THE POTENTIAL OF ARTIFICIAL ISLAND DEVELOPMENT IN MALAYSIA’S PROPERTY MARKET

Abstract

Urbanization and increasing quality of life among society had caused increasing demand for artificial island development in most cities in the world. However, claims that the artificial island development project able to offer thousands of jobs for the local population has been refuted as it allows such a vast influx of foreigners also its consequences for the racial status quo. Therefore, this research’s objectives were to study the artificial island development potential as a marketing tool to boost property market sales as well as to determine its impacts from public community perspective. Thus, this research adopted quantitative approach along the research process. The results were based on the survey distributed within the Melaka Getaway in Malacca which involving 20 respondents from real estate industry’s person as well as 160 respondents from public communities. The results show that majority respondents agreed that artificial island development do influence the market sales of property in its surrounding area. Moreover, in terms of its impact towards the community and buyers’, the responses were categorized under four elements namely social, economic, environmental and strategic and geopolitical. The most significant impact was an improvement in quality of life, while the most significant disadvantage was a possible harm to the marine ecosystem. These results will be benefitted to both government and private sectors, public community as well as the researcher to explore a new angle of development.