Showing papers in "International Journal of Strategic Property Management in 2005"
TL;DR: In this article, an approach encompassing Cost Benefit Analysis (CBA) and Option Pricing concepts (OP) is proposed for urban renewal appraisal, which is considered more appropriate for urban redevelopment appraisal.
Abstract: Urban redevelopments in recent years tend to follow a pragmatic market‐led partnership approach with involvement of both public and private sectors. However, it has been evidenced that this approach suffers from a number of deficiencies. These include over‐reliance on private investments which make the project vulnerable to financial risks and over‐emphases on creating a place of opportunity rather than improving the social environment in the deprived areas. This paper proposes an approach encompassing Cost‐Benefit Analysis (CBA) and Option Pricing concepts (OP) into urban renewal projects which is considered more appropriate for urban redevelopment appraisal. The approach is applied for appraising the bust‐boom saga of the London Docklands redevelopment to demonstrate the importance of the inclusion of social costs and benefits in the evaluation and the strategic value of operating options. Furthermore, key factors for an urban redevelopment project are also identified from the analyses which ar...
36 citations
TL;DR: In this article, a proactive property management model that integrates real estate provision and facilities services management is proposed to support the creation of a suitable workplace environment to support employees in performing their tasks.
Abstract: The creation of suitable workplace environment to support employees in performing their tasks is becoming a key issue for many organisations faced with constant change. Numerous workplace strategies have evolved in recent years to provide for convenience and flexibility, as well as functionality and privacy. Problems usually arise at the implementation stage where organisation culture and practices often run counter to the need for innovation strategies. This paper contents that the creation of enabling workplace requires a proactive property management model that integrate real estate provision and facilities services management. The value contribution of real estate assets can only be optimised when the property/facilities professional takes on the responsibility of continuously providing appropriate facility solutions to business challenges. An essential prerequisite is the role of property/facilities management as the custodian and enabler of the corporate workplace environment. The focus of ...
28 citations
TL;DR: In this article, the authors present the issues associated with housing sales in the People's Republic of China and the applications of Fuzzy Logic and Delphi Method to the prediction of sales performance in China's housing.
Abstract: There is a large demand for and a large profit potential in the Chinese housing market. However, foreign investors still suffer high risk because they are unfamiliar with the complexities of this enormous market. This paper presents the issues associated with housing sales in the People's Republic of China and the applications of Fuzzy Logic and Delphi Method to the prediction of sales performance in China's housing. Furthermore, the study presents the concept of an AND/OR logic gate based model, so that expert knowledge can be converted through computation into the needed rules for decision making related to housing sales performance prediction. The logic gate model is useful for ‘if‐then’ rule analysis, monitoring during the model building and amendment process, and in model maintenance in the later stages of its application. The aim of the described model is to provide a computer‐based decision support tool for foreign investors and contractors in evaluating beforehand the business feasibility...
22 citations
TL;DR: In this paper, a prima facie case for property tax reforms is made in order to improve the revenue generating potentials of the tax and the real challenge towards sustainable fiscal autonomy for urban local governa...
Abstract: The continued productivity of urban economies depends upon the provision of urban infrastructure and social services. And, a large share of the service‐provision role is conventionally assigned to local government as tastes and preferences vary among individuals and communities. This requires financing the public expenditures and, although, there are other sources of revenue, taxation is very central to effective and efficient service‐delivery. The paper, therefore, examines the role of property taxation in this regard with a view to promoting and building urban local governance autonomy in cities of developing world. The paper also examines the essentials of a good property tax and problems of its administration in Africa urban local governments. Consequently, a prima facie case for property tax reforms is made in order to improve the revenue‐generating potentials of the tax. More importantly, the paper concludes that the real challenge towards sustainable fiscal autonomy for urban local governa...
