George Town – A Ghost Town of The Future?

loading

Four years ago George Town became a Unesco World Heritage Site, and the town experienced a renaissance of sorts. Heritage became a cash cow. The value of heritage houses in the inner city rose dramatically; restaurants and heritage hotels grew faster than mushrooms after the rain. For now, it seems that only prosperity and wealth await George Town. But what are the long term implications of this change?

After the sub-prime crisis that triggered the 2008 recession in the US and much of the Western world, the risks involved with overvalued properties fell under the spotlight. Speculation in the international press has widely discussed the possibility of China's property bubble bursting and slowing down the world economy. How does this relate to Penang?

There is the suspicion that heritage property in George Town is overvalued. This is a difficult issue to address as it is hard to define how property could be “overvalued”.


To read the rest of the article and to access our e-Archive, subscribe to us for RM150 a year.



Related Articles

FEATURE
Oct 2010

Penang’s development still depends on the PDC

The Penang Development Corporation, one of the main drivers of Penang’s development, is reinventing itself for the 21st century.

FEATURE
Mar 2016

A Shelter for Strays

Over 600 dogs have found sanctuary at 4PAWS.

FEATURE
Feb 2011

Palm oil remains key export for Malaysia

Palm oil has brought Malaysia great economic benefits, and will continue to do so for the foreseeable future.

FEATURE
Feb 2015

#jesuischarlie: Will the real Charlie please stand up?

Paris-based Penangite Bram Tan explores the identity behind Charlie, in the aftermath of the Charlie Hebdo shooting.