Real Estate Projects Research Articles

Promoting Green Real Estate Development by Increasing Residents’ Satisfaction

Green real estate is a new form of development that seeks to reduce the negative impact of real estate construction on the environment and society. It offers various forms of environmental and social utility and also bears higher construction costs. Residents’ satisfaction and willingness to pay (WTP) are therefore of great significance for the progress of green real estate. However, residents’ satisfaction with green residential areas and its correlation with WTP has been insufficiently researched. This study draws on face-to-face interviews conducted with 614 households in Qingtangwan (an exemplary green real estate project in Beijing) to extract information about residents’ satisfaction and WTP. With regard to satisfaction, it identifies five main components, specifically the operation and maintenance of residential areas, indoor and outdoor comfort, building quality, sustainable community attachment, and public facility accessibility (this last category had lower satisfaction). In terms of WTP, residents’ mean WTP was found to be CHY 204.23 per month, which is approximately USD 31.19. In addition to the bid value, the indoor and outdoor comfort, building quality, sense of community, and public facility accessibility were all found to be significantly related to residents’ WTP. Relevant policy recommendations for promoting this development mode included the establishment of public funds, the regular collection and disclosure of information about residents’ satisfaction, phased rent increases, and the enhancement of community cultural construction.

Research on the Process Design of Real Estate Project Audit Based on Computer

In China’s traditional real estate project audit work, most of them adopt a post audit method. Although this audit method can play a certain role, but the effect is very limited, and there are relatively large risks. Therefore, the research on the whole process audit process design of real estate project is of great significance for the development of China’s construction industry. Through the computer simulation and calculation of audit content, it is more convenient and fast, also reduces the possibility of loopholes and human factors in the past audit process, making the audit process more convenient, fast and more formal.

Research on the Application of Computer In Real Estate Engineering Audit

The real estate audit work is an important link to promote the real estate project. However, there are many problems to be solved in the process of real estate project audit. For example, the main existing problems involve many examination and approval departments, complex examination and approval process and uncertain examination and approval boundaries. Based on this, this paper first studies the problems and countermeasures in the approval of real estate construction projects, and the practical application of computer in the audit of real estate projects to discuss for the reader’s reference.

Configuración territorial y complejos turísticos en el noreste de Brasil

The northeast region of Brazil presents characteristics of a new tourist and real estate dynamic, where the different hotel chains, resorts, condominiums and second houses occupy more than three thousand kilometers of coastline. As evidence of this spread, the presence of tourist and residential complexes with transnational capital is attested, corresponding to a business model based on the occupation of hundreds of hectares. Based on three case studies, social conditions and territorial fragmentation are analyzed based on the constitution of the urban fabric, the evolution of land prices and the sociodemographic characteristics of the inhabitants. It is argued that the State, through public policies, supports the development of these real estate projects generating fragmentation of the urban space, social exclusion as well as deficiencies in public supplies.

Stakeholder Behavior Analysis of Low-carbon Housing Promotion

The construction field is one of the key fields of energy conservation in the whole society. China has become the world’s second largest energy consumer and the largest CO2 emitter. China’s total energy consumption from building operation reached 22% of the total national energy consumption, of which residential buildings accounted for about 45.7%. The proportion may further increase with the progress of urbanization and growth of population. Therefore, It is believed that the development of low-carbon housing market is important for energy conservation and emission reduction. Due to different positions and interests, low-carbon housing has not been effectively promoted by various stakeholders involved in the development of low-carbon housing in China. This paper discussd how to encourage stakeholders to accept, participate and promote the development of low-carbon housing on the base of analyzing the behavior and interest demands of all stakeholders. The paper take Guangzhou city as the case, the reaserch shows the Guangzhou goverment has issued relevant policies to encourage that real estate projects implement green building two-star or above standards, both commercial housing and affordable housing have provided low-carbon housing products nowadays, but there are only a few projects and few real estate enterprises involved. Most consumers hold a supportive attitude towards the supply of low-carbon housing products, but it is hoped that low-carbon housing can improve the living comfort without too high a price. The paper suggested that the government should improve policy design and incentive mechanism, build a quality assurance system for the whole life cycle of low-carbon housing. cooperate with real estate developers and strengthen publicity to improve the recognition of low-carbon housing in the whole society.

