Real Estate Projects Research Articles

Los negocios inmobiliarios en la ciudad de Quito y actividades emprendidas por la inmobiliaria Torre Marshal

En el mercado habitacional en el Ecuador específicamente en la ciudad de Quito, tanto la oferta, como la demanda reflejan condiciones alentadoras en cuanto a la construcción y comercialización de viviendas. En el presente artículo se detalla un plan de negocios para la Inmobiliaria Torre Marshall, orientado a la comercialización de viviendas y locales comerciales dirigido a clientes de clase media-alta en los sectores más estratégicos y exclusivos de la ciudad de Quito. El estudio se enmarca en un tipo documental, de alcance descriptivo, con un enfoque cuantitativo, puesto que se consideran documentos de diversa índole para describir el mercado de bienes raíces que da soporte al plan de negocio de la inmobiliaria. La principal conclusión es que a nivel nacional es justamente Quito el de mayor proporción de ofertas inmobiliarias, aunque circunstancialmente la demanda se haya frenado debido a la situación económica y política, la recuperación es inminente y expedita. Así mismo, la densidad poblacional de la ciudad es baja, lo cual evidencia su potencial de crecimiento. De allí que el proyecto de la inmobiliaria Torre Marshall acorde a los estudios legales, técnicos y financieros, se vislumbre como un excelente negocio, que comenzará con la Torre Marshall como un proyecto piloto, que demuestra la preminencia de construcciones de vivienda vertical para el aprovechamiento del espacio físico urbano, dada la imposibilidad de la cuidad de crecer horizontalmente.

Discussion on Fine Management Level of Real Estate Development Project Based on FAHP

With the rapid development of social economy, the real estate industry has become an important part of China’s national economy. In recent years, due to the increasingly exposed drawbacks of extensive management within real estate enterprises, it is particularly urgent for enterprises to implement refined management. Through the analysis of the entire process of real estate project development, this paper recognizes the key factors affecting the refined management level of real estate projects and establishes a refined management evaluation model based on Fuzzy Analytic Hierarchy Process (FAHP). The practical engineering case is taken as an example to verify the feasibility and reliability of the model. Moreover, this model provides a certain reference for the establishment and optimization of the subsequent refined management model as well.

Paulatina transformación de la propiedad agraria en la zona metropolitana de Mexicali de 1990 a 2018 Su rol para los proyectos inmobiliarios y para la expansión urbana

El objetivo del presente artículo es analizar y conocer los principales mecanismos de incorporación de la tierra agraria al mercado del suelo urbano, particularmente por los proyectos masivos de vivienda en la periferia de la zona metropolitana de Mexicali, Baja California. Con apoyo de técnicas y herramientas metodológicas, como Sistemas de Información Geográfica (sig), revisión bibliográfica-documental estadística-institucional y trabajo de campo, se identificaron y conocieron las áreas del crecimiento urbano y sus porcentajes, la ubicación de los proyectos inmobiliarios y los mecanismos de incorporación de la propiedad agraria a los procesos urbanos dentro del periodo 1990-2018. Tomando como zonas de estudio cuatro núcleos agrarios (na) geográficamente inmediatos al área urbana de la zona metropolitana son visibles los momentos dentro del periodo estudiado en donde se detonan los diversos conjuntos masivos de vivienda y los actores sociales e instituciones partícipes. Resulta interesante cómo dicha expansión urbana de tipo disperso, que se orientó sobre estos na, dista mucho de ser un proceso planeado o regulado por el gobierno local, al grado de que superficies territoriales de estas zonas analizadas no formaron parte de las reservas territoriales consideradas por el municipio y sus instrumentos urbanos para el crecimiento de la ciudad a futuro, que ya los rebasó.

