Proceedings from the PRRES Conference - 2015
21st Annual Conference, January 18 -21 2015
 Kuala Lumpur, Malaysia

Delegate Papers  - Including Keywords and Abstract

Papers shown as "refereed" have been refereed through a peer review process involving an expert international board of referees headed by Professor Yasmin Mohd Adnan. Full papers were refereed with authors being required to make any changes prior to presentation at the conference and subsequent publication as a refereed paper in these proceedings.   Non-refereed presentations may be presented at the conference without a full paper and hence not all non-refereed presentations and/or papers appear in these proceedings.  All authors retain the copyright in their individual papers.

AUTHOR: Vanichvatana. Sonthya
TITLE: Perception Of Credibility Towards Stakeholders: Views Of Property Developers During Economic Crisis |Refereed|
KEYWORDS: "Credibility, Economic Crisis, Property Development, Real Estate, Stakeholders"
ABSTRACT: "This research aimed to explore the characteristics of the property developers’ perception to maintain their credibility with many categories of stakeholders, other than lenders, during economic crises. The data used was from the questionnaire surveys with property development companies2 in Thailand. The respondents were inquired about the level of their concerns to maintain credibility with stakeholders in four categories including: lenders, suppliers, contractors, and clients. The perceptions were based on the two economic crises, during the years 1997 – 2003 and 2008 – 2009. The analysis results revealed that property developers concerned to maintain credibility about clients the most, ranking #1. The second rank was contractors. The third and the fourth ranks were lenders and suppliers. The pattern of the assessment showed that about 30% of the respondents concerned more about ‘Contractors’ than about ‘Lenders’. Moreover, when a company seeks financial support from sources other than banks, that firm paid the importance to maintain good credibility with suppliers. In these cases such non-bank sources of finance were shareholders, foreign alliance and expedite sale-andtransfer. Keyword:"
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AUTHOR: Foo, Sing Tien And Razali, Muhammad Najib
TITLE: "Do Islamic Reits Behave Differently From Conventional Reits? – Empirical Evidence From Malaysian Reits " |Refereed|
KEYWORDS: "Islamic REITs, Shariah-Compliant Guidelines, Malaysia REITs, Stochastic Abnormal Return, Time-varying Beta, Spillover Effects"
ABSTRACT: "This study empirically evaluates the dynamic risk and return behavior of Islamic REITs in Malaysia for the sample period from 3 August 2005 to 19 December 2014. Using the time-varying coefficient models, we estimate the stochastic abnormal returns and systematic of Islamic REITs (IREITs) and other conventional REITs listed on Malaysia’s stock exchange and test if the two types of REITs behave differently over the sample period. We subdivide the sample period into three sub-periods to coincide with the three key IREIT events, which include the listing of the first IREIT (Al-Aqar Healthcare REIT), the conversion of the Axis REIT into an IREIT, and also the delisting of an IREIT (Al-Hadharah Boustead REIT), and then compare the means of the stochastic abnormal returns and betas of the IREITs vis-à-vis those of other conventional REITs. We found that IREITs in general have stronger performance in term of the abnormal returns, and they also exhibited some countercyclical attributes during the crisis periods. The systematic risks of IREITs were also lower compared to other conventional REITs. However, the spillover effects of the IREIT events are not conclusive. The findings show that IREITs could offer useful arbitrage opportunities for investors; and the lower betas would help to improve risk diversification if IREITs are added into a portfolio."
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AUTHOR: Nurul Afiqah Ahmad, Janice Lee Yim Mei And Abdul Hamid Mar Ima
TITLE: The Determinants Of Asean Countries' Attractiveness To Foreign Direct Investment In Real Estate |Refereed|
KEYWORDS: "Foreign Direct Investment in Real Estate (FDIRE), ASEAN, Gravity Model"
ABSTRACT: "Foreign direct investment (FDI) is not a new form of investment in ASEAN and over recent years, it has played a significant role inASEAN economic growth. Foreign direct investment in real estate (FDIRE), however, is relatively new to the real estate sector. In a global investment, the competitiveness of a country, and hence its ability to attract and retain investors, is one of the main drivers of sustainable economic development of a country. In order to be more attractive, a particular country has to determine the attractiveness factors driving FDIRE sector. Knowing a country’s FDI attractiveness can help maximize profit and minimize risks for the investing counterpart. Attractiveness of a country can be evaluated through its ability to be profitable, creative and balanced by measuring factors such as accessibility, real estate and financial attractiveness (financial centres and balance of payments). However, appropriate analytical model for attractiveness assessment are required to determine for competing countries in FDIRE. The aim of this study is to determine the attractiveness of FDIRE incorporating real estate, socio-cultural, technological, economic and political (ReSTEP) factors and transaction costs (TC) in ASEAN countries using gravity model from 1999-2010.The gravity model is used to identify the variables which best explain differences between ASEAN countries as hosts to FDIRE. This study considers the basic gravity variables from a theoretical overview based on a literature survey and availability of data. This study uses panel data analysis of bilateral countries of ASEAN-5 (Malaysia, Indonesia, Philippines, Singapore and Thailand) countries as a host country and 11 source countries. The results show that all variables are significant except property prices (PPRICE), real estate transparency (ReTRANS), consumer price index (CPI) and exchange rate (EXC). PPRICE and ReTRANS for real estate factors, while CPI and EXC for economic factors. Therefore, to attract more FDIRE in ASEAN countries, each country should improve their socio-cultural,"
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AUTHOR: Mak Michael Y, Justin Chen-Yi Sun And Fong-Yao Chen
TITLE: Simplicity Of Sustainability: A Taiwanese Approach |Refereed|
KEYWORDS: "Taiwan, sustainability, simplicity approach, Beitou library, Yilan County Hall"
ABSTRACT: "Sustainability is defined as the development that meets the needs of the present without compromising the ability of future generations to meet their own needs. Contemporary, the sustainable development has considered in many areas, such as waste and recycling, energy efficiency, water consumption, building design, emission, indoor environmental quality, alternative transport, landscaping, and management. Most of the modern sustainable buildings aimed to use complicated design and techniques to achieve sustainability, such as renewable energy, energy efficient products, computerized building information management systems (BIMs), automation and optimization controls, water recycling techniques, etc. However, in Taiwan, the Green Building Council uses a different sustainability measurement tools called EEWH (Ecology, Energy saving, Waste reduction and Health) to encourage simplicity of sustainability. This paper will first introduce the four fundamental principles of this approach and its nine measurement indicators. Hence, this paper presents two successful case studies in Taiwan on how they achieved sustainability using simplistic techniques. These case studies are Beitou library in Taipei and Yilan County Hall in Yilan city."
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AUTHOR: Lee Hong Jong
TITLE: "Portfolio Performance Of M-Reits Before, During And After The Global Financial Crisis" |Refereed|
KEYWORDS: "GFC, REITS, portfolio performance, Sharpe ratio, Treynor ratio, Malaysia"
ABSTRACT: "The Global Financial Crisis has directly and indirectly affected the world economy; which caused the value of stock markets to decrease by more than 40% in some countries. In Malaysia, the Kuala Lumpur Composite Index (KLCI) recorded a 45% drop during the Global Financial Crisis period. Real Estate Investment Trusts (REITs) are often regarded as the lower risk investment options compared to the stock markets due to the nature of its structure. The aim of this study is to investigate the effect of the Global Financial Crisis on Malaysia Real Estate Investment Trusts (MREITs) by looking at its portfolio performance from 2005 to 2013. This is done by evaluating Treynor and Sharpe ratio of M-REITs to identify its risk-adjusted return based on either systematic risks only (beta in Treynor ratio) or both systematic and unsystematic risks (standard deviations in Sharpe ratio). The result of this study has suggested that most M-REITs have superior performance and are constantly outperforming the market benchmark, KLCI."