Simple Additive Weighting versus Technique for Order Preference by Similarity to an Ideal Solution: which method is better suited for assessing the sustainability of a real estate project

In the real estate sector, sustainability assessment tools enable the transition to buildings with lower impacts on the environment, the economy and the society. A variety of multi-criteria decision-making (MCDM) methods has been proposed to address this problem. There is, however, no consensus on the method to be used in each assessment case. The paper presents an empirical application and comparison of two different MCDM approaches SAW (Simple Additive Weighting) and TOPSIS (Technique for Order Preference by Similarity to an Ideal Solution) to assessing the sustainability of a real estate project. 18 sustainability criteria weighted by experts formed the basis of sustainability assessment of a real estate project. The results of the study revealed a significant difference between the ranks obtained by SAW and TOPSIS. Moreover, the results of the MCDM sensitivity analysis showed that the TOPSIS method is more sensitive to changes in baseline data than the SAW method.

Value Maximizing Decisions in the Real Estate Market: Real Options Valuation Approach

The real estate market of EU countries has undergone a severe global financial crisis 2008–2009, recovered successfully later, and now experiencing significant uncertainty due to the COVID-19 pandemic event. Significant volatility of the real estate business is once again evident, just as it was following the global financial crisis. The paper aims to provide a case study of a real estate project by giving insight into the Latvian real estate project that had been experiencing similar economic uncertainty, to demonstrate hybrid real options valuation (ROV) method to adapt real estate investments to changing circumstances and to develop the decision-making solution to similar EU real estate problems during the pandemic. The paper provides the “step-by-step” ROV application’s methodology in real estate development projects. The presented methodology is a powerful managerial risk management tool for the executives of similar real estate development projects in the EU countries struggling to make investment decisions in the pandemic and post-pandemic period. Since any estimation includes assumptions, ROV results should be interpreted and perceived as approximations only. The future works can provide robust ROV analyses and interpretations regarding the demand for real estate, showing quantitatively how competition can impact strategic investment decisions.

Exploratory analysis of legal risk causes in tourism real estate projects in emerging economies: empirical study from Vietnam

Tourism real estate (TRE) projects have recently attracted authorities and investors because of the increasing travel demand. However, implementing TRE projects still poses many potential risks, especially legal risks, due to their distinctive and complex characteristics. This study is among the first attempts to investigate legal risks in TRE projects and the relationship between participants’ characteristics and legal risk assessment. Accordingly, a comprehensive literature review was performed to identify potential risk factors possibly causing legal problems in TRE projects. Qualitative interviews were undertaken to validate this list and explore the current TRE status in Vietnam. A questionnaire survey was conducted to assess legal risks quantitatively. This study provided useful information of legal risks and corresponding assessments to practitioners. Especially, this study also revealed that participants’ industry experience and legal problem knowledge positively affected legal risk cause assessment. Interestingly, although participants’ roles influenced legal risk assessment, there was no moderating effect of project roles on the relationships of industry experience and legal problem knowledge with risk assessment. This study contributed to the extant literature by conducting empirical research to investigate legal risks in TRE projects. This could provide practitioners with more insights into legal risk management, thereby supporting TRE project development.

