Transform old assets to create new economic value, says Johari

Johari Abdul Ghani, the Investment, Trade and Industry Minister of Malaysia, has called for the transformation of underutilised assets to generate new economic value. He highlighted the willingness of investors to take risks, coupled with capital, creativity, and sound management, as key factors in revitalising such assets. Old assets, he emphasized, do not necessarily lose their value merely because they are outdated or are not used optimally.

He specifically praised Menara Rezeki and UDA for their courage in recognising the potential of an old building and giving it a new purpose. These individuals exemplify the entrepreneurial spirit of identifying opportunities that others might overlook and the bold steps required to bring those opportunities to fruition.

Johari's remarks came during the launch of Chinatown 1974, a new eight-storey landmark at Petaling Street. The building, inspired by the 1970s Nanyang heritage lifestyle, includes a traditional kopitiam, a dim sum restaurant, halal steamboat options, and The Seven Stars Hotel. It also features a rooftop bar with panoramic views of Kuala Lumpur, including the iconic Merdeka 118 landmark.

The Minister underscored that Chinatown 1974 is more than just a redevelopment project; it represents a significant opportunity for economic growth. He noted that it has the potential to generate employment, attract tourists, and benefit local entrepreneurs and suppliers. Johari emphasized the importance of creating economic returns from such projects while preserving the original character and identity of the areas they are situated in.

He used Chinatown 1974 as a prime example of how old areas with rich heritage and identity can be breathed new life into without losing their cultural essence.

In conclusion, Johari believes that reviving old assets can not only contribute to a more prosperous economy but also provide a fresh lease of life for entire communities.