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AUTHOR: Choong Weng Wai And Cham Qiao Wei
TITLE: Preferred Housing Attributes Among Elderly In Malaysia |Refereed|
KEYWORDS: "Elderly Market, Housing Attributes, Preference Study, Conjoint Analysis"
ABSTRACT: "Over the past century, the global ageing population with strong saving and pension fund has increased. In Malaysia, the property developers have targeted the emerging demand from silver-haired market by offering retirement residential. One of the challenges for them are to provide housing feature and environment that favour elderly market. This paper investigates the preferred housing attributes among Malaysian elderly by using choice-based questionnaire and conjoint analysis. Two categories of housing attributes have been investigated, namely dwelling features and environment features. The result reveals that the most preferred housing attributes among elderly in Malaysia are typed of dwelling, price, built up area and the disability convenience features. As for the environmental feature, the most preferred attributes are living convenience, followed by security, amenities in the neighbourhood, building density and public transport. Finally, this study generates preferred profile among the elderly which serve as an important reference for developers in designing and marketing their product to elderly."
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AUTHOR: Nahkies, P.Brent
TITLE: Seismic Retrofitting – Testing Feasibility |Refereed|
KEYWORDS: "Seismic retrofitting, Feasibility analysis, Earthquake-prone buildings"
ABSTRACT: "As a result of the findings and recommendations of the Royal Commission of Inquiry into the Canterbury Earthquake Swarm of 2010-2011 the New Zealand Government has introduced new legislation that will require the mandatory strengthening of all earthquake-prone buildings in New Zealand. An earthquake prone building is currently defined as a building that is less than one third the seismic strength of a new building. If an owner does not wish to strengthen their buildings then they must demolish them. Seismic retrofitting of buildings is a form of property development and as such, the decision to retrofit or not should be based on a robust and soundly conducted feasibility study. Feasibility studies on seismic retrofitting can be particularly challenging for a number of reasons thus making it difficult for owners to make informed and sound decisions relating to their earthquake prone buildings. This paper considers the concept and process of feasibility analysis as applied to earthquake prone buildings and discusses the current challenges posed by such feasibility studies. A number of recommendations are made in an attempt to help develop a best practice model for decision making relating to earthquake prone buildings."
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AUTHOR: Ajayi M.T.A Adama U.J. And Nwose I.A
TITLE: "Urban Poverty; Improving Socio-Economic Status Through Adequate Compensation After Public Acqusition" |Refereed|
KEYWORDS: "Compensation, improvement, cultural values, community values, social economic status."
ABSTRACT: "Public land acquisition in Nigeria is needed for physical development that will be beneficial to the majority of the public. However when this acquisition is done, compensation needs to be paid and is actually being paid. Among the compensable when compulsory acquisition is done are the land, the building and such improvement as agricultural activities. The improvements are of social economic importance which are major sources of livelihood and various compensation being paid on this improvement has being discovered to have reduced the social economic status since the process of assessing is grossly inadequate and has not taken cognizance of the various losses that might have been incurred in the process of the acquisition. Such losses as community value, cultural value coupled with the economic value of which the financial gain is a major which seriously falls below the stipulated expectation in the law backing payment of compensation after public acquisition are never taken into consideration when compensation is being paid. In view of the identified inadequacies a new approach to assessing compensation that will improve the social economic status was therefore suggested."
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AUTHOR: Yuen Meng, Wong
TITLE: Malaysia Reit: First Decade Development And Returns Characteristics |Refereed|
KEYWORDS: "REIT; Malaysia; REIT returns; Interest rate, equity and REIT"
ABSTRACT: "Real estate investment trust (REIT) is a niche alternative investment. Since its introduction in Asia at the turn of the millennium, the REIT market in the region has experienced phenomenal growth. In particular, the Malaysia REIT (M-REIT) market capitalisation has seen a spectacular growth of close to 20 folds from its inception in 2005 until end of 2013. This paper chronicles the development of the M-REIT market vis-a-vis the leading regional REIT markets. M-REIT market is unique as it provides a common platform for the existence of both conventional and Islamic REITs. Empirical tests are also conducted to uncover the returns characteristics of the M-REIT market. M-REIT returns are significantly correlated with domestic stock markets but only weakly correlated with changes in interest rate, with long-term proxy having stronger impact than short-term proxy. The results from correlation analysis are further confirmed by regression testing which shows that M-REIT returns are most significantly driven by domestic stock market returns while only mildly by changes in interest rates and are not significantly driven by returns in regional REIT markets. These findings possibly imply that M-REITs (i) subscribe more to equity characteristics than bonds, (ii) are not ‘pure’ yield-play instruments, (iii) often regarded as long-term investment and (iv) may not be fully integrated with global and regional REIT markets."
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AUTHOR: Lyndall Bryant
TITLE: "Infrastructure Charges And Residential Land Prices In Brisbane, Australia" |Refereed|
KEYWORDS: "Housing Affordability, infrastructure charges, impact fees, house prices, land prices, residential land"
ABSTRACT: "This paper examines the question of whether the imposition of developer infrastructure charges on housing developers affects the price of residential land. Developer paid fees or charges are a commonly used mechanism for local governments to fund new infrastructure as a “user pays” method of funding new urban infrastructure. Some argue these costs are passed back to the original land owner by way of lower land prices. However, property developers claim these charges are added on to new land prices, with flow on negative impact to housing affordability. This paper presents the findings of a hedonic land price model that provides the first empirical evidence that infrastructure charges do increase residential land prices in Brisbane, Australia. This research is consistent with international findings and supports the proposition that developer paid infrastructure charges are overpassed to home buyers and are a significant contributor to reduced housing affordability."
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AUTHOR: Chyi Lin Lee, Simon Stevenson And Ming-Long Lee
TITLE: Low-Frequency Volatility Of Property Securities In Relation To Macroeconomic Risk |Refereed|
KEYWORDS: "Real estate securities, Spline-GARCH, volatility, macroeconomic risk and international"
ABSTRACT: "To explain long-run economic determinants of volatility in international property securities, we utilize the Spline-Generalized Autoregressive Conditional Heteroskedasticity (Spline-GARCH) model of Engle and Rangel (2008) to extract the ‘low-frequency’ volatility component from aggregate volatility shocks in 11 international securitized real estate markets over 1990-2014. The results show that the aggregate volatility of real estate securities can be decomposed into a long-run component (low-frequency) and a short-run component (high-frequency). In addition, the decomposition also allows the high-frequency financial data to be linked to the low-frequency macro data in a fixed-effect pooled regression framework. The analysis also reveals that the low-frequency volatility of real estate securities has strong and positive association with most of the macroeconomic risk proxies, including interest rate, inflation rate, GDP and foreign exchange rate. The property investment implications have also been highlighted."
