High Court Case
One factor that contributed to the current high prices for pre-war shophouses in George Town can be traced to an incident at the High Court in Penang on Sept 29 in 2010.
On that day, a property auction by CIMB Bank attracted an unusually large crowd of over 70 people. The highlight of the sale was for an unrestored shophouse of 20ft by 125ft located on Armenian Street.
There were only five actual bidders including Gooi. The reserved price was RM450,000 and furious bidding pushed the price up to an astonishing RM1.1 million, setting a new benchmark in Penang. The eventual buyer was a veteran real estate consultant. And that property is now reputed to be worth at least RM2.6 million, as it is, without any restoration.
Observes Gooi, "Penang heritage houses and their stratgeic location means a unique combination. The value of pre-war shophouses still haven't been fully realised.
"One thing for sure, prices will continue to go up," predicts Gooi, who is still be on the prowl for such "heritage" property.
Think City
There have been efforts by the local authorities and Federal Government-backed bodies like Think City to help enhance the heritage value of these old buildings.
These organisations aim to engage stakeholders to improve the environment by maintaining the right architectural features as well as improve cleanliness and the drainage system, encourage more greenery, build pedestrian walkways and offer tourism attractions.
No fun living in a shophouse
While new buyers of Penang's pre-war shophouses wax lyrical over the romantic notion of restoring and staying in a "heritage" home, those who grew up in such houses, don't fancy living in one again.
Tune Hotels strategic developments director Anwar Jumabhoy from the well-known Indian Muslim Jumabhoy family in Penang, recalls less than romantic memories of living in an old shophouse.
"Yes, I do remember living in Jalan Greenhall, Penang, just off Lebuh Light," says Anwar, who is in his 50s. He is bemused that new buyers were willing to pay so much money to restore such shophouses and even want to live in them.
"In those days, we were one of the few houses with a toilet inside and I used to watch in amazement at the 'night soil' trucks that used to come in the morning, and kids - without toilets - had to do their 'business' in the street.
"My parents' office was downstairs and we lived upstairs and learnt how to be well-behaved kids - you had to, as the floor was wooden, so too much running around meant a lot of noise for those in the office."
To the jetsetting corporate executive, a terraced house in those days meant, no windows except for the master bedroom. And the courtyard or air well was where the toilets and kitchen were located - at the back of the house. For a young child, going to the toilet at night was a scary experience especially through dimly-lit and long corridors.
"Now, would I consider living there again," reply Anwar, "not really, wooden floors, rickety stairs and a very, 'nice' attic. With options available today for modern comfort, the nostalgic experience might be nice for a couple of days, no more. For a more permanent home or hotel accommodation, I would much rather have a room with lots of windows and a view."
Lebuh Kimberley
A Chinese owner of a new double-storey, linked-house in the upscale neighbourhood of Seri Tanjung Pinang, who declines to be named, says she doesn't ever want to go back living in an old shophouse. She grew up on Lebuh Kimberley.
"Why would I ever want to live in such a home again? There's not much privacy especially when you have a big family," says the mother of a teenage girl.
While there are those who don't have fond memories of living in rickety, old shophouses, a new generation of owners can't wait to occupy their expensively restored heritage properties.