{"id":34700,"date":"2016-11-17T13:50:47","date_gmt":"2016-11-17T06:50:47","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/for-sale-malaysian-history\/"},"modified":"2016-11-17T14:13:29","modified_gmt":"2016-11-17T07:13:29","slug":"for-sale-malaysian-history","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/for-sale-malaysian-history\/","title":{"rendered":"For sale: Malaysian history"},"content":{"rendered":"


\nRestoring heritage properties isn\u2019t worth it to some Malaysians
\nA mural in the old quarter of George Town in Malaysia. Lev Levin \/ Shutterstock.com
\nMore heritage home owners are selling their properties in Penang, and it\u2019s not just because of beguiling offers from foreign buyers.
\nLayers of bureaucracy, combined with growing costs, have discouraged many from paying for the upkeep, let alone the restoration, of historic houses in the Malaysian state. Some owners even report waiting for two years to obtain government approval for restoration works, according to the Property Development, Construction and Management Committee of the Penang Chinese Chamber of Commerce.
\nThe chamber\u2019s heritage and tourism spokesperson Michael Geh Thuan Peng chalked up the mass selloffs to heavy conservation red tape. \u201cThis is just one of the factors that caused some of these heritage building owners to sell off their inheritance,\u201d he said.
\nThe buyouts, involving mostly Singapore companies, are occurring despite the prohibitive selling values of pre-war properties in Penang, reported Free Malaysia Today. Prices for antique properties in the state start at MYR2 million (USD457,000).
\nMore: What\u2019s next for HCMC\u2019s vanishing cultural heritage?
\nThe chamber announced yesterday that it would conduct a study on issues that impact the preservation of heritage buildings in the state, especially in George Town, a former British colonial trading post. Findings of the study will be finalised by January.
\nA UNESCO world heritage site, George Town is slated to pass new regulation laws that will cap rental rate increases at 200 percent. Tenants have been skipping the city in the past few years due to skyrocketing rents.
\nThe George Town World Heritage Inc (GTWHI) launched this week a study of the proposed rent regulation laws. The study \u201cwill involve going from house to house to get stakeholders\u2019 response to the proposed rent regulation act,\u201d GTWHI general manager Ang Ming Chee said.
\nRead next: How a dilapidated Penang shophouse became a dream second home
\n
\nSource : property-report.com
\nRead more…For sale: Malaysian history<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Restoring heritage properties isn\u2019t worth it to some Malaysians A mural in the old quarter...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-34700","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-91G","jetpack-related-posts":[{"id":18136,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/despite-malaysias-property-slump-things-are-looking-up-in-penang\/","url_meta":{"origin":34700,"position":0},"title":"Despite Malaysia\u2019s property slump, things are looking up in Penang","date":"June 30, 2016","format":false,"excerpt":"\r The Malaysian state\u2019s skyline is shifting View from Penang Hill. Image credit: Jan (Flickr) While the rest of Malaysia languishes in a lethargic property market, business is looking comparatively brisk in Penang, and its skyline is about to get more crowded. High-rises and skyscrapers are in various stages of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19434,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/penangs-rent-control-law-may-be-staging-a-comeback\/","url_meta":{"origin":34700,"position":1},"title":"Penang\u2019s rent control law may be staging a comeback","date":"July 12, 2016","format":false,"excerpt":"\r Foreign investors may be putting the heritage site at risk Image credit: Easyuni.com In response to the Penang\u2019s Heritage Site being put at risk by foreign investors, Penang\u2019s Chief Minister Lim Guan Eng is considering reinstating the rent control law, according to\u00a0PropertyGuru.com.my. As the property portal previously reported,\u00a0the elderly\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112890,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-property-buyers-fall-in-love-with-malaysias-penang-and-stars-like-aaron-kwok-agree\/","url_meta":{"origin":34700,"position":2},"title":"Hong Kong property buyers fall in love with Malaysia\u2019s Penang and stars like Aaron Kwok agree","date":"December 5, 2019","format":false,"excerpt":"\r Hong Kong house buyers are looking around the Malaysian state of Penang, attracted by lower prices, regular flights and cheaper cost of living. And they\u2019re not alone: several Hong Kong celebrities have already made the move.\u201cHong Kong people buying properties in Penang is not something new. But the number\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41552,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/malaysian-property-projects-worth-us2-5-billion-on-hold\/","url_meta":{"origin":34700,"position":3},"title":"Malaysian property projects worth US$2.5 billion on hold","date":"January 23, 2017","format":false,"excerpt":"\r By Sangeetha Amarthalingam The Business Processing Outsourcing Prime (BPO Prime) and Penang International Technology Park (PITP) projects worth a combined RM11.3 billion (US$2.5 billion), which involve the Penang Development Corp (PDC) and Singapore\u2019s Temasek Holdings Private Ltd, have been deferred due to current property market conditions. The BPO Prime\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33446,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/these-secondary-malaysian-markets-buck-the-property-slump\/","url_meta":{"origin":34700,"position":4},"title":"These secondary Malaysian markets buck the property slump","date":"November 8, 2016","format":false,"excerpt":"\r More transactions than the primary market Despite a dip in overall transactions, the secondary market in Penang and Johor remained strong this year with a steady number of transactions, reported The Star. During the first six months of 2016, the secondary market registered 5,658 transactions valued at RM2.17 billion\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23999,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tips-for-buying-malaysian-property\/","url_meta":{"origin":34700,"position":5},"title":"Tips for buying Malaysian property","date":"August 26, 2016","format":false,"excerpt":"\r For many foreigners, especially Singaporeans, Malaysian property is an affordable alternative to what they can normally buy back home. Here\u2019s what to look out for if you intend to buy property there. The reality of real estate There are certain types of Malaysian property foreigners are not allowed to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/34700"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=34700"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/34700\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=34700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=34700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=34700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}