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AUTHOR: Lucy Cradduck
TITLE: "Professional Indemnity Insurance, Performance And Pre-Emptive Negligence: The Impact Of ‘Non-Claims’" |Refereed|
KEYWORDS: "professional indemnity insurance, negligence, valuation practices"
ABSTRACT: "As part of Australian licensing requirements professional valuers are required to maintain a level of professional indemnity insurance. A core feature of any insurance cover is that the insured has an obligation to notify their insurer of both actual and potential claims. An actual claim clearly will impact upon future policies and premiums paid. Notification of a potential claim, whether or not the notification crystallises into an actual claim, also can have an impact upon the insured’s claims history and premiums. The Global Financial Crisis continues to impact upon business practices and land transactions both directly and indirectly. The Australian valuation profession is not exempt from this impact. One example of this ongoing impact is reflected in a worrying practice engaged in by some financial institutions in respect of their loan portfolios. That is, even though the mortgagor is not in default, some institutions are pre-emptively issuing notices of demand regarding potential losses. Further, in some instances such demands are based only on mass appraisal valuations without specific consideration being given to the individual lot in question. The author examines the impact of this practice for the valuation profession and seeks to provide guidance for the appropriate handling of such demands."
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AUTHOR: Cheng Chin Tiong And Janice Lee Yim Mei
TITLE: The Effectiveness Of Stein Estimator And Semiparametric Methods In Developing Housing Index |Refereed|
KEYWORDS: "housing derivative, housing price index, geospatial data, stein estimator, semiparametric, hedonic model"
ABSTRACT: "The rapid growth of Malaysia’s property leads to transformation of physical property investment into financial products such as housing derivative or home equity insurance. It stimulates the demand of more reliable, accurate, stable and updated index. The instability in calculating housing index is unfavourable to the development of markets for housing derivatives. Previous researcher claimed that most of the researchers using geospatial data to model housing market rather than development of housing index and the official housing index that included geospatial data in hedonic price index are limited such as FNC Residential Price Index and RPData-Rismark Daily Home Value Index. Therefore, it is important to explore the role of spatial model in developing housing index since it had increased the reliability in predicting house price according to few researchers. Two regressions modelling techniques such as stein estimator and semiparametric methods will be investigated in order to yield a consistent housing index since it can enhance the predictive power in property value by using hedonic model. The study area will focus on double storey terrace houses located in Plentong, Johor Bahru, Malaysia. The first objective is to explore the effectiveness of geocoded data (longitude, latitude) in hedonic model to produce housing index. The second objective is to identify the enhancement of hedonic model by using stein estimator and semiparametric methods in developing housing index. This study found that stein estimator could enhance the development of housing index in the level of index revision and mean squared error."
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AUTHOR: Mona Isa, Ibrahim Sipan, Ting Kien Hwa And Megat Mohamed Ghazali
TITLE: Rationalising The Potential Of Green Office Building Investments In Malaysia |Refereed|
KEYWORDS: "green office attributes, green office building, return on investment"
ABSTRACT: "This study was conducted in response to the percieved lack of research carried out in the area of green office building investments in Malaysia. This situation can be attributed to the fact that green office buildings are relatively new, as such evidence on the investment return from these properties are very limited. Many investors have yet to see and realise the benefits and returns on investing in such investments. Due to the issue at hand, 394 questionnaires were distributed to office investors regarding the perception on the importance of return on investment (ROI) for green office buildings, with the aim to rationalise the potential of investing in such investment. The findings reveal that institutional investors, property developers and private individuals perceive the cost saving factor as the most important factor when investing in green office buildings."
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AUTHOR: Judith Callanan
TITLE: Removal Of Stigma: Impact On Property Values |Refereed|
KEYWORDS: "NIMBY, High Voltage Transmission Lines, stigma, impact on value"
ABSTRACT: "This paper determines the impact, stigma has on property values and how long the stigma remains after the Not in My Back Yard (NIMBY) structure has been removed. A quantitative analysis was undertaken, using a high voltage overhead transmission line (HVOTL) case study, to determine the effect on property values prior and post removal of the NIMBY structure. A repeat sales index in conjunction with the regression analysis determined the length of time; the stigma remained after removal of the NIMBY structure. The results show that while the NIMBY is in place the impact on value is confined to those properties in close proximity. This is in contradiction to the findings, where on removal of the NIMBY the property values of the whole neighbourhood improves with the stigma remaining for 3 to 4 years."
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AUTHOR: Woon Weng Wong And Ashton De Silva
TITLE: House Price Convergence: A Melbourne Case Study? |Refereed|
KEYWORDS: "Convergence, Australian house prices, Housing cycles, Affordability, Repeat Sales Index, Price tiers"
ABSTRACT: "This study explores patterns of convergence/divergence in Australian house prices across four price tiers of the Melbourne metropolitan housing market. The data covers a 20 year period (1990-2010) that spans two housing cycles. To derive a measure of house price appreciation, the research methodology divided houses into four tiers based on price and then apply the Case-Shiller Weighted Repeat Sales (WRS) Index, which contains a Generalised Least Squares (GLS) correction for periods of heteroscedasticity. The results showed that during periods of slow growth in the housing market, there are no discernible patterns of divergence between houses in low and high priced tiers. However, during periods of strong growth, houses in the lowest tier experience lower rates of capital appreciation than houses in other tiers, so the gap between low and high priced houses increased."
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AUTHOR: Steven Boyd
TITLE: Re-Feasibility: Designing A Mobile Application For Initiating Feasibility Analysis |Refereed|
KEYWORDS: "design science, feasibility study, functional knowledge, mobile application, constructivism"
ABSTRACT: "Feasibility applications for mobile devices may provide consultants and aspiring developers with an appropriate tool to make informed decisions regarding the pursuit of a development proposal. Furthermore, through testing numerous proposals and witnessing the resultant returns in real-time, users of the applications may even employ a higher level of cognitive activity and enhance their functioning learning of how feasibility analysis works. While some feasibility applications for mobile devices are available a problem relates to the selection or procurement of an appropriate feasibility application, one which is robust and accurate, reflects the practice of the industry and is transparent in a manner where the financial workings of the model may be evaluated. This research relates to the design and development of a mobile application to enable prospective developers to efficiently assess the feasibility of a proposed project and enhance their learning of feasibility analysis. The project utilises principles and processes of design science, a novel approach in the property discipline, although a soundly based method in Information Technology. The ultimate aim of the research is to create a ‘purposeful…artefact created to address an important organisational problem…, described effectively, enabling its implementation and application in an appropriate domain’ (Hevner et al 2004, p.80). This paper presents a review of published research into feasibility studies, and the related emergent technologies, standards, guidance notes and information papers, to define the organisational problem. With the problem defined and product scoped, design science is applied as a problem solving paradigm, to extend human and organizational capabilities by creating a new and innovative artefact. The Real Estate Feasibility (REFeasibility) application designed and developed by the author is available through Apple’s App[lication] store."
