Research Article | OPEN ACCESS
Identifying Critical Factors of Sale Failure on Commercial Property Types, Shop Houses by Using Multi Attribute Variable Technique
N.I. Mohamad, N.M. Tawil, I.M. Usman and M.M. Tahir
Faculty of Engineering and Built Environment, Universiti Kebangsaan Malaysia,
43600 UKM Bangi, Selangor, Malaysia
Research Journal of Applied Sciences, Engineering and Technology 2014 16:3230-3235
Received: March 05, 2013 | Accepted: May 18, 2013 | Published: April 25, 2014
Abstract
The focus of this research is to identify the critical factors of shop houses sale failure in Bandar Baru Nilai and further up to discover the critical factors of sale failure of commercial property types, shop houses in new township as report by valuation and Property services department (JPPH) showed 5,931 units of shop houses in Malaysia is currently completed but remained unsold where Johor was recorded as the highest with unsold units followed by Negeri Sembilan. Bandar Baru Nilai (a district of Negeri Sembilan) is chosen as research sample for unsold shop houses units due to its strategic location which is near to KLIA, International Sepang Circuit, educational instituitions and surrounded by housing scheme but yet still has numbers of unsold units. Data of the research is obtained from literature review and survey question between developers, local authority, purchasers/tenant and local residents. Relative Importance Index (RII) method is applied in identifying the critical factor of shop houses sale failure. Generally, the factors of sale failure are economy, demography, politic, location and access, public and basic facilities, financial loan, physical of product, current stock of shop houses upon completion, future potential of subsale and rental, developer’s background, promotion and marketing, speculation and time.
Keywords:
Sale failure factor of shop houses, sale of shop houses, shop houses,
References
-
Abdullah, N.F., 2006. Faktor yang dipertimbangkan sebelum membangunkan harta tanah perumahan dari perspektif pemaju. M.A. Thesis, Faculty of Geoinformation Science and Engineering, Universiti Teknologi Malaysia.
-
Ahmad, A.B., A.Z. Hasmah and J. Norhaslina, 2010. The relationship between demographic factors and housing affordability. Malays. J. Real Estate, 5(1): 49-58.
-
Aminah, M.Y. and B.O. Ismail, 2007. Analisis kitaran ekonomi dan industri pembinaan di Malaysia. Ph.D. Thesis, Jabatan Struktur dan Bahan, Fakulti Kejuruteraan Awam and Fakulti Kejuruteraan dan Sains Geoinformasi, Universiti Teknologi Malaysia.
-
Björklund, K., A.D. John, W. Mats, 2006. Offer price, transaction price and time-on-market. Property Manage., 24(4): 415-426.
CrossRef -
Bullen, P. and P. Love, 2009. Factors in?uencing the adaptive re-use of buildings. J. Eng. Design Technol., 9(1): 32-46.
CrossRef -
Connellan, O.P. and H. James 1998. Forecasting commercial property values in the short term. Proceeding of RICS Cutting Edge Conference. Leicester, RICS, London.
PMid:9517391 PMCid:PMC1565202 -
Crosby, N. and C. Hughes, 2011. The basis of valuations for secured commercial property lending in the UK. J. Eur. Real Estate Res., 4(3): 225-242.
CrossRef -
Dikmen, I., M.T. Birgonul and E.S. Nurdan, 2010. Using analytic network process to assess business failure risks of construction ?rms. Eng. Construct. Architectura/Manage., 17(4): 369-386.
-
Dobson, S.M. and J.A. Goddard, 1996. Commercial property and the location decision. Location Sci., 4(1/2): 49-67.
CrossRef -
Mohd Ali, H.B., T.H. Ibrahim, A.B. Sipan et al., 1998. Pembentukan model penawaran optimum bagi harta tanah perdagangan di taman perumahan. Laporan Akhir penyelidikan. UTM, Skudai.
-
Pagliara, F. and E. Papa, 2011. Urban rail systems investments: Analysis of the impacts on property values and residents' location. J. Transp. Geogr., 19: 200-211.
CrossRef -
Ramabodu, M.S., B.G. Kotze and J.J.P. Verster, 2007. Diversity and value in Africa's real estate: Challenges facing property development in South Africa. J. Property Invest. Financ., 25(1): 7-22.
CrossRef -
Raskin, R.M., 2010. Walking accessibility to bus rapid transit: Does it affect property values? the case of bogota, Colombia. Transp. Policy, 17: 72-84.
CrossRef -
Ruddock, L., 2000. An international survey of macroeconomic and market information on the construction sector: Issues of availability and reliability. RICS Res. Paper, 3(11): 1-17.
-
Swallow, P., 1997. Managing unoccupied buildings and sites. Struct. Survey, 15(2): 74-9.
CrossRef -
Tawil, N.M., 2008. Management cost of high rise residential scheme in Malaysia: The service charge aspect. The Malaysian Surveyor.
-
Turner, A., 1997. Building Procurement. Macmillan Press Ltd., London.
CrossRef -
Wyman, D., M. Seldin and E. Worzala, 2011. A new paradigm for real estate valuation? J. Property Invest. Financ., 29(4): 341-358.
CrossRef
Competing interests
The authors have no competing interests.
Open Access Policy
This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.
Copyright
The authors have no competing interests.
|
|
|
ISSN (Online): 2040-7467
ISSN (Print): 2040-7459 |
|
Information |
|
|
|
Sales & Services |
|
|
|