Being inscribed as a UNESCO World Heritage City since 2008, this scenario calls into question the voices, the participation and the aspirations of George Town residents themselves in the process of planning and conserving their city. As an extension of a similar project undertaken in 2006, prior to the UNESCO listing, the present study sought to explore and understand the residents’ perceptions and preferences of George Town as a Heritage City after the UNESCO listing. Using the same set of samples (i.e. 400 inner city residents), the findings from this study revealed the change of residents’ preference as well as their appreciation towards the value of heritage and its economic potential. More respondents are supportive on the protection of heritage buildings and maintaining a heritage city. The older generations are the advocates of the heritage houses and they are more willing to pay higher prices to own a heritage house in the city. heritage awareness, urban conservation, resident perspectives, George Town.