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AUTHOR: Steven Boyd
TITLE: Learning Outcomes And Opportunities In Property Education Through Constructive Alignment |Refereed|
KEYWORDS: "constructivism, property education, learning outcomes, constructive alignment"
ABSTRACT: "Active learning, through problem-based learning activities, compels non-academic students to employ a higher level cognitive activity, making them learn more like their academic counterparts. In turn this less passive approach to learning is said to lead to good teaching where students use the level of cognitive processes needed to achieve the intended outcomes that more academic students use spontaneously. The active approach to learning and teaching is not without criticism, in particular the supportive theory underlines the idea that knowledge is not transmitted to the student, but rather constructed through activity or social interaction. From an objectivist perspective the lack of direction, or control in the activity or social interaction, leads to academic chaos. Similarly, a conflict exists in property education with some stakeholders prescribing the coverage and retention of knowledge as paramount. While other stakeholders underscore the value of students undertaking less formative activities to develop knowledge through their experience of successes and failures. This research considers the application of learning activities from other disciplines to activate learning in a property program. Constructive alignment is applied as the outcomes based conceptual framework for reflecting on the relevance of existing and emergent problem-based learning activities and assessment. This paper presents a review of extant research into the learning theory, as it applies to property education practice in Australian property programs. Through systematically defining and then aligning intended"
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AUTHOR: Mike Hefferan
TITLE: Changing Dynamics – Pastoral And Remote Property Assessment In Australia |Refereed|
KEYWORDS: "Pastoral sector, Changing market, Valuation approach, Valuers General, Valuer education, Australia"
ABSTRACT: "Historically both the pastoral industry in Australia and the valuation of its property resources were fairly predictable. ‘Carrying capacities’ and ‘beast area values’ were generally agreed, land and stock management was often fairly rudimentary, and almost all stock were sold and processed onshore. In recent decades however, the sector has changed dramatically, with much more sophisticated land and stock management and with the industry as a whole more focussed on the live export trade. This has affected the whole nature of production and, with that, changes in productivity and value of land resources. Correspondingly, as with all property sectors, there is an ongoing need for the assessment of asset value for a range of purposes including taxation, rental determinations, finance, sales and acquisition, corporate reporting and others. During recent decades too, the manner in which these valuations have been carried out both by government and private sector professionals has also evolved considerably. These included changes in the number and location of valuers available to carry out this specialist work and how that group is being supported with new databases providing improved geographic, market, production and scientific information. Whereas theories and methodologies of these types of assessments remain fundamentally sound, their application must now be cognisant of the changed economic and market realities. This paper summarises the current and emerging challenges and opportunities for the accurate assessment of property values in this sector across Australia. It follows on from reviews of relevant literature, from meetings held in Darwin, Northern Territory in mid-2014 with all Australian and New Zealand Valuers General and key stakeholder interviews from public and private valuation practitioners. It concludes that there are unique issues that relate to the carrying out of such assessments in the contemporary environment. It also identifies some specific actions that government (through the Valuers General), accredited universities and the wider valuation profession can undertake to ensure that this professional service which is vital to the sector continues to be provided in a competent and professional way in the future."
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AUTHOR: Markus Surmann, Jens Hirsch, Marcelo Cajias And Sven Bienert
TITLE: Energy Efficient And The Behavioral Response Of Occupants – Evidence From European Office Buildings |Refereed|
KEYWORDS: "Sustainable Real Estate, Energy Efficiency, Behavioural Real Estate, Carbon Emissions, Hedonic Effects."
ABSTRACT: "Energy consumption in office buildings is determined by the fixed building characteristics such as location, size, building fabric and age, but also to a great extent by the behavioural response of their occupants. Within the European Union office buildings became subject to more stringent energy efficiency regulation for new construction or major refurbishment over the last years – expected to reduce energy consumption and carbon emissions significantly. This research study determines the influence of physical building characteristics and the behavioural response by occupants on the actual energy consumption. The authors hypothesise a behavioural response of occupants being negatively related to energy savings. A unique data sample of the Green Rating Alliance (GRA) is tested to provide empirical evidence when applying hedonic regression models for actual energy consumption and intrinsic energy assessment. The results highlight the behavioural response by occupants accounting for a tremendous gap in the energy consumption between single and multi-tenant office buildings. Furthermore, a higher consumption associated with total or major refurbishment in a margin between 17.5% up to 21.7% is investigated. The study proves the existence of a ""rebound effect"" inherent in the European office markets for total or major refurbishment, thus contradicting the expectation of potential energy saving associated with refurbishment. All above, for the tested portfolio total or major refurbishment is identified to contribute to a negative impact on climate change."
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AUTHOR: Peddy, Pi-Ying Lai And Yu-Shen Lin
TITLE: The Utilizable And Sustainable Strategy Of Coastal Land In Taiwan |Refereed|
KEYWORDS: "coastal land, climate change, protection policy, sustainable development, fuzzy analytic hierarchy process"
ABSTRACT: "All countries are addressing the drastic climate changes as high priority issues. The impact of climate change on coastal land use in Taiwan has been especially severe due to the country’s long coastline. As such, developing strategies to promote the protection of coastal land is critical for the sustainable development of the land. At present, even though the central government has developed the relevant adaptation strategies and implementation plans in response to climate change. Due to the limited resources, determining which protection strategy should be implemented as a top priority will require a strategic evaluation for planning and reference purposes. While most of the existing literature on coastal land use has been focused on the establishment of a vulnerability index along with an analysis of adaptation strategies very little of the existing literature discusses research that has been conducted in relation to an in-depth analysis of climate change and coastal land use. Therefore, this study uses the fuzzy analytic hierarchy process to conduct an exploration of coastal land use and protection strategy. The study compiled the literature and related data to establish five major assessment dimensions and 16 protection strategy evaluation indicators. After the empirical investigation and analysis, the findings demonstrated that the designation of coastal conservation areas is the most important aspect in terms of strategies to protect coastal land, followed by land subsidence control and the establishment of land disaster warning systems."
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AUTHOR: Jay Chauhan And Michael Y. Mak
TITLE: The Primary Indicators Of Median Residential Property Prices In Sydney Nsw: A Correlation Analysis
KEYWORDS: "Sydney property, correlation coefficient, primary indicators, median price"
ABSTRACT: "Since 2011, Sydney has experienced strong growth in residential property prices. There have been mixed opinions in the media as to whether the price surge is likely to continue or decline citing different indicators. This paper identified six primary indicators that most property professionals and economists commonly referred to when they forecasting the property market. These six primary indicators are: unemployment, population, new dwelling approvals, interest rates, proportion of non-first home buyers, and price-to-income ratio. This paper examines these six primary indicators over a long term time period from 1990 to 2014 in order to establish strengths of relationships between the indicators and median price using correlation coefficient calculation. The relationship between these six primary indicators and property price are first reviewed. Hence, a correlation analysis is performed for each primary indicator against the median residential property prices for single dwellings in Sydney NSW. The strongest correlated primary indicators are found to be population and price-to-income ratio. The weakest correlated primary indicator is found to be unemployment rates. In addition, the results also found that the primary indicator of price-to-income ratios may help in predicting property price ceilings. The participation rate of non-first home buyers was negatively correlated during both price boom periods and price decline periods. Furthermore, the consistency and strength of correlation coefficient values for indicators for the boom period in 2000 -2004 are very similar to the current boom."
