Revealing the Investment Value of Penang Heritage Properties

Chin, Tiong Cheng; Yan, Bin Tan; Wai, Fang Wong; Kong, Seng Lai; Koh, Yu Xuan

doi:10.21837/pm.v19i17.994

Cited by 2 publications

(2 citation statements)

References 30 publications

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“…The conservation value on living heritage of Penang Island, Malaysia also shows that the single dichotomous contingent valuation method (SDCV) was applied to evaluate WTP for the conservation of the inner George Town living heritage. The WTP is MYR94.50 as a once-off contribution towards conservation (Chan, 2009). A recent study was done in 2019 on the conservation of mangroves in Kuala Perlis, Malaysia.…”

Section: Literature Reviewmentioning

confidence: 99%

Evaluating Ecotourism for the Establishment of Fraser’s Hill State Park

Samad¹,

Arnis²,

Idris³

2023

IJARBSS

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s Hill is known as a tourist destination as it is situated in the Raub District of Pahang in the Titiwangsa Range region. However, the threat of commercial development activities has disrupted the ecosystem of the forests within Fraser's Hill Forest Complex (FHFC) and has been concerning differ-ent community groups, especially the locals. Thus, the objectives of this paper are to assess the evaluation of ecotourism in FHFC by using Contingent Valuation Method (CVM) to identify the appropriate price level of people's willingness to pay (WTP) for conservation fees and to find out the feasibility to continue with the suggestion for the establishment of FHFC as a State Park in Malaysia. The result shows that the public is willing to pay as much as RM3.60 per person for the conservation fee of FHFC and the local community's willingness to pay is higher compared to the public which is RM3.90 per person. For the overall respondents, the total willingness to pay is equal to RM3.70 per person. In the survey for the establishment of Fraser's Hill State Park, more than 70% of the respondent are agreeable and stated that as a good idea for the future development of FHFC.

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Section: Literature Reviewmentioning

confidence: 99%

Evaluating Ecotourism for the Establishment of Fraser’s Hill State Park

Samad¹,

Arnis²,

Idris³

2023

IJARBSS

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“…Studies based on HPM have been conducted to determine whether or not urban infrastructure, amenities, cultural and historical heritage, and other factors influence the surrounding real estate market. Several authors have demonstrated that residents value the functional, cultural, or aesthetic significance of these services, infrastructures, and heritages, increasing the demand for living space and property values in these markets; many studies have been conducted to investigate the impact of urban green infrastructure [51][52][53][54], modes of transportation [55][56][57], and historic cultural heritage proximity [58,59], but the impact of reused cultural heritage has received little attention (Table 1). Indeed, while adaptive reuse appears to be a proactive strategy for preserving the historical and cultural value embedded in heritage sites, little is known about its external impact [44].…”

Section: Estimation Of the Impact Of Adaptive Reuse Projects On The H...mentioning

confidence: 99%

What Advantages Do Adaptive Industrial Heritage Reuse Processes Provide? An Econometric Model for Estimating the Impact on the Surrounding Residential Housing Market

Dell’Anna

2022

Heritage

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When industrial relics, such as obsolete buildings, sites, and infrastructures, enter into a process of adaptive reuse, they become transformation engines capable of shaping the urban fabric. They provide tangible and intangible links to our past and have the potential to play a significant role in today’s cities’ futures. One unresolved issue is the quantification of the externalities of these transformation processes. If undertaken correctly, adaptive reuse can contribute to the development of social and cultural capital, environmental sustainability, urban regeneration, and, most importantly, economic benefits to the surrounding community. In this sense, understanding the value of heritage is particularly important in light of the new European urban environmental policy movement based on the circular economy, which aims to change the way Member States consume and produce materials and energy. After a review of the externalities generated by the adaptive reuse of disused industrial heritage, the paper will concentrate on the estimation of economic benefits given by a transformation process that affected Turin’s Aurora district (Northern Italy) during the last years. The hedonic pricing method (HPM) was used to investigate the effects of the construction of new headquarters and the redevelopment of an old power plant converted into a museum and conference center. This study used econometric models to identify a significant increase in market prices within 800 m of the site and calculated a EUR 16,650,445 capitalized benefit from the transformation on the surrounding residential building stock. The study thus contributed to the awareness that reused heritage not only improves the lives of residents, but it also has a positive impact on the real estate market, in terms of transactions, as well as market values.

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Revealing the Investment Value of Penang Heritage Properties

Cited by 2 publications

References 30 publications

Evaluating Ecotourism for the Establishment of Fraser’s Hill State Park

Evaluating Ecotourism for the Establishment of Fraser’s Hill State Park

What Advantages Do Adaptive Industrial Heritage Reuse Processes Provide? An Econometric Model for Estimating the Impact on the Surrounding Residential Housing Market

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