Penang’s heritage buildings are becoming a focus for investors.
George Town, the capital of Penang, is fast becoming the property hot spot for Singaporean investors. Keen to own a slice of history, the investors are targeting pre-war shop houses. Favouring rows of at least 10 properties as opposed to single units.
Sometimes paying over the odds in order to secure the property, local agents are commenting that investors are seeing that the pre-war properties are a valuable asset, something which locals do not yet associate with.
The result is that rents in George Town are varying dramatically. Depending on the owner, properties range from RM 1,300 per month up to RM 10,000.
Older properties in London that have been updated internally appreciate more in value in comparison to newer buildings. In Asia newer buildings are typically most in demand, but with this increased interest in Penang’s older buildings, this trend could be changing.