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AUTHOR: Roslan Talib A. Ghafar Ahmad, Mohd Zailan Sulieman And David Boyd
TITLE: Classification Of Factors Contributing To Roof Leaking On Malaysia Heritage Buildings Focusing On Concrete Flat Roof And Metal Roofing |Refereed|
KEYWORDS: leakage syndrome; Heritage; building; maintenance; defects; Malaysia
ABSTRACT: "The purpose of this paper is to share the findings on the typical problems facing the heritage or old buildings in term of the problem of building leakage scenario in Malaysia. From the problem finding exercise, the paper tabulate lists of potential solutions best practiced by the local waterproofing implementer. It is important for the reader to take advantage on the information of the extensive list of the real case studies pertaining to the building leakage syndrome typically happened focusing on the concrete flat roof as well as the metal roofing for the selected heritage structures within this hot and humid tropical climate. The good thing about this paper is that all the case studies are derived from the real selected projects done by the associated building maintenance contractor for the last 20 years. By identifying the possible factors that cause the leakage, one can take early steps to prevent the same defects form repeating thus saves a lot of money! From the finding analysis, this paper also giving the formulation ideas that can be used for creating a framework to prevent or minimize the building leakage syndrome from happening again. As the old buildings or the buildings that old enough to be considered worth to keep are becoming more valuable to either the central Government or the local council; the analysis from this paper may give some meaningful tabulation on how to maintain these heritage buildings from leakage problem especially from the roof seepage thus make the property much more valuable to the owner and may give profit to the locality as well."
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AUTHOR: Leong Boon Tik And Abdul Rashid Abdul Aziz
TITLE: Gfc Impact On Real Estate Investment Funds (Reits) In Malaysia |Refereed|
KEYWORDS: "GFC, REITs, Malaysia"
ABSTRACT: "Real Estate Investment Trust (REIT) is categorised as income stock rather than growth stock. Growth stock generally provides substantial returns on capital whereas income stock will pay higher dividends. REITs which provide steady dividends income are targeted by long term investors with a moderate risk appetite such as insurance companies, pension funds or unit trusts. The recent Global Financial Crisis (GFC) has impacted the Malaysian stock market as a whole, with the Kuala Lumpur Composite Index (KLCI) recording a 45% drop from January 2008 to Oct 2008. The impact of this financial crisis on the economy provides an opportunity to examine the financial performance of MREITs throughout this period of market turbulence. The aim of this paper is to characterise the impact of 2008 GFC on the financial performance of Malaysian-REITs (M-REITs), particularly Islamic REIT and conventional REITs. Financial analysis was conducted to M-REITs from year 2007 to 2012. Three financial measures, three financial ratios and two investment measures were examined to characterise the financial performance of M-REITs. In general, the results indicate that Islamic REITs outperforms conventional REITs in term of growth of net assets value, share price and market capitalisation but underperforms in terms of efficiency and distribution yield. Islamic REITs perform more like a growth stock compared to conventional REITs whereas conventional REITs are better income stocks compare to Islamic REITs. These findings have contributed to wider understanding of the performance of M-REITs during a period of market turbulence."
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AUTHOR: Philip Davenport, Michael C. Brand And Jinu Kim
TITLE: An Analysis Of The Amendments Introduced By The Building And Construction Industry Security Of Payment Amendment Act 2013 (Nsw) |Refereed|
KEYWORDS: "Adjudication, Australia, insolvency, New South Wales, security of payment."
ABSTRACT: "The purpose of this paper is to give a background to the security of payment problem in the New South Wales construction industry and the problem of insolvency giving rise to the Building and Construction Industry Security of Payment Amendment Act 2013 (NSW) (‘2013 Amendment Act’). The paper explains and analyses the operation of the 2013 Amendment Act and considers the implications for construction industry stakeholders in NSW and for adjudicators. A review of the relevant literature was undertaken on the security of payment problem in the NSW construction industry and the problem of insolvency giving rise to the 2013 Amendment Act. The research focused on the NSW Government’s independent inquiry into construction industry insolvency in NSW (‘the Collins Inquiry’), which considered what legislative response (if any) could be taken to minimise the incidence and impact of insolvency in the construction industry. The Collins Inquiry reported that to protect subcontractors in the event of insolvency of the party whose obligation it is to pay them, the Government should amend the NSW Act to provide for statutory construction trusts. The study found that the Amendment Act is likely to make it more difficult than ever for subcontractors to obtain prompt payment for their work and that the amendments introduced are likely to have little (if any) positive impression on minimising the financial impact of insolvency on subcontractors in the NSW construction industry. This analysis of the 2013 Amendment Act may be of interest in international jurisdictions where statutory adjudication for the construction industry has been introduced or is being contemplated."
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AUTHOR: Abdul Rahman Mohd Nasir And Chris Eves
TITLE: The Needs For Standardisation Of Plant And Machinery Valuation Practices In Malaysia |Refereed|
KEYWORDS: "Plant and machinery, plant and machinery valuation, best practices, plant and machinery valuation concept and process, plant and machinery valuation application."
ABSTRACT: "This paper investigates the international best practices of plant and machinery valuation and to establish the common valuation concept, awareness and application of valuation methodology and valuation process for plant and machinery valuation in Malaysia. Using a qualitative approach, the content analyses were conducted from the international practices and current Malaysian implementation of plant and machinery valuation. A quantitative approach, via questionnaire, was distributed amongst the registered and probationary valuers in Malaysia to investigate their understanding and opinion relating to plant and machinery valuation based on their current practices. The significance of this research is the identification of international plant and machinery practices and the understanding of current practices of plant and machinery valuation in Malaysia. It found the main issues impacting on plant and machinery valuation practices in Malaysia are the limited numbers of resources available either from scholars or practitioners. This is supported by the findings from the research survey which indicates that there are immediate needs for practical notes or guidelines to be developed and implemented to support the Malaysian valuers practising plant and machinery valuation. This move will lead to a better understanding of plant and machinery valuation, reducing discrepancies in the valuation of plant and machinery and increased accuracy among practising valuers."
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AUTHOR: Pamela Wardner
TITLE: "Community Reaction To Establishing A Greenbelt: An Example Of South-East Queensland, Australia" |Refereed|
KEYWORDS: "greenbelt, community reaction, South-east Queensland, Australia, inter-urban break"
ABSTRACT: "One of the purposes of the concept of greenbelts is to contain urban sprawl from infringing onto rural areas. However, what if the adjoining suburb past the ‘green’ area is also a growing urban area? Without purposive action by the community, compromises may be created and urban encroachment occurs – slowly and marginally at first, until a seamless divide is the result. The South-east Queensland planning scheme is under review in 2014. Two large parcels of undeveloped land totalling approximately 6,400 hectares are under consideration to be included in the long term plan for urban development between two peri-urban regions. The implications of this decision expand further to those parcels alone but extend to the future use of the neighbouring pine tree plantations. Community inputs and consultations are important considerations for any public policy legislation without which can be criticised as being unduly influenced for economic gain by critics. Therefore this research investigates the level of awareness and knowledge about the geographical areas and whether there is an opportunity to consider a more permanent solution to urban sprawl such as a legislated greenbelt area. A community awareness telephone survey gathered the responses of 400 individuals from a list of 4500 contacts located in the surrounding areas. The results of the survey show that the community appears to be in favour of an inter-urban break (greenbelt) and are willing to be involved in further investigations that define such an area, its management and use into the future. The findings of this research provide an evidence-base to the Australian policy cycle for urban planning."
