A prospectus by Singapore’s World Class Global Ltd reveals just how many George Town shoplots and other properties it has snapped up.
The prospectus reveals a breath-taking list of dozens of shophouses and other properties in Dato Keramat Road, Juru Lane, Tan Sri Teh Ewe Lim Road, Macalister Road, Naning Street, Transfer Road, Hutton Road, Prangin Road Ghaut, Magazine Road, Gurdwara Road, Section 11W, Noordin Street, Macallum Street, CY Choy Road, Katz Street, Cecil Street, Ceti Street, Presgrave Street, Tye Sin Street, Penang Road and Bertam Lane.
Check out the prospectus for yourself: you can find the list of Penang properties in Appendix A on pages A-38 to A-42 (large pdf file).
It is a bewildering list, with potential profits from redevelopment running into the millions of ringgit, according to valuation reports, which can be found in Appendix B of the prospectus from page B-60 onwards.
See earlier my blog post here. As mention there, while what the firm is doing in legally permissible, what we are faced with now is a Unesco world heritage site in inner city George Town while next to it, another world is emerging: a playground for the rich – similar to the superficial heritage trappings, fancy eateries and glitzy lights of Nagore Road – that is well beyond the reach of ordinary Penangites. Much of it by a single large foreign developer.
Indeed, gentrification is fast swallowing up Penang’s cultural and natural heritage.