High offers, red tape prompt heritage property sales: Study

GEORGE TOWN: Being offered high prices is not the only reason building owners within the George Town Heritage Zone are selling their properties, preliminary findings of a study has found.
Michael Geh, the Penang Chinese Chamber of Commerce (PCCC) Property Development, Construction and Management Committee (PDCMC) Heritage and Tourism division head, said price was not the only factor.
Another factor was the delay in getting the necessary approvals in restoring heritage buildings, prompting building owners to sell.
He said these delays experienced by owners who wanted to restore their properties drove up costs as they waited for the necessary paperwork to be completed.
He said reports that owners were selling their properties due to high price offers were not accurate.
He reiterated there were many considerations as to why owners wanted to sell their inheritance and that the study was in progress.
"There are many factors and this is why we (PDCMC) are conducting the study," he said in a press conference at a Sustainable Development for George Town seminar today.
Geh said the PDCMC study is expected to be completed by the end of the year and the final report would be submitted to the PCCC by January for further action.
Also at the seminar was George Town World Heritage (GTWHI) general manager Ang Ming Choo who said she was interested in the results of the study.
"We will definitely ask for the report," she said, adding that owners of heritage buildings could reach out to GTWHI and the Penang Island City Council for assistance and advice.
In another development, Ang said GTWHI has started a study on the proposal by the state government to control rents within the heritage area.
She said a list of owners has been compiled and they will be going house-to-house to get feedback on the proposal.
The first report of the preliminary study is expected to be submitted to the state government next month.