Penang’s heritage site under threat due to inflated prices

Snapped up: A row of 11 pre-war shophouses in Noordin Street that were recently sold to Singaporeans.

GEORGE TOWN: Price manipulations, market monopoly and evictions of generations-old tenants are threatening the city’s world heritage site, claimed NGOs here.

Heritage properties estimated at RM400,000 to RM600,000 had suddenly changed hands for up to RM1.2mil, and these inflated prices have stirred foreigners, especially Singaporeans, into a buying frenzy of George Town’s pre-war shophouses.