Sources of Saudi Conduct: How Saudi Family Law and Royal Polygyny Produce Political Instability

Unlike other areas of law, where rules have either been borrowed from Western regimes or only apply to certain segments of society, Saudi family law touches every member of Saudi society, from ordinary citizens to royalty, and originates in an Islamic legal tradition that predates most modern legal systems by several hundred years. Nonetheless, most writers on Saudi Arabia (the Kingdom) have largely neglected the role of Saudi family law in influencing the Kingdom’s royal family and policymaking, despite the dominance of family businesses, tribes, and family offices in the Saudi economy and state. This Article outlines how Saudi family law produces economic incentives that, without reform, make the maintenance of political stability in the Kingdom unlikely past three generations.Accordingly, this Article can be understood as an alternative and supplement to the dominant political science theory for understanding Saudi policymaking, Rentier State Theory (RST). Specifically, this Article demonstrates how the incentives produced by Saudi family law can more accurately predict Saudi policymaking and disruptive political events than RST, including, but not limited to, the Kingdom’s Ritz-Carlton purge and building of largescale commercial real estate projects, which might otherwise appear irrational to outside observers. The Article begins with a discussion on the mathematics of polygamy in the Kingdom and ends with a discussion of how the incentives produced by Saudi’s family law system produce far-ranging implications for both the Kingdom’s neighbors and its current allies, including, but not limited to, the United States and Israel. The Article concludes with legal reforms that the current Saudi state may wish to undertake, should it wish to avoid a similar fate to the previous two Saudi states, both of which collapsed in under three generations (1744–1814; 1824–1891). Additionally, reforms suggested over fifty years ago by Saudi prince Talal bin Abdulaziz Al Saud are analyzed, as well as various legal customs found within Jordan, which Saudi policymakers may wish to borrow from and modify to provide the Kingdom increased political stability in the longer term.

Conflictos socioambientales y estrategias de resistencia en la Ciudad de México: el caso de Contadero

In a context of peripheral urbanization in Contadero, Mexico City, we explored the "resistance strategies " that the habitants have articulated versus the decisions, of governmental character or private, that have allowed the construction of real estate projects in that high value area environmental. From the perspective of the socio-environmental conflicts we argue that they produce associations and alliances between different actors  that express themselves in collective articulations logics and confrontational strategies for the defense and appropriation of a common(forest and natural environment) while establishing new relationships with political and legal institutions Thus, we describe some cases in which despite the socio-economic differences and interests of the different actors involved, it´s possible to observe collective resistance strategies that refer to the appropriation and territorial identity of the Contadero´s habitants.

Producción de naturaleza y mercado inmobiliario: el caso de Puente Alto y Maipú, Santiago de Chile

Ante los nuevos fenómenos característicos de la ciudad neoliberal contemporánea, se realizó un estudio centrado en las áreas verdes de nuevos proyectos inmobiliarios de las dos comunas con mayor población de la Región Metropolitana de Chile y del país: Puente Alto y Maipú. De este modo, el objetivo fue desentramar la relación entre la nueva oferta de vivienda y la presencia de áreas verdes. A partir de un estudio de información institucional se calculó la accesibilidad por proyecto comparándola con estándares internacionales y locales. Con los resultados, fue posible discutir acerca de las nuevas relaciones desiguales acerca de lo verde y la vegetación en la ciudad, específicamente en su periferia, siendo esta dimensión parte de proyectos de lujo, estableciendo una relación de mercado, excluyendo a quienes no puedan pagar por ella. De esa forma la producción de naturaleza urbana deja variados desafíos para una planificación urbana socialmente integrada.

Analysis of the factors influencing access to mortgage finance in Lagos, Nigeria

Finance is the bedrock of real estate development. Its availability and accessibility are important for a successful investment. In most cases, investors don’t have substantial finance to execute a project; instead, they resort to an external source through mortgage financing. However, there are difficulties in accessing mortgage finance particularly due to borrower’s default, thereby hindering finance accessibility. This study investigates factors determining mortgage finance accessibility for providing real estate projects in Lagos State, Nigeria. The target populations are the Primary Mortgage Institutions and Real Estate Developers in Lagos State. The collected data were analysed using factor analysis and Mann-Whitney U test. The study revealed that income, nature of the occupation, type of collateral, years of the banking relationship, loan duration and loan sector are the major determinants of access to mortgage finance. These factors must be succinctly considered to ensure ease of access, adequate provision and utilisation for real estate development.
 Keywords: Collateral, determinants, finance, investors, mortgage.