18 citations
TL;DR: In this paper, a linkage measure framework was proposed to explore the linkages between the real estate sector and other sectors from a new angle, and the relative and absolute linkages were termed and the t
Abstract: Linkage is one of the most important factors for gaining competitive advantage Information on linkages is essential to understanding the structure of an economy, which is in turn important in formulating industry policies and business strategies The hypothetical extraction method is used to measure the linkages by extracting a sector hypothetically from an economic system in the literature In the previous research, however, the internal linkage (linkage within a sector) and sectoral linkages (linkage between two specific sectors) are ignored, and there is not a comprehensive framework to measure the linkages of a specific sector Using the recently published Organisation for Economic Co‐operation and Development input‐output database at constant prices, this paper aims to resolve these two shortcomings and thereby propose a linkage measure framework to explore the linkages between the real estate sector and other sectors from a new angle The relative and absolute linkages are termed and the t
17 citations
TL;DR: In this paper, structural time series models were used to analyze spatio-temporal variation of land prices in two single localities by means of structural time-series modelling formalism that combines the flexibility of a time series model with the interpretation of a regression analysis.
Abstract: This paper analyses spatio‐temporal variation of land prices in two single localities by means of structural time series modelling formalism that combines the flexibility of a time series model with that of the interpretation of a regression analysis The extension of conventional hedonic models by introducing unobserved components for trend and cycle resulted to significant improvements in their post‐sample predictive accuracy In predictive testing, for most model formulations the unobserved component approach generated only a marginal average prediction error when compared to the orthodox hedonic models, which, in contrast, yielded to a considerable amount of systematic prediction error It therefore seems that the structural time‐series modelling paradigm offers a more viable alternative to the hedonic analysis of land prices than the conventional approach based on least squares estimates The effect of slope component in the trend specification was found to be statistically insignificant, wh
15 citations
TL;DR: In this article, the possibilities of applying methods for popular decision‐making are analyzed regarding the selection of construction materials.
Abstract: The significant part of the constructions’ value consists of construction materials price. With the aim of using financial resources for the construction effectively, it is very important that well considered and reasonable decisions should be made regarding the selection of construction materials. Most of all construction on‐line systems seek to find how to make the most economic construction decisions and essentially these decisions are intended only for economic objectives. Construction alternatives that are under evaluation have to be evaluated not only from the economic position, but also take into consideration qualitative, technical, technological and other characteristics. Additionally, in seeking to facilitate the work of decision‐makers, computer technologies are used that operates according to particular models. These models are based on special mathematical methods in order to facilitate decision‐making and apply to a certain decision area. In this article, the possibilities of applyi...
14 citations
TL;DR: In this paper, the authors examined how corporate business entities are and could be valued for mergers and acquisitions through exploratory research and found out that the value of holding property to the business needs to be measured against the return that the equity could achieve both within the business and elsewhere.
Abstract: Business combinations including mergers and acquisitions are important features of corporate structural changes. The Investments Securities Acts (ISA), 1999 charge the Securities and Exchange Commission with the responsibility to review and approve all business combinations in Nigeria. And, real property is an integral factor in many of such strategic business decisions and, need to be set in a business context. This paper, therefore, examines how corporate business entities are and could be valued for mergers and acquisitions through exploratory research. It also explains the relevance of goodwill, marriage value, and fair value concept in corporate business asset valuation. The paper found out inter‐ alia that the value of holding property to the business needs to be measured against the return that the equity could achieve both within the business and elsewhere. It also, prima facie, shows that the role of the valuer is not one of accountant but interpreter of financial and physical informatio...
14 citations
TL;DR: In this paper, the state of regional support for innovation and technology transfer in the Small Medium and Micro-SME (SME) sector of the Construction industry in the European Community is reviewed.
