Has George Town’s World Heritage Site Status (WHS) helped to increase property sales?
Soam: I don’t think the heritage status affects prices. People may come for a holiday but they don’t buy property because of it. Chow: The question is: Does the WHS status enhance Penang as a state? Kan: George Town’s WHS status does not attract foreign buyers, nor is it going to bring tourists back. Foreigners are willing to spend thousands to stay in Phuket because it is clean and has good infrastructure. Batu Ferringhi beaches can be rather dirty. Chan: The listing is a badge that we can carry with pride. There’s a prestige attached to it. Regardless whether you have the status or not, there are infrastructure and hygiene issues to be attended to. Lau: Some of the properties at the heritage buffer zone have increased in value, but it is not clear whether the increase was due to the WHS status. George Town today is in a dilapidated and shocking state. StarBizWeek: What will be the impact of the state government’s revision of property density guidelines? Chan: The revision of plot to