Bird eye analysis of skyline views from an elevated recreation trail—The case of the Fu Forest Trail, Fuzhou, China

The Fu Forest Trail in the Chinese city of Fuzhou, completed in 2018, is a new pedestrian recreational system in an urban mountain forest area. Construction of the walkway was guided by identification of key sightlines between the mountains and the city. These sightlines controlled the interaction with the skylines around the walkway, building height, volume and density, and while also assisting with coordinated development of mountain forest area and surrounding urban areas. In the present study, a three-dimensional (3D) city model of the urban area with Fu Forest Trail was developed based on Geographic Information System (GIS). Combined with the principle of the real vision of human eyes, we obtained six skylines correspond to three observation areas from viewpoints along the forest trail. At the same time, the three indicators on the skyline aesthetic evaluation of silhouette complexity, layering equilibrium degree, and fractal dimension have been evaluated. Analysis led to the identification of several problems in the skyline around Fu Forest Trail: the outline is too flat, the proportion of layers is unbalanced, and there is a lack of satisfactory fluctuations and influential high-rise buildings. During the past 20 years, high-intensity development of real estate projects had resulted in a disproportionate share of excessively high, very large, and homogeneous residential buildings around the mountainous area. Buildings almost fully surround the mountain, which also explains the latter problem. We suggest that the government takes zonal control measures to restrict the development of the surrounding mountains in different gradients according to the distance from the mountains. Our findings can provide support for further study and governmental decision-making, while also providing inspiration for similar projects in China and elsewhere.

School-gentrifying community in the making in China: Its formation mechanisms and socio-spatial consequences

School gentrification has been powerful in reshaping urban demographic and socio-economic spaces, but less well-known is its formation mechanisms and socio-spatial consequences. The emerging school-gentrifying community in China's context was taken as an example to explore the interrelationships among education, real estate, and gentrification. The analysis showed that in the context of educational inequity and educational reform, the combination of private school and real estate project spawned the school-gentrifying community, which is built on a “real estate and elite school” model. School gentrification has strong embeddedness, its formation mechanisms in China's context are more complex and highly related to real estate projects and local government's “land finance” policy. The emergence of school-gentrifying community inevitably causes the marginalization of urban poor, but it contributes to a balanced distribution of educational resources and diversification of educational providers. Valuing the role of school gentrification in shaping urban physical and social-economic spaces has significant implications on the making of education and urban development policies.

Key factors affecting the rent of office buildings: case study on Taipei 101

An exploration of the rent of office buildings in metropolises worldwide indicates that in response to the level of overall economic development, tenants often need to consider numerous factors when selecting the location of their offices, whereas landlords attempt to increase the rent of their buildings by using high-grade building materials to renovate the buildings and offering new facilities and property management services to meet the various needs of tenants. This study adopted the Delphic hierarchy process and analytic hierarchy process to explore office building rent in Taipei City by distributing a questionnaire to experts in the real estate field who possess practical experience in executing real estate projects. Specifically, the study investigated how office building rent is affected by factors such as geographical location and public facilities, thereby generating a reference for identifying related key factors. Analyzing the data collected from the questionnaire and the weighted indictor scores revealed that location in the main business district is the most crucial factor, followed by proximity to a Taipei Mass Rapid Transit station and the office building being a renowned landmark. By contrast, adequate property management is not a primary factor considered by the experts.

Devaluation, erasure and replacement: Urban frontiers and the reproduction of settler colonial urbanism in Tel Aviv

This paper examines the continuity of the Israeli settler colonial project into the contemporary moment – as manifested in the city of Tel Aviv – and its transfiguration into current socio-political and spatial processes in the urban arena. It offers a close reading of a case study from which such continuity emerges, exposing the settler colonial terms of production of Tel Aviv in current entrepreneurial real-estate projects. The case study under analysis is of the Giv’at-Amal neighbourhood, established on the emptied Palestinian village of Jamassin in the war of 1948, now facing eviction by private entrepreneurs constructing a luxurious residential compound. The paper aims to expose the ways in which the urban entrepreneurialism in Giv’at-Amal reproduces the settler colonial logic of devaluation, erasure and replacement of existing inhabitants of the land. It further conceptualises the area as an urban frontier, in which current neoliberal restructuring plays an active role in the ongoing production of the settler colonial urban space. By so doing, it aims to undermine the notion that settler colonial projects of replacing existing people and geographies are completed historical events, and to re-articulate them as ongoing contemporary processes.

