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Showing papers in "Property Management in 2005"


Journal ArticleDOI
TL;DR: In this article, the authors review the available evidence on the contribution of crime prevention through environmental design as a crime prevention strategy and conclude that although empirical proof has not been definitively demonstrated, there is a large and growing body of research, which supports the assertion that crime prevention-through-environmental design is a pragmatic and effective crime prevention tool.
Abstract: Purpose – The purpose of this paper is to critically review the core findings from recently published place‐based crime prevention research. The paper aims to critically evaluate the available evidence on the contribution of crime prevention through environmental design as a crime prevention strategy. Design/methodology/approach – Large‐scale evaluations of crime prevention through environmental design (CPTED) are reviewed with a view to clarifying current knowledge on the evidence of crime prevention through environmental design. Findings – The review concludes that there is a growing body of research that supports the assertion that crime prevention through environmental design is effective in reducing both crime and fear of crime in the community. Research limitations/implications – Although the paper may not review all the evaluations of CPTED, it nonetheless provides a detailed compilation and overview of the most significant research in the area, including an extensive and modern bibliography on the subject. Research implications will be the subject of a forthcoming paper. Practical implications – CPTED is an increasingly fashionable approach and is being implemented on a global scale. Additionally, individual components such as territoriality, surveillance, maintenance, access control, activity support and target‐hardening are being widely deployed. However, the evidence currently available is inconclusive and much criticised, which effectively prevents widespread intervention and investment by central government. The paper details the difficulties associated with demonstrating the effectiveness of CPTED. Originality/value – The paper concludes that although empirical proof has not been definitively demonstrated, there is a large and growing body of research, which supports the assertion that crime prevention through environmental design is a pragmatic and effective crime prevention tool. This review provides an extensive bibliography of contemporary crime prevention through environmental design and a follow‐up paper will discuss the future research priorities for it.

525 citations


Journal ArticleDOI
TL;DR: In this paper, the authors investigated the potential role of property taxes as a revenue source for local government in Tanzania and highlighted the difficulties faced by municipalities in developing and maintaining a property tax system.
Abstract: Purpose – This paper aims to investigate the potential role of property taxes as a revenue source for local government in Tanzania. Often this tax is beset with political and administrative problems that affect its operational efficiencies.Design/methodology/approach – The research is the result of extensive fieldwork undertaken in Tanzania during 2002 to investigate and evaluate the valuations done for purposes of the property tax in Dar es Salaam and eight regional towns.Findings – Urban local government revenues, and in particular those classified as own revenues in Tanzania and other East African countries, are generally not sufficient enough to develop and supply adequate urban services to the region's fast growing urban population. The main findings of the paper highlight the difficulties faced by municipalities in developing and maintaining a property tax system.Research limitations/implications – The key problems were lack of experienced staff, limited equipment and significant political interfere...

45 citations


Journal ArticleDOI
TL;DR: In this article, the authors examine the operation of the Land (compulsory sale for redevelopment) Ordinance, one of a series of urban renewal policy initiatives introduced by the Hong Kong Government.
Abstract: Purpose – The paper examines the operation of the Land (compulsory sale for redevelopment) Ordinance, one of a series of urban renewal policy initiatives introduced by the Hong Kong Government. The new institutional arrangement was mooted as a means to facilitate greater private sector participation in the renewal process by overcoming existing constraints on land assembly, which arise as the result of a system of common property ownership. The paper investigates whether the legislation can achieve the objective of encouraging private sector participation in the urban renewal processDesign/methodology/approach – The paper adopts a transaction cost framework, drawn from literature and applied in the context of real estate, to examine the effects of a new Ordinance. In addition to publicly available data, semi‐structured interviews were conducted with professionals involved in urban renewal and representatives from the property development companies. The apparently low usage of the new approach is explored ...

30 citations


Journal ArticleDOI
TL;DR: In this paper, a web-based model of the property development process consisting of seven defined major elements, each of which is subdivided and linked by functional relationships is presented, and applied to three linked case studies drawn from Grainger Town in Newcastle upon Tyne, UK.
Abstract: Purpose – This paper aims to contribute to the theory of property development as a complex process that involves multiple drivers, stakeholders and contributions from many academic disciplines.Design/methodology/approach – The paper presents a web‐based model of the property development process consisting of seven defined major elements, each of which is subdivided and linked by functional relationships. The model is applied to three linked case studies drawn from Grainger Town in Newcastle upon Tyne, UK, which involve the conversion or redevelopment of listed buildings in the context of urban regeneration.Findings – The case studies examined demonstrate the influential roles of many private sector actors and different arms of government. Site characteristics were found to have a bearing on events, as did long‐term trends. These inputs were often independent of economic or property market forces.Research limitations/implications – The paper relates primarily to commercial development in the UK. The three ...

