserved with a requirement for the upkeep of the shophouses which is forcing some owners to sell, according to the Penang Chamber of Commerce. The common notion is that shophouse owners are selling to profit for their increasing interest but this may not be the case.
The selling of shophouses not only means owners give up on their inheritance, but it also pushes out the traditional trades of Penang. As a result locals have raised questions relating to the allowance of foreigners purchasing properties. The Penang government have refuted that the number of foreigners involved in the purchases is inaccurate, and the numbers have somewhat reduced thanks to raising of the minimum price bracket to RM 2 million for foreigners purchasing property.
It appears that a balance needs to be reached to ensure that Penang’s heritage remains by maintaining shophouses and not leaving them empty whilst simultaneously protecting the needs of both owners and tenants. Rent controls has been discussed in order to protect existing tenants from escalating rents as a result of increased property prices, which are considered vital as the businesses that operate in shophouses have created the vibrant atmosphere that has made the area so popular today.