Managing Construction Projects: Developing Complexity into Complicatedness

Construction projects are understood as being complex and therefore in need of support through adequate tools to be successfully managed. Among others, the Building Information Model (BIM) is expected to provide a modern and powerful toolset allowing for reliable prediction of the respective development and behaviour. Based on Theory of Systems, the term of complexity in fact matches the principal capabilities of an object-oriented information system where e.g. the Building Information Modelling rests upon. However, any complex system tends to instable behaviour allowing principally for no reliable prediction, in particular in the single run required for unique projects with no possibility to rearrange processes without major losses. Correspondingly, experienced Construction Managers are judging the complexity of projects as a crucial obstacle to efficient execution but declare complexity as not measureable, thus as degree of unmanageability. Therefore, the inherent complexity of interdisciplinary projects needs to be reduced, i.e. transformed into complicatedness, not reducing the effort of elaboration but allowing for stable solutions. In order to achieve such a transfer, the inherent heterogeneity is utilized tracking down the strictness and linearity of the internal and external system borders, thus, investigating the separability of the adjacency matrices. These mainly topological considerations lead to criteria forming substructures finally allowing for predictable behaviour of the project structures with limited uncertainty. Therefrom, we expect some significantly improved understanding of the cybernetics of projects and consequently advanced possibilities in shaping and establishing activity-based risk management, which is crucial to nowadays construction and real estate projects.

Design of Framework to Quantitatively Measure the ubiquity of an IT Solution

Ubiquitous computing is one of the most disruptive and emerging technology of present times with applications in many areas like manufacturing, healthcare, real estate etc. Design of standards and framework for these applications is an ongoing research area. To aid a better design, it is worthwhile to have a framework that can be used to quantitatively measure various features of IT solutions and products like ubiquity, security etc. The primary aim of having this framework is to assist in development of a solution or product that is properly engineered. This paper provides a novel framework which includes various metrics that measures various features of an IT application or product. The application of the framework is demonstrated by measuring the various features of two different versions of a smart home application developed by a company for luxury real estate project. Initially, the first version of the application is evaluated using the proposed framework which then helped in identifying the improvement areas which were enhanced in subsequent version of the solution. These results are presented to validate the proposed concepts and model.

David Aven v Costa Rica: A step forward towards investor accountability for environmental harm?

Investment treaty arbitration has become a laboratory for testing the limits of international corporate responsibility, because arbitrators are often asked to consider instances of investors’ misconduct that compromise fundamental social values and interests. The decision in David Aven v Costa Rica is a glaring example of this case law. The dispute originated from a real estate project halted by local authorities for adversely impacting fragile ecosystems. This case note examines the arbitral tribunal’s approach to environmental harm caused by foreign investors.

Spatial growth of Phnom Penh, Cambodia (1973–2015): Patterns, rates, and socio-ecological consequences

This work maps and interprets the evolution of the urban footprint of Phnom Penh from 1973 to 2015 and reviews its main socio-ecological impacts. The quantified patterns of urban growth and land-use change are based on the processing and analysis of Landsat satellite images (MSS, TM, and OLI sensors) and are enhanced by observation- and interview-based information obtained in the field. The growth of Phnom Penh is shown to have encroached initially on the fertile agricultural lands of the Mekong River floodplain, but since 2006 the city has been sprawling predominantly over natural lakes and wetlands that until then were functional components of the urban mosaic and underpinned the livelihoods of its population. Urban land areas increased from 3000 ha in 1973 to 4000 ha in 1990, subsequently soaring to 25,000 ha in 2015, i.e. an average annual increase of 850–1000 ha. The discussion of these changes focuses on (i) changing livelihoods on the urban fringe; (ii) the numerous, and sometimes large, real-estate projects that have sprung up around the city centre on former wetland areas and are funded by strongly imbricated capital interests between the nation’s elites and foreign investors; (iii) a comparison of the urban growth figures with other Asian cities; and (iv) current land policies in Cambodia. The results call for urgent policymaking to address the diseconomies that arise from the impending loss of ecosystem services; from the accentuation of flood hazards caused by the rapid, ongoing suppression of wetland habitats at the delta head of the eighth largest river in the world; and from the unequal distribution of the costs and benefits of urban growth among the metropolitan population.

