Yasmin Mohd Adnan

Property specific criteria for office occupation by tenants of purpose built office buildings in Kuala Lumpur, Malaysia

Purpose – The purpose of this paper is to identify the important property specific criteria for office occupation decision making by tenants of purpose built office buildings in Kuala Lumpur, Malaysia. It attempts to provide more definitive information on office space occupation to prospective property marketers, managers, owners and investors.Design/methodology/approach – A questionnaire survey was conducted to identify the important criteria which were earlier selected by expert panels. The outcome was then analysed through the principal component analysis and importance factor index adopted from an earlier study. The findings from the survey can then be used to examine the relative importance of the identified criteria through the use of a multi criteria decision making (MCDM) technique.Findings – Four main criteria could be identified under the property specific criteria. Six of the “building features, services and management” attributes have higher rankings than the attributes under the “financial” c...

Transparency in Malaysian property companies

Purpose – This purpose of this paper is to investigate the current level of transparency based on the customised transparency matrix (TM) amongst the top listed property companies in Malaysia, based on capital market value. Furthermore, this paper discusses the concept of transparency from the perspective of Malaysian property markets.Design/methodology/approach – Data for this research were collected from the top 30 property companies in Malaysia through their annual reports and corporate websites. The indicator of transparency was developed based on various literature surveys and other research findings. Using the developed indicators, the study analysed the transparency attributes from TM of the top 30 listed property companies in Malaysia.Findings – In terms of transparency levels and widely implemented transparency elements, the findings revealed that Malaysian property companies were within a “good level” range.Research limitations – The research is based on a study of the top 30 listed property com...

The impact of information and communication technology on retail property in Malaysia

Purpose – The purpose of this paper is to examine the impact of using information and communication technology (ICT) on retail property in Malaysia. It also examines what listed property companies perceive in terms of the implications of using ICT in the retail property sector in Malaysia. Design/methodology/approach – Data were collected from sample surveys completed by 79 property companies listed on the Bursa Malaysia (formerly known as the Kuala Lumpur Stock Exchange). An ICT retail impact matrix was then developed to assess the significance of ICT on retail property in Malaysia. Findings – The findings of the study revealed that ICT would have only a minor impact on retail property in Malaysia and that there would still be a need for the traditional means of conducting a retail property business. It also found that the listed property companies were ready to implement ICT applications and that the demand for retail property would still increase in Malaysia in the future. Research limitations/implicat...

Framework for integrating sustainability issues into valuation of non-market industrial real estates

This paper builds upon earlier studies and viewpoints relating to sustainability in real estate valuation, summarising the key results into three major valuation approaches. These approaches focused mainly on commercial and residential properties, excluding specialised industrial properties, for which no market-based evidence exists for their valuations. The paper closes the gap by venturing to provide a framework and valuation approach for integrating sustainability issues into non-market industrial real estate valuation. It finds a conceptual framework and a non-market valuation approach that should encourage firms to invest in sustainability, and assign scarcity value to environmental absorptive capacity. The study proposes a Delphi technique which attaches a sustainability obsolescence factor to an industrial operation relative to the appropriate sustainability criteria set by the local green rating or environmental authorities. It concludes that there is an impact-compliance dimension to sustainability in real estate valuation, and that appraisers should give sustainability-compliant opinions to their clients to drive sustainability.

Determining the Criteria for the Classification of Purpose Built Office Buildings in Malaysia

Abstract The Malaysia property market is deficient of key indicators to make an objective assessment of the market situations. In the effort to monitor the commercial property market performance, it would be useful to develop an indicator that will be useful for the construction of property indices. As such, to develop such indices for commercial properties, it is necessary to assess the performance of each office building through a classification framework. This paper highlights the identification of the criteria to be adopted in the classification of the purpose built office buildings in Malaysia. Through the investigation of the local and international practices as well as the literature on office building classification, a set of criteria was selected for local adoption. In arriving at the final set of criteria, a series of expert panel group discussions were held. This paper highlights the findings of the initial investigation of the identified criteria and the expert panel discussions held in an attempt to arrive at the final classification framework.