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AUTHOR: Zhou Yu, Wang Libin And Yang Dan
TITLE: Effects Of Land Leverage And Real Estate Investment Demand On Housing Price Volatility: Evidence From China’S 35 Large And Medium Cities
ABSTRACT: "The paper uses monthly data from year 2005 to 2012 of China ’s 35 large and medium cities, constructs a housing price volatility (measured by the standard deviation of the real growth rate of housing price index) model, to investigate the positive effects of land leverage and real estate investment demand on housing price volatility. We also found that housing price volatility is affected by macroeconomic policies in different periods (time effect), and is affected by regional heterogeneity (regional effect). Keywords: housing price volatility; land leverage; real estate investment demand"
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AUTHOR: Zhou Yu, Zhang Jun And Xiao Liya
TITLE: The Regional Effect Of Commodity Housing Price On Urban Residents’ Income Gap
KEYWORDS: "commodity housing price, urban residents’ income gap, regional effect"
ABSTRACT: "Abstract: This paper uses a panel data from China 31 provinces during the period of year 2000 and 2011 to investigate the regional effect of commodity housing price on urban residents’ income gap. We found that the main drive of positive effect comes from the western provinces, while there is no significant effect among eastern areas. Effect in the central region is statistically significant, but not from the economic perspective."
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TITLE: Individual Housing Price Dynamics:Evidence From The American Housing Survey
KEYWORDS: "individual housing price, auto regression and mean reversion, AHS"
ABSTRACT: "Unlike most previous researches using macroscopic data, this work investigates the price dynamics of individual housing. The American Housing Survey (AHS) 1985-2009 data is applied to a two-step procedure in which the AHS-recorded individual homeowner’s self-reported house evaluation is proxied for that house’s unobserved market price. In the first step, a hedonic is estimated in each AHS survey year to calculate the market average evaluation for each house in that year. Then the deviation of observed individual housing price from its calculated market average evaluation is established. In the second step, an auto regression and mean reversion (ARMR) dynamic panel data model is applied to the individual housing price sequence. We confirm that individual housing price has significant auto regression and mean reversion property. Further research on this topic can lead players on the real estate market to understand more thoroughly the law of individual property’s pricing."
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AUTHOR: Woei Chyuan, Wong, Pooi Leng, Ng, Janice Y. M., Lee And Md Nasir Daud
TITLE: Estimating The Apartment Foreclosure Discount In Kuala Lumpur |Refereed|
KEYWORDS: "Auction sales, Auctioned properties, Private negotiated sales, Stigma effect, Foreclosure discount"
ABSTRACT: "This paper examines the price differential between properties traded in the auction market and private negotiated market. With the exception of anecdotal information which suggests that auctioned or foreclosed properties in Malaysia tend to be sold at a deep discount, no study has thus far attempted to quantify this foreclosure discount. We uncover this question by examining listing price of apartment properties in Kuala Lumpur during 2009-2014. For each of the auctioned apartment in our sample, we match it with comparable non-auctioned apartment located in the same building block. This matching strategy essential net out the locational and neighbourhood characteristics of the properties, thus, allowing us to attribute the price differential to the “stigma effect” associated with auctioned or foreclosed properties. We document that auctioned apartments are listed at a discount of 34% as compared to apartments listed in the private negotiated market."
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AUTHOR: Xin Janet Ge
TITLE: Measurement Of House Price Bubbles: A Case In Sydney |Refereed|
KEYWORDS: "House prices, bubble, price to income ratio, price to rent ratio, and Sydney"
ABSTRACT: "Recent debates have been focusing on whether there is a housing-price bubble in Sydney. The Median Multiple (median house price divided by gross annual median household income) for Sydney is nine times, compared to 6.2 times in New York and 7.3 times in London (Demographia, 2014). The median price of an established home in Sydney has now reached $811,837, i.e., 17 per cent increase in the year to June 2014 (APM, 2014). A US economist and demographer (Dent, 2014), predicts that Australia’s property prices could drop by as much as 50 percent in the coming years. In contrast, others believe that the Sydney housing price will not fall dramatically. Real estate markets play an important role in the overall economy. The unsustainable housing prices greatly impact on the banking industry, distort consumer confidence and induce collapse or instability into the normal economic activities. Changes in housing prices are caused by the fundamental factors of demand and supply. An unsustainable bubble exists when ‘fundamental’ factors do not seem to be justified; i.e., the high prices today are caused by investors who believe that the selling price is higher tomorrow. This research analyses the Sydney housing price performances over the last ten years and compares the local rentals and income to detect indicators which lead to overheating in the housing market. The analysis will contribute to the prediction of house price trends for the future and assist government to formula relevant housing policies."
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AUTHOR: Connie Susilawati
TITLE: Blended Learning Extension In Global Collaborative Learning |Refereed|
KEYWORDS: "blended learning, student engagement, professional based learning, virtual learning, work integrated learning"
ABSTRACT: "The advancement of technology and the internet have created global collaborative learning opportunities and changed learning and teaching in any discipline around the world, including in developing countries. The availability of webbased resources and high-speed internet infrastructure has extended the opportunities to conduct blended learning and new ways of distance learning beyond virtual class room webinars. The aim of this exploratory paper is to review the challenges and opportunities for increasing student engagement in virtual learning. A reflective analysis of international collaborative learning case studies, published articles and practices in virtual learning is used to explore the extension of blended learning organised and participated by institutions from multiple countries. The lessons learnt from flexible learning delivery in professional practice courses in Property Education are used to evaluate potential extensions of blended learning implementation in a global context."
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AUTHOR: Li Meng, Rita Yi Man Li, Xiaodong Huang And Jian Zuo
TITLE: Sustainable Housing In Metropolitan Adelaide: A Study On Residents’ Perception |Refereed|
KEYWORDS: "sustainable housing, apartment, detached house, resident’s perception, Adelaide"
ABSTRACT: "The design, location and materials of housings affect its sustainable operation performance. The South Australian government in recent times has promoted middle to high_ rise apartments in preference to the traditional detached house style in metropolitan Adelaide to minimise household energy consumption. Nevertheless, change in style has limited success and there is a lack of sufficient information for policy makers and residents to implement. This paper studies the perception of the public and provides three different scales to explain the pros and cons of these two types of house style. The results show that middle to high_rise apartments should be encouraged. It concludes that it is important for us to consider using energy efficient materials to build apartments, locating apartments near public transport nodes, and providing sufficient services such as shops and schools."
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AUTHOR: Chia Fah Choy, Martin Skitmore, And Felicia Yong Yan Yan
TITLE: Total Factor Productivity In The Malaysian Construction Sector |Refereed|
KEYWORDS: "Total Factor Productivity, Construction Sector, Malaysia"
ABSTRACT: "Total Factor Productivity (TFP) is regarded as a measure of degree of technological advancement associated with economic growth. According to the 10th Malaysia Plan (2011-2015), Malaysia aims to achieve an average GDP growth of 6% where 38.5% of the growth will come from TFP, 37.5% from capital and the remaining 24% from labour. Data from the past three years shows that the country managed to achieve an average GDP growth of only 5.1% where capital input remained the biggest contributor with a 58% share, followed by labour with 22.2%. TFP is the smallest contributor to GDP growth, at 19.7%. Only sporadic information on TFP is available which had caused difficulty in comparative study. This paper adopted Solow Model to generated TFP series of Malaysian Construction Sector between years 1988 and 2013. Lending to the construction sector by banking system is used as proxy for capital input and number of construction employment as labour input. The overall result indicates a falling trend of TFP for the period of 1989-1998 and rising trend of 1998-2012. The growth of construction sector in 1989-1998 period is fuelled by capital injection, however for the period of 1998-2012 is a period witnessed by adoption of more advanced building practices and systems such as GBI, IBS and BIM in the construction sector."