Design of a Solar AC System Including a PCM Storage for Sustainable Resorts in Tropical Region

Environmental concerns worldwide (climate change, global warming, etc.) are pushing to reduce the consumption of fossil fuels. The building sector is responsible for a third of greenhouse gas emissions (40% in France). In tropical countries, the main share of energy consumption in buildings is due to air conditioning systems. Indeed, in a resort of high standing, 60% of energy consumption is due to air conditioning. In the Indonesian context, which welcomes growing real estate projects on more or less isolated islands, it becomes important to put in place passive or autonomous buildings and the corresponding energy solutions. The energy efficiency of buildings is based on two pillars: an efficient building's design and on the effectiveness of the air conditioning system to achieve energy independency in a tropical environment. Considering the decreasing cost of PV cells, the solution to reduce the energy consumption of air conditioning proposed in this article covers a vapour-compression refrigeration system electrically powered by solar cells. To avoid the use of electric batteries, not sustainable in terms of carbon footprint (construction and recycling of batteries) and to overcome the problem of intermittency of solar energy, the choice fell on a variable speed compressor and a storage in a mixture of fatty acids (derived from coconut oil) as phase change material embedded in expanded graphite. The work also focuses on the energy performance of the storage system. This study describes the context and the air conditioning system chosen as a solution for a sustainable resort application in a tropical region. The design and characterization of the coupled PCM and compressed expanded graphite in a latent heat thermal energy storage is also detailed. It uses a TRNSYS simulation for the assessment of the cooling demand. Calculations for a prototype of 25 m 2 apartment showed that with a chiller of 8000 W and a surface of 14 m 2 of photovoltaic panels, it is possible to cool a hotel bedroom with solar energy. The consortium members work jointly at designing and optimizing the system: Indonesian members are focused on the PCM storage and French members are more dedicated to the hygrothermal behaviour of the hotel bedrooms.

DETERMINANTS OF PROJECT IMPLEMENTATION ON PERFORMANCE OF REAL ESTATE PROJECTS FINANCED BY REGISTERED SACCOS IN NAIROBI CITY COUNTY, KENYA.

Purpose: The performance of projects in the Kenyan land development industry has of late been tempestuous. The study was particularly centered on the impact of task planning, venture correspondence, asset accessibility and partner's association on usage of land ventures actualized by SACCOS. The investigation was guided by the following specific objectives: to analyze the influence of project planning on performance of real estate projects financed by registered SACCOS in Nairobi City County; to establish the influence of project communication management on performance of real estate projects financed by registered SACCOS in Nairobi City County; to assess the influence of stakeholder involvement on performance of real estate projects financed by registered SACCOS in Nairobi City County; and to assess the influence of resource availability on performance of real estate projects financed by registered SACCOS in Nairobi City County.Methodology: The study utilized descriptive examination outline. The target population of this study comprised of all the 153 land development ventures being actualized by the 38 SACCOS enrolled by SASRA in Nairobi County. The examination used census on all the land ventures. Statistical Package for Social Sciences computer programming was utilized for examination. Both descriptive and inferential investigation was directed.Results: An excellent response rate of 94.7% was realized. It was established that most of the project implementation indicators have positive impact on performance of the real estate projects. The study further adopted a regression analysis to determine the relationship between the variables. The study findings showed that the four variables had a significant influence on performance of the real estate projects.Contribution to policy and practice: The study recommended that a similar research should be conducted with an aim at investigating the determinates of project implementation on the performance of real estate projects financed by registered SACCOS in Nairobi with other variables or of other firms in other sectors, including the other counties in the Kenya. The findings showed that 69.4 % of the performance is explained by the four variables while 30.6 can be accounted by other factors captured by the standard error.