The situation and solutions to develop Green Building in Vietnam

Housing in Vietnames megacities is quite expensive due to limited land availability. Besides, green housing investment requires higher implementation costs than non-green housing investments, plus a Green Building certification fee implemented by international organizations. Despite specific difficulties and problems, green real estate projects bring economic benefits to both investors and users in the long run.
 Green building development is a trend that is particularly interested in by governments and real estate developers.
 Through analyzing the current status of Green Building development in Vietnam, the authors have discovered barriers, limitations, and proposed solutions.
 To develop green buildings effectively, investors need to operate a 5-step process throughout the project life cycle, including Green planning — Green design — Green construction — Green operation — Green lifestyle. Using environmentally friendly materials, energy-saving efficiency in green housing is no longer an unattainable dream for urban residents in Vietnam.

The role of electronic auditing in verifying the principles and approaches of accounting measurement for financial instruments when adopting international financial reporting standards IFRS

The diversity of financial assets owned by Iraqi companies, which are measured and presented in different ways according to the classification of these assets according to international financial reporting standards, and that re-measuring these assets (shares) affects the income statement and the financial position of companies according to the change in the fair value of shares. The auditor uses multiple auditing methods for the purpose of verifying the measurement and presentation of these assets, including the use of electronic means in auditing (computer auditing.(The aim of the research is to clarify what electronic auditing is and to explain and analyse the measurement requirements in accordance with the International Financial Reporting Standard (IFRS - 9), in addition to preparing an electronic audit program that helps the auditor to verify the re measurement and presentation of the companies ’financial assets. Two mixed joint stock companies (Iraqi Company for Manufacturing and Marketing Dates - the National Company for Tourism Investments and Real Estate Projects) are adopted as a field of application by analysing their financial data for the year / 2018 and conducting a simulation of the outcome of the activity and the financial position of the company using an electronic audit program. This is to show the difference between the actual results and the results expected to be shown in light of the measurement principles adopted under international financial reporting standards. The researchers have concluded that the use of electronic means helps the auditor to conduct the audit process for the various financial assets due to their multiplicity and diversity in addition to the diversity of their market values. In addition, this enables the auditor to identify errors and indicate their impact on the income statement and budget and thus reach a final opinion on the financial statements towards the use of electronic means in auditing operations by professional organizations and relevant authorities for the purpose of speed and accuracy in completing auditing operations. Moreover, the necessity to prepare electronic programs for various auditing purposes in line with the activity of the bodies subject for auditing and training auditors in the use of such programs.

Social housing development policy in HCMC - advantages and difficulties

Ho Chi Minh City is considered as one of the most developed economic and financial centers of Viet Nam. In addition to the achievements, the city's development has also put considerable pressure on addressing housing needs for the residents. In recent years, the demand for social housing for low-income people in developed cities has accounted for a high proportion, up to 60% of the total. Although the city government has been had many policies to encourage investers to participate in social housing projects and provide financial support for home buyers, the results are still quite limited. Currently, real estate projects are generally focused on commercial housing projects due to high profitability and fast capital recovery time; together with the house prices in urban areas are constantly increasing and many times higher than the average income of the residents. The above factors have put great pressure on urban housing development to ensure basic rights to accommodation of the people. The article summarizes the current situation of social housing development policies in Ho Chi Minh City from 2006 to present; assess achievements and shortcomings; thereby proposing solutions to help improve the effectiveness of social housing development policies in urban areas.

Assessment of the Sustainability of a Real Estate Project Using Multi-Criteria Decision Making

Today, sustainability, sustainable development and clean environment come to the fore worldwide. Consequently, the concept of sustainability has been introduced in project management. Sustainability issues have gained particular attention in the real estate sector. However, despite the fact that this sector has a huge impact on the environment and society, real estate projects are most commonly chosen taking into account only their risk and return, and a very limited number of indices and methods are available to assess their sustainability. Moreover, all of the existing indices and models for assessing the sustainability of an investment project take into account only three dimensions of sustainability—environmental, social and economic. Therefore, the novelty of this work lies in constructing a real estate sustainability index (RESI) relying on an additional sustainability aspect—i.e., a technological dimension. The developed sustainability index could be useful in evaluating and comparing real estate projects. It would also promote technological progress and investments in new technologies within projects as sustainability is also considered in a new, technological dimension. A research study was carried out between September 2020 and December 2020. Following an analysis of the literature and different sustainability-related standards relevant for the real estate industry, sustainability criteria were chosen and then grouped into four (environmental, social, economic and technological) categories. The selection and ranking of the most relevant sustainability criteria were performed through a survey. The index was compiled by applying multi-criteria decision making methods.