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AUTHOR: Aina Edayu Ahmad And Md Nasir Daud
TITLE: Examining A Model For Kuala Lumpur Office Price Index (Kl-Opi) |Refereed|
KEYWORDS: "Chained, Conventional, Hedonic, Kuala Lumpur, Laspeyres, Signal-to-Noise Ratio"
ABSTRACT: "Commercial property index is important and has featured as one of the critical elements in the IMF Financial Soundness Indicators. Despite its importance, a commercial property price indicator has remained practically non-existent in Malaysia. Towards addressing this gap, we engineered a study to investigate the construction of a workable office performance index for Kuala Lumpur. This study has capitalized on the transactions database available in the National Property Information Centre (NAPIC). To this end, this study utilizes a database of 3,247 transactions of office lots in purpose-built office buildings in Kuala Lumpur from year 2006 to 2011 to evaluate the feasibility of developing Kuala Lumpur Office Price Index (KL-OPI). We employed transactions-based methodology, specifically the Hedonic technique on the basis of attributes availability. In addition, the familiarity of the market with Hedonic technique, as employed in Malaysian House Price Index (MHPI) and Purpose-Built Office Rental Index (PBO-RI) emphasized further the practicality of employing the technique for KL-OPI. In addition, we decide to employ three Hedonic Price Models, as adapted from earlier works of similar nature, namely the Conventional Hedonic Price Model, Laspeyres Time-Varying Hedonic Price Model and Chained Time-Varying Hedonic Price Model in arriving at KL-OPI price model. We went further to evaluate the level of precision of each of these models using the signal-to-noise ratio. Our study shows that it is feasible to develop KL-OPI. In terms of the model, the Conventional Hedonic Price Model produced the best precision performance and thus is deemed as the most appropriate model to employ for KL-OPI."
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AUTHOR: Lee Hong Jong And Leong Boon Tik
TITLE: "Portfolio Performance Of M-Reits Before, During And After The Global Financial Crisis" |Refereed|
KEYWORDS: "GFC, REITS, portfolio performance, Sharpe ratio, Treynor ratio, Malaysia"
ABSTRACT: "The Global Financial Crisis has directly and indirectly affected the world economy; which caused the value of stock markets to decrease by more than 40% in some countries. In Malaysia, the Kuala Lumpur Composite Index (KLCI) recorded a 45% drop during the Global Financial Crisis period. Real Estate Investment Trusts (REITs) are often regarded as the lower risk investment options compared to the stock markets due to the nature of its structure. The aim of this study is to investigate the effect of the Global Financial Crisis on Malaysia Real Estate Investment Trusts (MREITs) by looking at its portfolio performance from 2005 to 2013. This is done by evaluating Treynor and Sharpe ratio of M-REITs to identify its risk-adjusted return based on either systematic risks only (beta in Treynor ratio) or both systematic and unsystematic risks (standard deviations in Sharpe ratio). The result of this study will give an overall idea on the portfolio performance of M-REITs before, during and after the Global Financial Crisis."
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AUTHOR: Hera Antoniades
TITLE: The Ethical Considerations For Occupational Licensing In Property – Why Is White Collar Crime On The Increase? |Refereed|
KEYWORDS: "Ethics, Occupational Licensing, White Collar Crime"
ABSTRACT: "There are various property agency laws and code of ethics which provide appropriate standards of behaviour for the property agent. The property agent is placed in a position of trust and there is a general expectancy from the consumer that the agent will act in a diligent and professional manner. However, there are many instances where consumers have lodged complaints against their dealings with real estate agents, and in recent times the consumer complaints have continued to increase. These complaints include non-disclosure of a vested interest, misrepresentation, unethical conduct and fraud. Therefore, the aim of this research is to analyse selected court cases with regards to white collar crime. The purpose of the research is to obtain an understanding of the mechanisms involved in the increase for white collar crime and if any preventative measures can be implemented to lessen the impact for the consumer."
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AUTHOR: Olusegun Olaopin Olanrele, Rosli Bin Said And Md Nasir Bin Daud
TITLE: N-Reit Performance In The Face Of Index Comparison |Refereed|
KEYWORDS: "REIT, Capitalisation, Index, Performance, Benchmark, Risk Adjusted Return"
ABSTRACT: "REIT performance can be measured through Index construction comparison and benchmark among many methods. This paper appraise the performance of Nigeria REIT (N-REIT) using the Nigerian Stock Market All Share Index (ASI) as benchmark. A sectorial Index was constructed and plotted against the set benchmark (ASI) and the risk adjustment returns were assessed and compared. The study adopted a quantitative analysis of financial data relating to stock market transaction and trading on REIT shares in the trading floor of the Nigerian Stock Exchange over the period July 2010 to June 2014 for the construction of weekly index. N-REIT Index construction follows the All Share Index calculation of the Nigerian stock market using weighted methodology. The study found that Nigeria REIT Index exhibited a near constant value lower than the All Share Index reflecting an underperformance in the risk adjusted return. N-REIT is also found to be a low capitalised REIT and experienced decline in terms of capitalisation. N-REIT contributes an insignificant value of between 0.11% - 0.25% to the market capitalisation within the period and have no effect on the All Share Index. While the All Share Index exhibited good components of time series data, N-REIT index present a no trading situation (constant value) over the period of study."
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AUTHOR: A. Osmadi And P. O. Akanni
TITLE: Influence Of Trust Attributes In Subcontractors’ Selection In Southwestern Nigeria
KEYWORDS: Influence; Trust; Subcontractors; Selection; Southwestern Nigeria
ABSTRACT: "Trust has an important role in project and construction management industry, the success of the project will depend upon many factors in which trust is crucial because it enhance the relationship between client and employee, it increases the productivity and helps to maintain qualities of work done during the construction stage. This study aims to conceptualise the trust attributes influencing the decisions of main contractor, clients and consultants in the selection of trade specialist subcontractors in southwestern Nigeria. Toward this aim, sixteen trust attributes were identified, grouped into four clusters and developed into a questionnaire. The study finds that the trust attributes in the integrity and operation clusters were the most influencing attributes in the selection process. Perhaps the reported problem of the use of incompetent subcontractors which on several occasions had contributed to building failure in Nigeria could be responsible for the high emphasis on these clusters. The study concluded that one of the prevailing values that should influence the selection of subcontractors are the requirements of trustworthiness in the construction operation and the need for integrity in collaborating. This will encourage parties to adopt higher technical standards, and achieve improved ethical performance in all their dealings which in turn has the potential to produce an improvement in the ethical climate of the construction industry."
