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| Unesco Listing Likely To Push Up Property Prices In Penang & Malacca |
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| GEORGETOWN: 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 world heritage listing. |
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| "Pre-war houses are quite cheap now. Depending on the location and the state of the building it could cost between RM800,000 and RM1mil each. |
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| "With potential business opportunities that come with being a Unesco heritage 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," Penang Real Estate Housing and Developers Association (Rehda) chairman Datuk Jerry Chan said. |
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| He added that the association was not against the idea of foreign developers coming in but stressed that the government must regulate business activities in the area. |
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| "In some instances, it actually costs more to restore an old building than to build a new one from scratch so perhaps the government can offer some incentives to those up to the task," he said. |
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| 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. |
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| "We have our own guidenlines that were submitted to the world body to study before we were listed. |
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| "The council's guidelines were developed after consulting various NGO's and related bodies and these include building height and various architectural elements like style and window, door and roof designs. |
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| "We don't encourage signages that cover the facade of the building and we make sure that unsightly air conditioning compressors and water tanks are tucked away. |
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| "We don't encourage signages that cover the facade of the building and we make sure that unsightly air conditioning compressors and water tanks are tucked away. |
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| In MALACCA, Despite the strict building code regulations governing renovations to heritage buildings, over 1,000 property owners are expected to see their property prices increasing. |
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| According to Foo Gee Jen, a director of a property evaluation company, property prices for homes along Jonker and Heeren streets have risen steadily over the past 15 years. |
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| "In 2005, property was valued at RM120per sq.ft. but shot up to RM200 per sq.ft. recently," he said, adding that a unit could now fetch up to RM800,000to a RM1mil. |
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| He said that the inscription as a World Heritage Site would push prices of the the buildings up almost immediately by at least 20% to 30% |
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