ADDITIONAL TRANSACTION COST COMPONENTS FOR MALAYSIAN SMART LIVING FEATURES IMPLEMENTATION

Abstract

Despite Smart Living houses potential benefits in providing occupants convenient independence and the care for well-being, their adoption in Malaysia remains infancy. Besides, it has been reputably more expansive than conventional houses. Intensive literature review managed to uncover one of the common reasons - unclear goal of urbanisation, which is a gap between policing and enforcing. This gap in practice is convinced to derive from the uncertainty within Smart Living development. For instant, the addition of Smart Living features onto the housing development master plan, respective phases and building elements. These additions do bring more barriers in a form of development cost components that were anticipated to subsequently increase the inflating gross development cost. From the construction economics point of view, these uncertainties are conventionally identified as ‘unintended consequences’. Furthermore, it is speculated to be closely relevant with the transaction cost components. Unlike the hard cost and soft cost components (from the whole development cost), transaction cost components are usually hidden and overlooked during cost planning and control. Hence, this paper is set to establish a primary list of anticipated transaction cost components for Malaysian Smart Living housing development. The research methodology adopted is PRISMA-compliant systematic literature review. The phases of development consistency will be aligned with the Royal Institute of British Architects (RIBA) Plan of Works to review, analyse, and hypothesise the anticipated transaction cost components from preceding sustainable concept housing and building development. Toward the end, this list will shed lights on the relevant transaction cost components that are applicable within Smart Living development. In conclusion, the finding concludes that there are up to 40 anticipated transaction cost components summarised and distributed along the Smart Living housing development. With the clarity and transparency available, perhaps will promote a more aggressive Smart Living housing development growth in Malaysia.