REVEALING THE INVESTMENT VALUE OF PENANG HERITAGE PROPERTIES

Authors

  • Tiong Cheng Chin Centre for Construction Research (CCR), Faculty of Built Environment, TUNKU ABDUL RAHMAN UNIVERSITY COLLEGE
  • Bin Tan Yan Centre for Data Science and Analytics, Faculty of Computing and Information Technology TUNKU ABDUL RAHMAN UNIVERSITY COLLEGE
  • Fang Wong Wai Centre for Construction Research (CCR), Faculty of Built Environment, TUNKU ABDUL RAHMAN UNIVERSITY COLLEGE
  • Seng Lai Kong Centre for Construction Research (CCR), Faculty of Built Environment, TUNKU ABDUL RAHMAN UNIVERSITY COLLEGE
  • Yu Xuan Koh Centre for Data Science and Analytics, Faculty of Computing and Information Technology TUNKU ABDUL RAHMAN UNIVERSITY COLLEGE

DOI:

https://doi.org/10.21837/pm.v19i17.994

Keywords:

Heritage property, investment, price index, diversification

Abstract

Heritage buildings are a representation of historic features and the Malaysian culture. The intangible value of a heritage property comprises aesthetic quality, spiritual aspects, social functions, and its own uniqueness. Therefore, heritage properties have been seen to be moving away from traditional alternative investments, which are not covered by conventional real estate schemes. Additionally, the characteristics of heritage properties are expected to be seen as ‘art’, and they offer a highly beneficial diversification strategy with a relatively low correlation towards traditional assets classes. The Penang (Island) Heritage Property Price Index (PPHPPI) is estimated to be using a hedonic regression method. Based on the index, the heritage property records the highest quarterly returns and risk among the conventional assets considered in this study.

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Published

2021-10-17

How to Cite

Chin, T. C., Yan, B. T., Wai, F. W., Kong, S. L., & Koh, Y. X. (2021). REVEALING THE INVESTMENT VALUE OF PENANG HERITAGE PROPERTIES. PLANNING MALAYSIA, 19(17). https://doi.org/10.21837/pm.v19i17.994

Issue

Vol. 19 (2021): PLANNING MALAYSIA JOURNAL : Volume 19, Issue 3, 2021

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Article

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eISSN: 0128-0945 © Year. The Authors. Published for Malaysia Institute of Planners. This is an open-access article under the CC BY-NC-ND license.

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