Heritage building can be defined as human creation which symbolises iconic building with local identity, cultural value, memorial events, and tourism-related business for a country. It is worth conserving and preserving as it represents something worth remembering about past that should be passed to future generations

In Malaysia context, National Heritage Act 2005, defined heritage as any heritage site, heritage object, underwater cultural heritage or any living person declared as National Heritage (under section 67). Under section 2, heritage definably into two categories: Cultural Heritage: includes tangible or intangible form of cultural property, structure or artifact and may include a heritage matter, object, item, artifact, formation structure, performance, dance, song, music that is pertinent to the historical or contemporary way of Malaysians, on or in land or underwater cultural heritage of intangible form but including natural heritage Natural Heritage: includes natural feature of any area in Malaysia which may consist of earthly physical or biological formation or group of such formations, geological or physiographical features, mountains, river, stream, rock formation, sea shore or any natural sites of outstanding value from the point of view of nature, science, history conservation or natural beauty including flora and fauna of Malaysia.

The heritage market can be divided into two; firstly, in the situation where the listed heritage property is located in a suburb area and secondly where the listed heritage property exists as a stand-alone (isolated) entity. In a suburb area the heritage property will be treated the same with stand-alone property but with an added heritage value (Deodhar 2004). Therefore, the value of heritage property in suburb area is above normal market value. Previously, most studies focus on listed heritage property in suburb area and there are lacks of study on identifying the value of stand-alone heritage property. However, it is important to quantify the amount on economic basis of stand-alone listed heritage property because it will increase the value of the property, give higher rents, conservation and maintenance strategies and others.

On October 20th, 2022, all participants from industry and secretariat of UTMCRES did site visit to heritage building at the city of Johor Bahru namely Redhouse, Chinese Heritage Museum, and Bangunan Sultan Ibrahim. Here are some memories: