Look beyond residential projects, developers told

Packed room: Ooi speaking on 'Future Real Estate Developmnet of Penang'

Developers should look beyond residential projects and complement their offerings with tourism, trade and education-related developments, urged Jeff Ooi, the Penang Chief Minister’s Chief of Staff.

Speaking at the Star Property Fair 2009 talk on ‘Future Real Estate Development of Penang’, Ooi said this would help upgrade Penang’s status to a truly international city.

“Moreover, it would give investors more choices,” he added.

He also commended developers who ensured their projects complied with the Green Building Index, as this would enhance the island’s standing as a choice residential location, at the same time lending a helping hand in conserving Mother Earth.

“I hope all house buyers will insist on this being a key feature when they look around for houses,” Ooi told his audience in a packed function room.

In an earlier talk, author and historian Khoo Salma Nasution briefed attendees on ‘Investing in the George Town World Heritage Site: Why & How’.

She said should one decide to invest in property within the heritage area, it was important to know that there were certain constraints in place.

“One has to maintain the authenticity of the buildings and understand the beauty of the old. We want people to invest with the right motivations, those who are appreciative of the cultural and historical significance of the buildings.

“Emphasis must be placed on quality and not quantity of the development, so it will enhance and not degrade the value of these world heritage sites,” Khoo said.

She added that conservation was the management of change, and illustrated a few examples where improper redevelopment had stripped those heritage buildings of their identity.

To that end, she expressed her hope that potential investors intending to refurbish heritage buildings would take into account the architectural designs and use the right materials in order to preserve the buildings’ authenticity.

As there are a number of vacant and derelict heritage buildings around George Town, Khoo encouraged investors to opt for these property and bring back their former glory, instead of going for buildings currently inhabited, as it would mean moving out the very people who form part of the city’s living heritage.

By The Star