Optimization of profitability and liquidity for residential projects under debt and equity financing

PurposeAn appropriate space allocation among different residence types gives higher profitability and liquidity for cash flow management in real estate projects for developers. Thereby, a balance between debt and equity should be kept for capital formation in developers where high level of cost, profit and risk exists. The purpose of this paper is to provide cash flow optimization under debt and equity financing while providing an appropriate space allocation of residence types via synchronous consideration of profitability and liquidity.Design/methodology/approachA novel optimization methodology that includes project financing, optimization and experimental design modules is proposed. The first module, project financing, considers the flexibility of utilizing one or both of debt financing and equity financing when making capital. The optimization module addresses space allocation among different residence types for a construction while maximizing profitability and liquidity using two mixed-integer linear programming models in a pre-emptive manner. The experimental design module assesses the effects of decisive parameters within the methodology via multivariate analysis of variance (MANOVA).FindingsThe proposed methodology is applied to a real-life residential project in Istanbul. The optimization module yielded 42.5% profitability via the first linear programming model and 2.2% trade-off between liquidity and profitability while minimizing the payback period by the second linear programming model. Meanwhile, MANOVA results showed that profit per square meter and sale rate trends are the most prominent factors considering their significant effects on net present value and payback period.Originality/valueTo the best knowledge of the author, related papers focused only on profitability under equity financing. Liquidity (as an objective) and equity financing (as a financing method) have not been handled. Hence, this paper not only performs profitability and liquidity-oriented cash flow optimization under debt and equity financing but also optimizes space allocation of residences for the first time.

Application of 3D Modeling in Real Estate and Land Integration Project

With the development of science and technology, surveying and mapping technology has also advanced by leaps and bounds. More and more people in related industries have begun to pay more attention to the application of drone tilt photogrammetry to the surveying and mapping industry, which has greatly improved the progress of surveying and mapping projects. This photography technology has gradually become an indispensable part of the surveying and mapping industry due to its advantages of speed, efficiency, flexibility, and low cost. This article is aimed at the integration of premises and land project, using a drone platform equipped with 5 lens cameras and shooting from 5 directions at the same time, that is, through 1 vertical shooting lens and 4 tilting lenses to obtain ground surface images, to achieve a large overlap of multiple angles For viewing angle, the requirement for overlap is that the heading overlap is at least 60%, and the side overlap is 30%. This article uses ContextCapture Center Master software to perform three-dimensional modeling of the acquired images and obtain orthophoto results. The three-dimensional model is loaded into the EPS software for collection. The buildings, eaves, balconies and other buildings in each parcel of land are collected, and they are finally obtained. This technology greatly improves the work efficiency of the real estate integration project.

An Empirical study on innovations and its impact on purchase intention of residential real estate projects

An Empirical study on innovations and its impact on purchase intention of residential real estate projects

Measuring transit accessibility benefits and their implications on land value capture: a case study of the Bangkok Metropolitan Region

Infrastructure investments have long been a key factor driving the economic and urban development of a country. These investments usually require a large amount of funds, but funding for such investments is often limited to catching up with the growing urban population, especially for cities in emerging economies. As a result, finding alternative funding for infrastructure investment is increasingly important. Land value capture (LVC) is one of the mechanisms that can be used to fund infrastructure investment. An important policy question for the land value capture is determining how much of the increment land values are due to infrastructure investment. This research aims to assess the land value increment due to proximity to public transit, using Bangkok as a case study. The analysis employs hedonic regressions of low-rise residential real estate projects from 2009 to 2017 in the Bangkok Metropolitan Region. The results suggest that the proximity to the nearest mass transit stations has driven up the land values of residential lands in real estate development projects. In addition, the bid-rent coefficients over time have increased in magnitude in the latter years as more transit stations have opened, suggesting the presence of temporal effects from various stages of mass transit investments on land values. The analysis also assesses the value that can be captured through a tax-based LVC mechanism around a new mass transit station.