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AUTHOR: Nurul Nabila Sulaiman, Mohd Lizam Mohd Diah, Ahmad Kaseri Ramin And Abdul Jalil Omar
TITLE: Corporate Real Estate Performance In Malaysian Public Listed Companies |Refereed|
KEYWORDS: "Corporate Real Estate performance, Company performance, Malaysian Public Listed Companies"
ABSTRACT: "Trading and services, consumer products and industrial products are sectors in Bursa Malaysia that is considered as Corporate Real Estate (CRE) companies. This paper is going to discuss the impact of CRE performance on company performance in Malaysian public listed companies. CRE performance indicators used are Corporate Real Estate Ratio (CRER), Return on Property and Plant (ROPP), Property and Plant over Book Value (PP/BV) and Property and Plant over Market Value (PP/MV). While, indicators used for measuring company performance is Return on Equity (ROE) and Earnings Before Interest and Taxes (EBIT). Panel data analysis was used to get the results across the entities in this study. The results of the study show that only CRER and PP/BV have significant impacts on company’s ROE. Therefore, the results indicate that the high intensity of corporate real estate in a company contribute to the increment of company overall performance."
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AUTHOR: E. O. Thontteh And M. M. Omirin
TITLE: Land Registration Within The Framework Of Land Administration Reform In Lagos State |Refereed|
KEYWORDS: "Challenges, EDMS, Effectiveness, Land, Title registration"
ABSTRACT: "This study has identified certain key features of the current land registration system which addresses the effectiveness of Electronic Document Management System (EDMS) in land registration. The study used both qualitative and quantitative data. Population for the study includes Lagos land title registration officials, practicing firms of Lawyers and Estate Surveyors and Valuers out of which the sample size was systematically drawn. The study employed descriptive statistics, mean item score and factor analysis to isolate critical factors germane to title registration. The paper concluded that EDMS has not aided land dispute reduction neither has it increased number of applications processed nor increased revenue generated. However it has improved public confidence in transactions, centralized and consolidated file storage and facilitated availability of on-line document search and retrieval system at the registry. It has also reduced waiting time for obtaining information on land matters and improved managerial efficiency was identified as its strength. Furthermore, three critical problems of land registration were identified. These include lack of institutional framework, high land charges, high cost of registration and inadequacy of technical skills /competent staff. The paper concludes that there is need for all stakeholders in land administration to make a concerted effort towards surmounting the identified challenges."
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AUTHOR: Soon Lam Tatt, Michelle Ng Po Yi And Ang Fuey Lin
TITLE: Factors Affecting Prices Of Condominiums Nearby Developing Mrt Stations In Kuala Lumpur |Refereed|
KEYWORDS: "hedonic regression, condominium, property price, structure factors, location factors, MRT"
ABSTRACT: "This paper studies the factors affecting prices of condominiums nearby developing Mass Rapid Transit (MRT) stations in Kuala Lumpur by using hedonic regression analysis. Other than MRT development, the condominium property prices are characterised by number of factors including structure factors and location factors such as floor area, unit floor, and public transports etc. Therefore, structure factors, locational and neighbourhood factors as well as other influences on condominium property prices have been analysed in this paper by using multiple linear regression. Total 377 condominium transaction price data from year 2010 to 2013 were collected from Valuation and Property Services Department (JPPH). The result indicated that floor area, mall, hospital, main road, highway, school, unit floor, park and MRT are significantly affecting condominium property prices in Kuala Lumpur, Malaysia. The findings of this paper can lead to the analysis of property value as well as other price model in other fields of study."
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AUTHOR: Jian Liang And Zhi Dong
TITLE: Interaction Between And Within Earnings Management Measurements Used By Reits |Refereed|
KEYWORDS: "Real Estate Investment Trusts, accrual earnings management, real earnings management, GMM"
ABSTRACT: "This is an empirical study investigating how various accrual and real earnings management (EM) measurements of Real Estate Investment Trusts (REITs) interact with each other and themselves in last accounting period. This research is based on a panel database containing financial information for all equity REITs in the U.S from 2000 to 2013. The findings through statistical test by performing GMM estimator include that: the magnitude of accrual EM in current accounting period is negatively correlated with itself in last accounting period, but the value of accrual EM in current accounting period is positively correlated with itself in last accounting period. These findings imply that capacity of using accrual EM by REITs is limited in short term (one to three accounting years). However, the direction of accrual EM is not constrained by the reversal effects of accrual EM which has been documented in pervious literature for firms who are suspected to have engaged in income-increasing EM. Moreover, the amount of real EM used by REITs is positively correlated with the magnitude of using accrual and real EM in last accounting period. This estimated result indicates that: different from accrual EM, the capacity of using real EM by REITs is not limited in short term. Moreover, REITs tend to increase the real EM approaches based on property transactions to make up the reduction of using accrual EM, if REITs over-use accrual EM in last accounting period. Furthermore, these findings also imply that the REIT is unique in terms of the strategy and motivation of using accrual and real EM, thus the EM used by REITs requires specific research."
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AUTHOR: Jian Liang And Zhi Dong
TITLE: Security Structure Choice And Earnings Management For A-Reits |Refereed|
KEYWORDS: "Real Estate Investment Trusts, stapled securities, earnings management, static panel data model, regression adjustment treatment effect model"
ABSTRACT: "This study investigates whether stapled and unstapled Australian Real Estate Investment Trusts (A-REITs) are significantly different from each other in terms of engaging in earnings management (EM). The A-REITs market is unique internationally because A-REITs can choose to staple together the shares of the real estate management and/or development companies and the trust unit, so that they can trade jointly on the Australian Securities Exchange market. This empirical study is conducted on a panel database containing the financial data of A-REITs from 2000 to 2013. Findings of this study prove that compared with unstapled A-REITs, stapled A-REITs are using more accrual earnings management approaches and real earnings management approaches based on discretionarily controlling expense associated with various business activities such as general administration, property management, marketing and staff training. These results imply that the structure of stapled REITs provides more space for managers to discretionarily control the disclosed financial information, and further prove that REITs are motivated by EM incentives to choose stapled structure. Therefore, the unstapled REITs use fewer EM approaches and have better financial disclosure quality compared to stapled REITs. Thus, investors and auditors should be more cautious when analysing the financial reports of stapled REITs, and regulators should discourage REITs from adopting a stapled structure in order to increase market transparency."
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AUTHOR: Sopon Pornchokchai
TITLE: Recent Theories And Practices Of Real Estate Assessment (For Tax Purposes) And Appeal Mechanism In The Asean Region
ABSTRACT: "This paper centres on the advancement in ad valorem taxation theories and practices in the ASEAN region, consisting of 10 countries. It reviews the regulation on property taxes in this region for an overview. The techniques used for assessment practices are also elaborated with some recommendations for future development in an environment in which limited data are available for reliable analysis and statistical modeling."
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AUTHOR: Junainah Mohamad1, Suriatini Ismail, Rosdi Ab Rahman And Ahmad Rasdan Ismail
TITLE: Valuers Perception On The Current Practice Of Heritage Property Valuation In Malaysia
KEYWORDS: "Valuation, Heritage Property, Heritage Factors, Effective Method"
ABSTRACT: "This paper investigates the perception of government valuers in Malaysia regarding the current practice of heritage valuation. This stems from the fact that heritage property contributes towards the economic development of a country. As such, an effective method of valuation should be in practice. However, the literature review has revealed that there is no standard method being practiced for heritage property. Therefore, by adopting a qualitative approach, the government valuers had been interviewed in order to gain some insights on their practice and perceptions. The results indicate that the conventional method of comparison is the most preferable method due to market conditions. While, the factors of heritage have not been given a primary consideration in the current practice. The interviewees admit the importance of the factors. Hence, the government valuers welcome an innovative method that would allow a more effective approach of heritage valuation. This will push the current research to next stage of innovating a mixed method for heritage property valuation."
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