Using partial least squares-structural equation modeling, we analyzed data from 410 questionnaires completed by a sample of residents from the vicinity of the George Town World Heritage Site (WHS), Malaysia, to investigate the effects of community factors on residents' perceptions and support for WHS conservation and tourism development. To conceptualize these relationships, we developed a framework based on social exchange theory (SET) and previous empirical evidence. While community attachment, cultural attitudes, community involvement, and community gain had positive effects on residents' perceptions, the effects of community members' gain and status consistency were particularly strong. Our results suggest that perceptions strongly influence support for WHS conservation and tourism development. Having examined a number of new resident perception factors, this study makes a significant theoretical and methodological contribution to the tourism and resident perception literature. Furthermore, this study has practical implications for future sustainable community development in the George Town WHS.