Measure the Awareness of Individual Investors on Investment Practice in Land Investments

As India's economy as a whole has become more technologically advanced, so too has the land industry. Demand for commercial real property to construct homes and factories has increased as a consequence of rising business opportunities and the movement of workers to these sectors. Real estate projects are affected by demand from individuals, hotels, and the entertainment sector. The focus of this study is on the factors that drive, inform, and reward individual land investors. The research method is descriptive, and it's used to look at many different aspects of real estate investing.

Beam Construction Impact Analysis Based On Life Cycle Assessment (LCA) Using Network Flow Diagram

Global warming is a problem that impacts in many various sectors include construction. Emission of carbon dioxide (CO2), one of causes of global warming, can be emitted from construction projects. The alternative method that able to calculate CO2 emissions is Life Cycle Assessment approach. The purpose of this study is to predict CO2 emission from all beam types using network flow diagram of Life Cycle Assessment in real estate project of 216 m2 type house. The analysis calculated by SimaPro 9.0 software. The results of this research indicated that from four types of beams used in real estate, beam-type 25/50 and beam-type 15/30 have the largest percentage of CO2 emission in 41.9% (4,610 kg CO2-eq) and 39.9% (4,380 kg CO2-eq) of the total CO2 emission of all beam types, respectively. A conventional method of beam construction resulted CO2-eq emission that come from rebar of 31.20% (3.426 kg CO2-eq) and cement 1.09% (120 kg CO2-eq). For the ready mix method, the largest CO2-eq emission are dominated by ready mix at 20.20% (2,200 kg CO2-eq) and wooden blocks 46.90% (5,150 kg CO2-eq).

Too slow for the urban march: Litigations and the real estate market in Mumbai, India

We use data from the universe of approximately 3000 ongoing formal real estate projects in Mumbai to show that 27.3% of the projects and 42.9% of the built-up space is under litigation. Average construction time is 8.5 years. Using OLS and matching techniques, and controlling for other factors determining time to completion including location, developer experience and project size, we estimate that litigated projects take approximately 20% longer to complete than non-litigated projects. A variety of robustness tests are consistent with this finding. We address potential endogeneity concerns using an instrument - the neighborhood’s propensity to sue. The increase in time to completion increases the total cost of building by at least 30%. We identify a small number of litigated projects in the Bombay High Court dockets and find that so-called Public Interest Litigation, litigation begun by people outside the contractual process (i.e. not apartment purchasers, residents, or contractors), appears to be responsible for a significant share of project litigation.

Lean Construction in a Real Estate Project – A Case Study

More than 70% of construction projects are over budget and delivered beyond thebudgeted time. To overcome the same, the concept of lean integrated project deliverycame into existence. Lean culture focuses on customer by empowering employees. Itinvolves in converting waste into value by reducing waste, improving communication, andpromoting teamwork integration through a common set of tools and techniques. Aim oflean construction is to achieve the affordable cost with optimum utilization of man,material and machinery. Wastes in construction industry which do not add value are supplyin excess materials in inventory for raw material, work in progress, finished goods etc.Waiting for preceding activity, over processing and defects can be reduced through leanconstruction. This paper deals with lean construction techniques for identifying the wastein a construction project and eliminating the same. . In this project estimation of a buildingis done to find cost of the project with respect to specifications and compared thetraditional methods used and lean construction techniques to reduce the cost and improvethe quality in less time with lower cost to satisfy the customer.