Impact of entrepreneurship education programme (EEP) on entrepreneurial intention of real estate graduates

Abstract In the current socio-economic context of the “risk society” characterised by uncertainty and turmoil, entrepreneurship is one of the soft skills that is important among university graduates to ensure their survival in the real world. Realising that this skill can be taught and honed in professional undergraduate programmes, many universities have made entrepreneurship education a compulsory subject to improve undergraduate’s entrepreneurship skills. The discourse on entrepreneurship education programme (EEP) revealed a number of issues being discussed within conventional professional programmes such as engineering and management. Little is known about the impact of EEP on entrepreneurship intention within less popular professional programmes such as real estate. This paper provides an insight into how the compulsory entrepreneurship course impacts the entrepreneurial intentions of graduates of a real estate programme in a public university in Malaysia. Using a mixed method approach, a questionnaire survey and interview were undertaken to elicit respondents’ views about the success of the course in terms of instilling and shaping characteristics associated with entrepreneurship. Respondents were found to be less impressed with theory, and more influenced by real-life examples and experiences when emulating entrepreneurship behaviour.

Sustainable property development by Malaysian property companies

Purpose – The concept of sustainability has become increasingly essential to property development, especially in recent years. The purpose of this paper is to assess the level of sustainability practices among listed property companies in Malaysia. Design/methodology/approach – Using content analysis, company websites and annual reports, the level of sustainable practices among property companies in Malaysia will be examined and assessed. The paper will also rigorously assess the sustainability strategies employed by using an attributes scorecard, which takes into account several attributes concerning sustainability issues. Findings – The findings have showed sustainable property development concept among listed property companies can be categorised as low level, although this is increasing. Originality/value – Given the increasing significance of sustainability issues – especially in property development – this paper provides a more informed investment decision strategies regarding the implementation of ...

Property market price response to flood-hazard

Property market price will normally depend on the differential of location and amenities. Real estate theory in determining value has been evolving over the years due to changes in several factors. This includes property types, financial products and environmental attributes. Theoretically, selling houses in environmentally sensitive areas such as in a flood zone will be lower than equivalent subject property outside this area. Nevertheless, environmental attributes are very subjective and relatively new in valuation theory. This study assesses the effects of flood-hazard on property price, which focus on residential property. The growth in the population has resulted in more areas being explored, including areas that are prone to flooding. The exploration of a new area for housing development also brings vulnerability to flood-hazard. Valuation calculation to determine house price needs to respond to flood-hazard as it will have an impact on the property market in terms of investment. As such, this study also establishes a new valuation model by taking into account flood-hazard. It is expected that the impact from the flood to property price will be significant in future due to changes in property demand patterns as well as the increase in environmental issues.

Macro-economic index effect on house prices in China

The purpose of this study is to estimate different data models on house prices using statistical models and the variables which are controlled by real estate policy.,This study used several statistical techniques, such as Vector auto-regression (VAR), Johansen co-integration and variance decomposition, which aim to assess the significant effect of macroeconomic factors on Chinese house prices.,The results show that land supply and other variables have negative effects on house prices. The results also indicate that financial mortgages for real estate have positive effects on house prices and the area of vacant houses as well as the area of housing sold.,This study only covers three cities in China because of limitations of data for other cities.,This study proposes policy suggestions according to the empirical results obtained.

The implementation of green lease practices for office buildings in Kuala Lumpur, Malaysia

Purpose With the impending development of green buildings in Kuala Lumpur, the capital city of Malaysia, managing the criteria within the requirements of the rating tool’s certification shall be the responsibility of the respective parties when these buildings are in operations. In tenanted buildings, a lease agreement spells out the responsibilities of the owner/landlord and the tenants. The paper aims to discuss these issues. Design/methodology/approach The main aim of this study is to gauge the implementation of green lease among office buildings in Kuala Lumpur. This is made through an initial review of the adoption of green building criteria as well as the determination of the drivers and barriers perceived by office building managers in implementing green lease. Findings A survey amongst the managers of top grade office buildings in Kuala Lumpur revealed that the majority practiced some of the green criteria outlined in the Green Building Index. It also revealed that the most significant green lease terms commonly acknowledged by the respondents were energy and water-saving consumption as well as recycled material usage. Originality/value Through the identification of the barriers to implement green lease, the most significant barriers identified were related to cost and financing. Having identified these obstacles, appropriate action can be taken to bring forward green lease awareness amongst the various stakeholders in the office building sector in ensuring the successful operation of green buildings.