Abstract: The performance of the EU construction industry in total makes a major impact on the European Community's economy, particularly on capital formation and employment. Small and Micro Enterprises account for 97% of businesses across the construction sector in the EU, a profile broadly reflected in the individual national and regional business base of members. This paper reviews the state of regional support for innovation and technology transfer in the Small Medium and Micro‐sized Enterprises (SME) sector of the Construction industry in the European Community. Results show that at the regional level, where most construction SMEs operate, there is a marked absence of focus on construction in either innovation support initiatives or business development services. Data on the construction industry at national and regional levels across Europe is not available in sufficient quality or detail for strategic decisions concerning this economically significant sector.
13 citations
TL;DR: In this paper, the authors define the construction sector as a very unstructured activity with a wide range of interactions in the value chain and they can say it's a hyper-sector that has been demonstrating over previous decades, to be market oriented and not too much innovative.
Abstract: Nowadays, the Construction Sector in the EU is one of the most relevant forces of the European economy — It represents the 10% of the total EU GDP and 7% of total employment. Nevertheless, we can define this sector as a very unstructured activity with a wide range of interactions in the value chain. In fact, we can say it's a hyper‐sector that has been demonstrating over previous decades, to be market oriented and not too much innovative. Several analyses have concluded the RTD activity in the construction Sector is quite unstructured and a lot of knowledge is produced but not recorded. In most cases, the RTD and innovation activity are focused to solve day to day problems, more than a response to an innovative policy and planned activity. Main innovations have been made in the fields of materials and machinery, and most of them could be considered as a technology transfer form other sectors. The market demand ‐ according to economical cycles, and the financial support have been the main forces t...
12 citations
TL;DR: In this article, the authors analyzed the problems of urban development and strategic property management in the context of economic, social, political transformations in the society and described the possibilities of multicriteria strategic decision-making.
Abstract: The urgent problems of urban development and strategic property management in the context of economic, social, political transformations in the society are analyzed. The possibilities of multicriteria strategic decision‐making are described. The following objects are analyzed: urban development under the conditions of transformations as a major research object in the area of strategic property management; cities and their development as an environment of property creation and accumulation; transformation processes as general context of the urban development and of the creation and accumulation of property; the major trends of the transformation processes in Central and Eastern Europe, the main criteria and indicators of them; the evaluation criteria used in the area of urban development and property strategic management in the conditions of transformation processes; multicriteria decision‐making in the area of urban development and property strategic management.
TL;DR: In this paper, the authors recognized the challenges that aging society bring are not fully recognized, and they raised new kinds of opportunities, new business potential, and the biggest market potential can be seen in existing building stock, which needs to be renovated to meet changing needs.
Abstract: Europe and generally the western societies are aging rapidly. Public sector in many countries is facing difficulties to keep up the same level of social and health care services as before. The size of younger generations diminishes and the amount of people that need to be supported will increase in relation to working population. Still the challenges that aging society bring are not fully recognized. Beside negative challenges, aging society raises new kinds of opportunities, new business potential. The change will be so rapid that new construction cannot fulfil the need for specialised housing. Moreover, specialized senior housing may not even be what aged consumers want. The biggest market potential can be seen in existing building stock, which needs to be renovated to meet changing needs. Existing building stock has been built for healthy working age generations. Besides renovation, the new needs can be met by new type of services and service concepts. These services are called here senior ser...
TL;DR: In this paper, the authors evaluate the professional and ethical potential of Lithuanian property valuers, who have played and will be playing a significant role in the country's economic development, and see whether this potential will enable them to become full-fledged members of the Western property valuation community.
Abstract: Lithuania is a small developing market economy which inherited the specific soviet economic structure and so‐called “homus sovieticus” mentality which excluded a possibility for business of property valuation. Within a historically short period of time Lithuania moved from the closed soviet economic area into the area of global economy, which presented different business valuation criteria. Taking the above into account, let us evaluate the professional and ethical potential of Lithuanian property valuers, who have played and will be playing a significant role in the country's economic development, and see whether this potential will enable them to become full‐fledged members of the Western property valuers’ community.
