“Behind every small business, there is a story worth knowing.” – Paul Ryan, American former politician during the Republican National Convention in Tampa, Florida.
Perak is known for its rich history and cultural heritage, with many prewar architectures that still exist today. The pre-existing shops reflect the influence of British colonialism and the economic prosperity of the tin mining industry during the late 19th and early 20th centuries. These buildings have become iconic symbols of the state’s cultural heritage and are cherished by locals and visitors alike. Throughout the years, Perak is becoming a home to vibrant commercial areas that cater to the needs of residents and attract visitors from near and far. With its bustling cities and towns, Perak offers diverse businesses, shops and services.
Being the capital city of Perak, Ipoh stands as a prime example while being one of Malaysia’s renowned cities. Ipoh is located in the Kinta District and offers a wealth of cultural, historical and various natural attractions. The city’s blend of history, culture, natural beauty, and culinary delights make it a popular destination and appealing choice for tourists and entrepreneurs. Ipoh’s strategic location also serves as a transportation hub. It provides convenient access to other major cities and offers a relatively lower cost of living and business operations than larger metropolitan areas in Malaysia. Unsurprisingly, Ipoh has been voted the best city to retire, becoming one of the world’s nine best places to retire (Dr. Daniele Gambero, 2014).
Based on the most recent property sales data from National Property Information Centre (NAPIC), the commercial property market in Perak experienced a remarkable surge from the third quarter of 2021 to the third quarter of 2022. During the third quarter of 2021, 406 commercial properties were transacted, with a cumulative value of RM252.76 million. However, in the corresponding period of 2022, the number of property transactions significantly increased, reaching a total of 739, and the cumulative value skyrocketed to RM339.17 million. This growth indicates a substantial rise and a marked upswing in the demand and value of commercial properties in Perak.
The graph below illustrates the number of properties transacted and their cumulative values by analyzing the transaction data of three types of shops in Perak’s Kinta, Manjung, and Larut Matang districts. From the third quarter of 2021 to the third quarter of 2022, the Kinta District outperformed both Manjung and Larut Matang Districts regarding shop transactions. Kinta District recorded a significant total of 518 shop transactions, surpassing Manjung and Larut Matang Districts, which had 157 and 106 shop transactions, respectively. These figures highlight the robust commercial activity and potential opportunities in the Kinta District during the specified period.
