Urban Conservation as a Development Strategy to Revitalize Real Estate Market: An Analysis of Property Transactions in Georgetown Penang

Penang is well known for its heritage character especially in the city of Georgetown with more than 200 years of urban history. To retain its heritage character, the state and local governments have implemented various conservation policies and identified a heritage zone in the inner city of Georg...

Full description

Saved in:
Bibliographic Details
Main Authors: Yusof, Nor'Aini, Lim, Yoke Mui, Lee, Lik Meng
Format: Article
Language:English
Published: Penerbit Universiti Sains Malaysia 2007
Subjects:
Online Access:http://eprints.usm.my/42527/1/3_NorAini_%28p.43-61%29.pdf
http://eprints.usm.my/42527/
http://web.usm.my/jcdc/vol12_2_2007/3_NorAini%20(p.43-61).pdf
Tags: Add Tag
No Tags, Be the first to tag this record!
Institution: Universiti Sains Malaysia
Language: English
id my.usm.eprints.42527
record_format eprints
spelling my.usm.eprints.42527 http://eprints.usm.my/42527/ Urban Conservation as a Development Strategy to Revitalize Real Estate Market: An Analysis of Property Transactions in Georgetown Penang Yusof, Nor'Aini Lim, Yoke Mui Lee, Lik Meng TH1-9745 Building construction Penang is well known for its heritage character especially in the city of Georgetown with more than 200 years of urban history. To retain its heritage character, the state and local governments have implemented various conservation policies and identified a heritage zone in the inner city of Georgetown. In many parts of the world, designation as a heritage property would have increased a property's value and this is one of the reasons put forward for urban conservation in Georgetown but so far no analysis have been presented to support this claim. We developed an all-encompassing model to evaluate the effects of conservation related policies on the heritage property market. In this paper, we focus the analysis on data from property transactions and price to analyse and identify property trends in Georgetown from the year 1974 to 2004. The analysis is presented within the framework of public policy and intervention strategies, socio-economic and political changes. Our analysis of the transaction data and price trends shows that urban conservation has a potential to be a viable real estate development strategy for Georgetown. Even with conservation policies in place, the demand for old buildings in the conservation zones has not diminished but has shown relatively high transaction counts and high price of heritage properties. Penerbit Universiti Sains Malaysia 2007 Article PeerReviewed application/pdf en http://eprints.usm.my/42527/1/3_NorAini_%28p.43-61%29.pdf Yusof, Nor'Aini and Lim, Yoke Mui and Lee, Lik Meng (2007) Urban Conservation as a Development Strategy to Revitalize Real Estate Market: An Analysis of Property Transactions in Georgetown Penang. Journal of Construction in Developing Countries , 12 (2). pp. 43-61. ISSN 1823-6499 http://web.usm.my/jcdc/vol12_2_2007/3_NorAini%20(p.43-61).pdf
institution Universiti Sains Malaysia
building Hamzah Sendut Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Sains Malaysia
content_source USM Institutional Repository
url_provider http://eprints.usm.my/
language English
topic TH1-9745 Building construction
spellingShingle TH1-9745 Building construction
Yusof, Nor'Aini
Lim, Yoke Mui
Lee, Lik Meng
Urban Conservation as a Development Strategy to Revitalize Real Estate Market: An Analysis of Property Transactions in Georgetown Penang
description Penang is well known for its heritage character especially in the city of Georgetown with more than 200 years of urban history. To retain its heritage character, the state and local governments have implemented various conservation policies and identified a heritage zone in the inner city of Georgetown. In many parts of the world, designation as a heritage property would have increased a property's value and this is one of the reasons put forward for urban conservation in Georgetown but so far no analysis have been presented to support this claim. We developed an all-encompassing model to evaluate the effects of conservation related policies on the heritage property market. In this paper, we focus the analysis on data from property transactions and price to analyse and identify property trends in Georgetown from the year 1974 to 2004. The analysis is presented within the framework of public policy and intervention strategies, socio-economic and political changes. Our analysis of the transaction data and price trends shows that urban conservation has a potential to be a viable real estate development strategy for Georgetown. Even with conservation policies in place, the demand for old buildings in the conservation zones has not diminished but has shown relatively high transaction counts and high price of heritage properties.
format Article
author Yusof, Nor'Aini
Lim, Yoke Mui
Lee, Lik Meng
author_facet Yusof, Nor'Aini
Lim, Yoke Mui
Lee, Lik Meng
author_sort Yusof, Nor'Aini
title Urban Conservation as a Development Strategy to Revitalize Real Estate Market: An Analysis of Property Transactions in Georgetown Penang
title_short Urban Conservation as a Development Strategy to Revitalize Real Estate Market: An Analysis of Property Transactions in Georgetown Penang
title_full Urban Conservation as a Development Strategy to Revitalize Real Estate Market: An Analysis of Property Transactions in Georgetown Penang
title_fullStr Urban Conservation as a Development Strategy to Revitalize Real Estate Market: An Analysis of Property Transactions in Georgetown Penang
title_full_unstemmed Urban Conservation as a Development Strategy to Revitalize Real Estate Market: An Analysis of Property Transactions in Georgetown Penang
title_sort urban conservation as a development strategy to revitalize real estate market: an analysis of property transactions in georgetown penang
publisher Penerbit Universiti Sains Malaysia
publishDate 2007
url http://eprints.usm.my/42527/1/3_NorAini_%28p.43-61%29.pdf
http://eprints.usm.my/42527/
http://web.usm.my/jcdc/vol12_2_2007/3_NorAini%20(p.43-61).pdf
_version_ 1643710520213110784