State Housing and Town and Country Planning Committee Chairman Jagdeep Singh Deo said this was the first time such a proposal was brought up for consideration.

“We are seeing an unnatural increase of rental at the George Town Unesco heritage site. The tenants have been complaining that they have suffered more than 500 per cent hike in rental in the past several years and this has forced them to close down their businesses,” he told a press conference here today.

In the effort to make rent control in the heritage zone a success, he said the state would seek suggestions, views and reactions of local stakeholders and the private property sector during the Penang International Property (PIP) Conference this Friday.

“Currently, we only know that many have left, but we do not have the actual statistics,” he said.

Major issues concerning the property market, including the prospects of the Penang property market, affordable housing and an update on the controversial Penang Transport Master Plan, are expected to be discussed at the PIP Summit, with policy changes to be done according to the outcome of the conference.