KUALA LUMPUR: The George Town World Heritage Site (GTWHS), a dynamic historic living city, has experienced substantial transformation since being inscribed by the United Nations Educational, Scientific, and Cultural Organisation (UNESCO) in 2008.
George Town is a city in transition and has truly recovered from the impact of Covid-19, according to market watchers.
"Some 12 years after being listed as a UNESCO World Heritage Site, George Town is home to more enterprises and visitors. There are an abundance of hotels, boutique guesthouses, and posh restaurants. Rental rates have increased by high double digits along with the city's real estate prices, which have risen dramatically. We think George Town will improve and that this trend will probably continue.
"Anyone familiar with George Town can clearly see these changes. They witnessed its downfall in the 1990s, its revitalisation and rehabilitation in the 2010s, and its inclusion on the list of the Top 10 Places to Visit in the World today," said SM Goh.
A process of urban revitalisation was supported by a combination of local investments, legislative interventions, and larger industrial shifts that resulted in major changes to land use and socio-economic composition between 2009 and 2019.
"We can attribute this in part to the state government's efforts to promote Penang as an international investment and tourist destination and Think City's contribution to revitalise some parts of the state," Goh told NST Property.
Think City developed the technique for the GTWHS's 2009 population and land use census, which was conducted again in 2013 and 2019.
This study made it possible to accurately comprehend the problems with the GTWHS, monitor changes, measure impacts, evaluate the efficacy of policy instruments, and create recalibration measurements.
An estimated 1,953 buildings, or more than a third of the entire stock, have been saved or restored between 2013 and 2019.
Notable government-led conservation efforts have also been made to repair public structures, such as Syed Alatas Mansion, the State Museum, the State Assembly Hall, the Town and City Halls, Fort Cornwallis, and the GTWHS headquarters.
Penang's legacy is preserved in large part thanks to Think City
Think City has revitalised Penang by completing more than 250 projects in over 10 years under the direction of its managing director, Hamdan Abdul Majeed.
They include restoring historic structures, improving public areas, and creating initiatives to help small companies and communities.
Some of the major initiatives that have been instrumental in Penang's transformation are the George Town transformation programme, the revitalisation of the historic Esplanade Seawall and Fort Cornwallis, and the nature-based climate adaptation programme for the urban areas of Penang Island.
In addition to revitalising George Town, Think City's significant projects have established a standard for urban renewal across the country.
The United Nations Human Settlements Programme (UN-Habitat) recently awarded Hamdan a special citation in appreciation of his efforts toward urban renewal.
This validation is a turning point not only for Think City and Hamdan but also for Malaysia's sustainable urban development scene, especially in Penang.
Datuk Seri Paduka Maimunah Mohd Sharif, executive director of UN-Habitat and under secretary-general of the United Nations, presented the special citation, which was witnessed by Penang Chief Minister Chow Kon Yeow.
Maimunah commended Hamdan for his significant achievements.
She said Hamdan personifies the core of UN-Habitat's objective to promote environmentally and socially responsible communities and towns that are integrated into the New Urban Agenda.
"This aims to optimise cities for sustainable development and outlines steps crucial for ensuring that cities and human settlements drive the implementation of the SDGs. I am proud to honour his impactful contributions to the field," she said.
Hamdan said that he has been able to deepen his commitment to influencing urban policy, promoting the growth of civil society, and supporting impact investments since making the switch from investment banking to venture building and now working with Think City.
"This achievement is not just a personal milestone. It embodies the collective dedication of Think City and our shared aspiration for sustainable urban development," he said.
Hamdan's vision has extended to other cities in the northern region, as well as Kuala Lumpur and Johor Bahru.