30 citations


Journal ArticleDOI
TL;DR: In this article, the authors provide a brief re-consume of previous research which has analysed the impact of e-commerce on retail real estate in the UK, and examine the important marketing role of the internet for shopping centre managers, and retail landlords.
Abstract: Purpose – This paper aims to provide a brief re´sume´ of previous research which has analysed the impact of e‐commerce on retail real estate in the UK, and to examine the important marketing role of the internet for shopping centre managers, and retail landlords.Design/methodology/approach – Based on the results from a wider study carried out in 2003, the paper uses case studies from two different shopping centres in the UK, and documents the innovative uses of both web‐based marketing and online retailing by organisations that historically have not directly been involved in the retailing process.Findings – The paper highlights the importance of considering online sales within a multi‐channel approach to retailing. The two types of emerging shopping centre model which are identified are characterised by their ultimate relationship with the physical shopping centre on whose web site they reside. These can be summarised as: the “centre‐led” approach, and the “brand‐led” or “marketing‐led” approach.Research ...

27 citations


Journal ArticleDOI
TL;DR: In this paper, the authors measure the influence of new building on house prices by comparing areas designated for concentrated new building (main Dutch cities) with areas where no large housing projects are developed.
Abstract: Purpose – In this paper, we identify the relationship between (local) housing supply and (local) house price developments, especially in The Netherlands.Design/methodology/approach – We measure the influence of new building on house prices by comparing areas designated for concentrated new building (main Dutch cities) with areas where no large housing projects are developed. On the basis of classical economic theory, if the housing market is functioning as it should, then supply will soon respond to a shock in demand and restore stability in house prices.Findings – For the main Dutch cities, we found that an increase in supply triggers a fall in prices. In other areas the correlation coefficients are more or less zero, which can lead us to conclude that the expansion of the housing stock is market‐compliant.Research limitations/implications – The housing market is not functioning, as it should: new supplies depend on the complex decisions of the suppliers, thus making it difficult to express statistically...

25 citations


Journal ArticleDOI
TL;DR: In this article, the authors examine the estate agency sector as a case study of an industry sector in which the internet business model has evolved from experimental dot.com towards the integrated use of the internet to enhance service delivery.
Abstract: Purpose – This paper aims to examine the estate agency sector as a case study of an industry sector in which the internet business model has evolved from experimental dot.com towards the integrated use of the internet to enhance service delivery.Design/methodology/approach – Data are collected by visiting a range of property related sites, including property portals and the sites of individual estate agents. The focus is on UK property sites, but some comparisons are made with US sites. The services offered by property portals are discussed and used to illustrate the potential role of the internet in estate agency.Findings – Portals provide content in the form of information, advice and news, links to other businesses including individual estate agency chains, search facilities, and opportunities for registration which support personalisation of communication with customers. Individual estate agency chains generally have less developed, but adequate, web sites. The sector is described as having evolved th...

21 citations


Journal ArticleDOI
TL;DR: In this paper, an appropriate automated valuation model to value Housing and Development Board resale flats in Singapore has been constructed, and the accuracy of the model was compared with actual valuations performed by a property firm in Singapore.
Abstract: Purpose – This paper aims to construct an appropriate automated valuation model to value Housing and Development Board resale flats in Singapore. The paper also aims to test the accuracy of the model by comparing the values generated with actual valuations performed by a property firm in Singapore. In addition, it seeks to examine whether models for the sub‐markets of Housing and Development Board resale flats based on location or type of flat are more “sufficiently accurate” than the general model.Design/methodology/approach – Using transacted data of 1,483 HDB resale flats, a hedonic price model is used to estimate housing price. The variables adopted include floor area of the housing unit, floor level of the housing unit, age, distance from central business district and distance from the mass rapid transit station.Findings – The study found that the general model provides sufficient accuracy when producing valuations. The models based on sub‐markets, namely, “location” and “type of flats” produced reas...

15 citations


Journal ArticleDOI
TL;DR: In this article, the authors examined how an incomplete and biased legal/regulatory framework governing the allocation of property rights within a residential community in Hong Kong blocks the natural choice of a market contractual arrangement for the governance of the community as well as the management services.
Abstract: Purpose – To examine how an incomplete and biased legal/regulatory framework governing the allocation of property rights within a residential community in Hong Kong blocks the natural choice of a market contractual arrangement for the governance of the community as well as the management services.Design/methodology/approach – This paper applies an institutional economic framework to examine the rationale of adopting different governance structures for different types of assets. A detailed case study is examined based on this framework and the governance structure of this community is analysed and the rationale behind the chosen structure is examined accordingly.Findings – It is found that a unified governance structure has been adopted in this community, not by the residents in the community, but by the developer who has a controlling share of property rights and vested interests on the undeveloped part of the community.Research limitations/implications – The case study, though detailed, limits to one com...

14 citations


Journal ArticleDOI
TL;DR: In this article, the authors investigated how real estate investors in The Netherlands decide about the physical and technical development and the tenure of their housing stock and found that investment allocations are only partly rationalised and are not in the least based on intuition.
Abstract: Purpose – There is a clear tendency towards more business‐like approaches in the housing sectors in many European countries. The paper attempts to identify these approaches and related techniques with Dutch institutional real estate investors.Design/methodology/approach – It has been investigated how real estate investors in The Netherlands decide about the physical and technical development and the tenure of their housing stock. In‐depth interviews have been held with several large real estate investors, which cover the majority of all dwellings in the sector.Findings – Results show that investment allocations are only partly rationalised and are not in the least based on intuition. In addition, some elements of strategic asset management prove to be less common than we had expected from the commercial nature of these elements.Research limitations/implications – The research concentrates on the development of the total portfolio. In future research, individual estates can be selected for case studies, in...

