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Foreign-owned world heritage in Penang?

Even a foreign owner could get the free grant from Think City [The funds is managed by Finance Ministry] to renovate a restaurant.

Limit foreigners to buy properties in world heritage before we losing local elements and culture like Lijiang in Yunnan flaunting with Western bars and restaurants.

BN and PR should not pointing finger to each other, they should sit down to formulate a heritage assets policy before Georgetown is turned into Singapore PVT LTD heritage zone.

No control of foreign ownership at World Heritage site
Posted on 6 October 2012 – 06:32pm
Last updated on 7 October 2012 – 12:29pm

GEORGE TOWN (Oct 6, 2012): Penang Barisan Nasional (BN) Youth claims the state government does not have a policy to protect 4,000 premises at UNESCO World Heritage site here.

Its chief, Oh Tong Keong said the state government should have a plan to control foreign ownership of heritage premises as the position of Penang in world heritage is very important.

“The state government must control ownership by foreigners. If all premises at George Town Heritage Site are owned by foreigners, it is a great loss to Penang people,” he told reporters here today.

A Penang BN Youth study found that 82 out of 120 heritage premises are owned by foreigners, mostly Australians and Singaporeans. Most of the premises are in the centre of George Town Heritage Site like Love Lane, Lebuh Chulia, Lebuh Armenia, Lebuh Stewart and Jalan Masjid Kapitan Keling.

Oh said a row of heritage premises in Lebuh Stewart currently under renovation was sold to an Australian for hotel construction.

Penang BN Youth deplored the state government statement that of 882 titles that involve transfer of ownership, only 34 lots were owned by foreigners. He urged the state government to identify foreign ownership according to premises rather than lots as one lot consists of one or more premises.

Meanwhile, Tanjung BN Youth chief H’ng Khoon Leng urged the state government to inform Penang people on its policies on foreign ownership at the heritage site. – Bernama

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MCA Sucks says:

3 miilion last year sold for 12 million this year – speculation or smart business move ? anyway my contractor (local chinese) made money renovating the house so mutual gain !!!

http://www.kwongwah.com.my/news/2012/10/10/23.html

槟城9日讯)槟城乔治市老房子再以惊人天价成交,老房子在易手为精品民宿一年后,身价三级跳,澳洲业主坐收900万令吉净利,印证买卖老房子真的是乔治市一门好生意。

在乔治市世遗区边缘地的二条路(Noordin Street)的“人力车房精品民宿”(Noordin Mews)在今年7月新张,唯才新张不及3个月,即已被狮城医生夫妇相中,拿出1200万令吉成为新业主,原业主从中净赚高达900万令吉。

被狮城医生夫妇相中

“人力车房”是于约一年前转手予已是澳洲公民的王礼强(Christopher Ong),后者也砸下上百万令吉,为人力车房组成的两个门牌老屋进行改头换面,全面修复打造成为世遗边缘区以外的另一家精品民宿,不料却开张数月,即已被一对狮城房客相中,王礼强也乐得转手。

若以王礼强以200万令吉,再加上100万令吉的装修,花费也只是300万令吉,然而却在眨眼功夫,只相隔一年光景即已从中获取了近3倍赚利!

nkkhoo says:

Only heroin business can fetch 300% profit.

MCA Sucks says:

Ringgit trades very low compared to developed countries.

Developed countries with so-called “developed” mind hence seize the opportunity to ecinomically control Malaysia, whether it’s heritage building or your next door furniture factory.

Down the road with unemployed graduates on the rise, more will come to raid Malaysia properties.

Malaysia Boleh ???

nkkhoo says:

No foreign investors will come to Muar to grab low efficiency and low value-added furniture factories unless they are idiots.

dennis says:

ya, foreign speculations just like blaming Soros for currency problems.

For once Malaysians can decide which administrators are good and not corrupted in GE13. Good government ensure locals can compete with foreigners on local turfs.

The answer is simple – ABU is the key to the future (you may be grateful to MCA for helping your parents BUT now you must understand MCA cannot improve the situation for you children and grandchildren).

nkkhoo says:

It’s a fact that speculation is a part of international trading business under the capitalism, thus blaming George Soros alone is picking a wrong target.

dennis says:

RE: One is world class heritage properties and another is new cement buildings.

World Class Heritage properties ? Many so called “iconic” buidings in heritage Penang have been abandoned for long to decay because the next of kins don’t bother or don’t have the fund to refurbish them !
If you go to Lorong Tan Cheng Loke next to Jonker Street, many “heritage” pre-war houses have been refurbished by KL/Spore consortiums (eg Hotel Puri). The end result is the appealing Melaka Streets with spill-over effects to the food hawkers and saturday nite market vendors attracting out of town crowds.

This is simple Economy 101. Malaysia yet to achieve high income nation (blame who ? after 55 years Merdeka) so no choice have to resort to foreign stimulus to revive the streets and eventually create jobs for the locals.

What’s the point of having decaying township for the sake of “maruah tempatan” ??? Ols heriatage buildings also need fresh coat of cement and paints to keep up with time and mother nature.

nkkhoo says:

Deposit savings per capita in Malaysia is one of highest in the world, there are many local investors can afford to buy and renovate old buildings in Melaka and Georgetown, but the speculation of properties by foreigners has caused the price too high, thus no attractive for them to invest in such projects.

Limit foreigners to buy properties in world heritage before we losing local elements and culture like Lijiang in Yunnan flaunting with Western bars and restaurants.

herman says:

dennis is right.

Better for Singaporeans to generate business activities at the Penang heritage zone than to leave the dopilated buildings as it is today. There will be economic spin-off and multiplier effect, more job opportunities and more competition for local establishments to buck up.

Speaking of Johor, those so-called Singaporeans buying up Johor properties are actually Malaysians who are Singapore PRs. In the early 80’s, many talented chinese have to ‘escape’ the unfair Mahathir Regime to earn a living across the causeway. 30 years later today these people are now near retirment age and it is natural for them to return to Malaysia with their savings in S$ (2.5x RM!), to enjoy lower cost of living. JB is a good choice for them as they can still tune to Singapore TV for their enjoyment, and easy for them to hop to Singapore to check on their Singapore bank account and CPF!

nkkhoo says:

These old buildings in world heritage sites cannot be duplicated with money in Singapore, but kiasu can destroy them with money to knock out a strong competitor for tourist’s money.

I do not say foreigners should be totally banned from buying properties in world heritage sites, but some heavy taxes should be imposed to discourage speculation.

greg says:

LOL anti LGE again.

greg says:

actually this is one form of FDI gomen is seeking.

Over 55 years Penang going into slum until after 308 we can see the revival which spells good for economy with job creations.

Who cares about foreign ownership ? In Britain or Australia (Gold Coast) many properties are owned by foreigners like Japanese and even malaysias (Vincent Tan etc).

nkkhoo says:

Australia has policy to limit foreign ownership for heritage properties. I am sure Briton will not allow you to buy Big Ben.

World heritage status was made possible by previous BN government, LGE is damn lucky to receive “durian runtuh” after 308.

Stone Cold says:

Chua SL in Bayan lepas last nite still blame Pakatan Penang for not fulfiling promise of tiger park and pulic transportation. He knew such statements are laughed off by Penangites. So I guess they are meant to confuse voters of Johor…

Singaporeans are buying old houses in George Town, not Dewan Sri Pinang or Komtar. So what is the fuss all about when Singaporeans are buying up properties in Nusajaya like nobody business?

nkkhoo says:

One is world class heritage properties and another is new cement buildings.

This is the difference for two states.