Developing successful landside real estate: An airport urbanism approach

Landside real estate development is a crucial source of nonaeronautical income and an essential part of the airport business model. In recent decades, airports have launched hundreds of commercial real estate projects, often branded as an ‘airport city’ or ‘aerotropolis’. Research conducted at more than 50 airports worldwide, however, indicates that many airport real estate projects do not generate a substantial return on investment, while many others struggle to move from the planning stage to implementation. This paper investigates why these projects fail to meet their full potential. Drawing on expert interviews, the paper identifies the key factors that fundamentally determine the success or failure of landside real estate projects, highlighting customer focus and collaboration with local partners as the two most important drivers of success. The paper then introduces a new, people-focused development approach called airport urbanism (AU). Focusing on the needs and desires of the people who use the airport on a regular basis — passengers, employees and local residents — AU advances growth strategies that deliver long-term benefits to both the airport and the city that it serves. The paper concludes with a practical how-to guide for implementing AU.

A SPATIAL EVALUATION OF THE DESIGN OF MIDDLE-INCOME HOUSING UNITS IN THE CITY OF ADEN: A CASE STUDY OF THE ENMAA RESIDENTIAL PROJECT.

Housing is an economic, social and cultural right that should be readily available in all inhabited areas, and this right has been enshrined as an international human right. Affordable housing should be safe and comfortable, meet all of the needs and wants of current and future residents, be able to be owned at the lowest cost, be of the best possible quality and be able to be lived in at the lowest possible cost. Housing units that meet a set minimum standard for living and are owned or rented by persons below a certain income level are considered to be affordable housing. Therefore, a unit meeting the requirements for affordable housing is the primary criterion for determining whether the housing is affordable or not. In some cases, housing costs may be affordable, but middle-income families are still unable to obtain the kind of housing that meets the minimum levels of quality that they require.The purpose of this research paper was to study components of the housing units of middle-income real estate projects and analyse them to help in achieving the principles of cost reduction. The results can help interested proponents design residential units by considering a variety of elements, such as architectural spaces, sustainability, the number of occupants per unit and other aspects of housing. This study recommends increasing housing densities that reduce costs, developing flexible and straightforward architectural designs, lowering construction costs, increasing funding for housing and creating additional housing legislation.

Sector-level objectives and associated inhibiting and enabling factors for the Indian real estate sector from a process standardisation perspective

PurposeA perceived uniqueness of real estate (RE) projects has led to a view among RE practitioners that since no two RE projects are the same, they must all follow their own unique set of processes. Further, local exigencies often result in the very processes agreed at the beginning of every project being changed, thereby making projects unpredictable for delivery within time and budget, or to the standards of quality expected. Maintaining the need to follow pre-defined standard processes in RE operations, the purpose of this paper is to focus on two converging tracks: the first track studies available sector-level competitiveness frameworks appropriate for RE to formulate RE sector objectives; and the second track retains the process standardisation perspective to comprehensively identify a set of factors that influence the defined sector objectives.Design/methodology/approachThe research methodology adopted comprises, respectively, for the two tracks, a focussed literature review and semi-structured interviews with 30 Indian RE sector practitioners working at levels of consequence, supported by qualitative interpretive analysis. As a sustained development requires all stakeholders to have their concerns addressed, this research leads to the formulation of four sector objectives, one for each stakeholder group identified. Furthermore, two sets of factors (inhibiting and enabling) are deduced from stakeholder interviews reinforced by secondary literature as those that would influence the realisation of the objectives from the standpoint of processes and their standardisation.FindingsIt is thought that factors identified here will inform actionable strategies for a transformation to the long-elusive process and standards-based delivery in the Indian RE sector. Such strategies will not only lead to the next spate of improvements from innovative processes and standards thereof but will also equip RE players with the wherewithal to successfully engage globally.Originality/valueThis work extends the earlier research to shift from a function to process orientation in RE and bridges research gaps in each of the tracks mentioned above: the articulation of RE sector objectives, and identification of factors influencing the objectives.