TL;DR: In this article, the authors analyze the conflicts that arise in Poland at the stage of working out (elaborating) local spatial management plans, issuing development orders concerning land development conditions and building permits, and the conflicts reported by the inhabitants to the municipal police.
Abstract: The aim of this study was to analyze the conflicts that arise in Poland at the stage of working out (elaborating) local spatial management plans, issuing development orders concerning land development conditions and building permits, and the conflicts that are reported by the inhabitants to the municipal police. The analysis of the conflicts was conducted on the example of the city of Olsztyn. The research focuses on the quantitative and qualitative aspects of the conflicts, and examines the causes for their existence. The goal of the study was to emphasize the importance of conflict identification while making the decisions referring to land use.
TL;DR: The Centre for Construction Innovation as mentioned in this paper highlights critical success factors associated with collaborative centres and innovation brokers in transferring knowledge between Universities and Industry. But, it does not discuss the impact of the centre's approach to the provision of knowledge and tools to create an industry environment that fosters innovation.
Abstract: This case‐study outlines the activities of the Centre for Construction Innovation highlighting critical success factors associated with collaborative centres and innovation brokers in transferring knowledge between Universities and Industry. The case study also explains the national context in which the centre has developed. The Centre's approach to the provision of knowledge and tools to create an industry environment that fosters innovation is presented and discussed. The Centre brings together industrialists and academics as multi‐disciplinary participants in a range of best practice education and training, seminars, workshops and in‐company events, facilitating change by learning, debate and experience. The Centre recognises the complex relationship that exists between projects, organisations, people and contracts and this in turn determines both what is possible and what is desirable. The collaborative process that seeks to achieve desirable outcomes requires inter‐ and intra‐ organisational...
TL;DR: In this article, the authors investigated the Lithuanian real estate taxation system in the context of the taxation system of the United States of America and European countries, and presented the advantages and drawbacks of the system and produced a comparative analysis as against alien countries.
Abstract: The article aims at investigating the Lithuanian real estate taxation system in the context of the taxation system of the United States of America and European countries The article dwells on the current situation in Lithuania; it introduces the advantages and drawbacks of the system and produces a comparative analysis as against alien countries Proposals for the refinement of the Lithuanian real estate taxation system are presented on the grounds of the analysis results and alien experience The article considers real estate tax base, analyses currently actualized tax reforms, and describes the impact of the changes on the real estate market A number of principal features of real estate tax system commonly intrinsic to all considered countries, such as form of payment, basis of valuation, tax exemption, appeals, tax deductions, are discussed in the article Analizuojama dabartine bei planuojama priimti nauja nekilnojamojo turto apmokestinimo sistema Lietuvoje, aiskinami naujai siūlomos sistem
TL;DR: The potential of new types of services and networking, which are very much under development at the moment and also under lively debate, are considered.
Abstract: Ageing population and ageing infrastructure are two significant socioeconomic challenges, and business opportunities, for the construction sector in Europe. Utilisation of ICT in daily living is one of the future technology drivers. The principles of the Design for All (universal design) help to develop the built environment and its technologies in such a way that cities will be pleasant and supportive places for everybody. This paper considers the potential of new types of services and networking, which are very much under development at the moment and also under lively debate. The cost‐effectiveness ‐ and so the availability ‐ of the home delivered services will be dependent on the accessibility of the urban areas.
TL;DR: In this paper, the authors deal with the situation in the housing sector in Slovakia since 1990 and present changes in the structure of the tenure, the growth of the owner-occupied housing and decline of rental housing stock.
Abstract: The paper deals with the situation in the housing sector in Slovakia since 1990. It presents changes in the structure of the tenure, the growth of the owner‐occupied housing and decline of rental housing stock. It describes activities, policy and goals of public rental housing sector. It is concerned on a?justness of a non‐profit housing organization establishment in this country. This institution would represent a?new approach in the re‐development of rental housing in Slovakia. It describes the first experiences from the establishment of the non‐profit housing organization and shows the possible risks, that could endanger the function of this institution.