14 citations


Journal ArticleDOI
TL;DR: In this paper, the authors examine the nature of Singapore's private housing market with respect to its price movement using time series models and find that private house prices are better modeled as an ARIMA (1, 1, 0) model with corresponding dummy variables.
Abstract: Purpose – The purpose of this paper is to examine the nature of Singapore's private housing market with respect to its price movement using time series models.Design/methodology/approach – This paper analyses the price dynamics in the Singapore private housing market using the integrated autoregressive‐moving average modeling coupled with outlier detection and autoregressive conditional heteroskedasticity modeling techniques.Findings – The paper finds that private house prices are better modeled as an ARIMA (1, 1, 0) model with corresponding dummy variables. This suggests that housing prices may be characterized as the combination of a stationary cyclical component and a non‐stationary stochastic growth component over the past almost three decades. This affirms that the Singapore's private housing market is characterised by the weak‐form inefficiency.Research limitations/implications – The results show that even though ARIMA with dummy variables performs better to ARIMA with ARCH in dynamic performance, t...

Journal ArticleDOI
TL;DR: In this paper, the authors explore trend surface analysis technique, attempting to provide an alternative way to measure location values, using a set of combinations of the co-ordinates of properties in several power degrees.
Abstract: Purpose – Available literature claims that location is a key attribute in the housing market. However, the impact of this attribute is difficult to measure and the traditional hedonic approach using subjective assessments is problematic. This paper seeks to explore trend surface analysis technique, attempting to provide an alternative way to measure location values.Design/methodology/approach – TSA works in a similar way to other response surface methods but it is implemented directly in regression models, using a set of combinations of the co‐ordinates of properties in several power degrees. It can also be implemented in artificial neural networks, taking advantage of the neural ability in non‐linear domains. This work presents a comparison between traditional regression approach, error modelling, response surfaces, and TSA. ANN is also used to estimate some models, comparing their results. The objective is to verify the behaviour of TSA in hedonic models. A case study was carried using data of over 30,0...

Journal ArticleDOI
TL;DR: In this paper, a field survey of 60 residential development projects in Hong Kong under comprehensive development area zoning subject to conditional planning permissions from 1998 to 2000 involving 119 planning applications was conducted to assess factual compliance with planning conditions.
Abstract: Purpose – This paper was motivated by the absence of a government examination of and professional interest in planning conditions as a means of development control in Hong Kong. Proposes to examine this situation.Design/methodology/approach – The research objective is achieved by a field survey and legal analysis of its findings. The field survey of all the 60 residential development projects in Hong Kong under comprehensive development area zoning subject to conditional planning permissions from 1998 to 2000 involving 119 planning applications was conducted to assess factual compliance with planning conditions.Findings – The findings show that, while most physical planning obligations have been duly fulfilled in these projects, the non‐depositing of master layout plans for development poses actual and potential public domain problems of planning enforcement, building permission, conveyancing and property management. The major problems of non‐compliance are property purchasers being unable to fully apprec...

Journal ArticleDOI
TL;DR: In this article, the authors review the development of the security zone concept and introduce an approach for transforming these spaces into more effective public places and find that an effective response to security zones is to initiate a strategic planning process utilizing local knowledge and design expertise.
Abstract: Purpose – To review the development of the security zone concept and introduce an approach for transforming these spaces into more effective public places.Design/methodology/approach – The literature review was conducted by examining major books and journal articles in the urban planning, urban design, and landscape architecture literature (1970‐2004).Findings – The review found that an effective response to security zones is to initiate a strategic planning process utilizing local knowledge and design expertise.Practical implications – Security zones have numerous negative socio‐cultural and aesthetic impacts on their neighborhoods. The findings of the literature review and the new approach introduced can be a good way to strike a delicate balance between providing for necessary security and mitigating against those negative impacts.Originality/value – This paper fulfills a need in the property management community to understand and manage the openness/security dilemma.

Journal ArticleDOI
TL;DR: In this paper, the authors investigate space performance indicators for evidence that space charging improves space use efficiency and find that approximately one-quarter of higher education institutions in the UK operated space charging in 2000-2001 but only ten out of 31 space-related performance indicators suggest that increased efficiency results.
Abstract: Purpose – Higher education (HE) in the UK has recently suffered financial pressure due to reduced central funding, and the requirement to widen student access. The estate is typically the second highest revenue expense and is an obvious target for efficiency gains. Sector‐wide statistics show there are opportunities for improving efficiency and many influential bodies have advocated space charging as a way of achieving them. This paper aims to investigate space performance indicators for evidence that space charging improves space use efficiency.Design/methodology/approach – The approach used is a statistical analysis of space performance indicators for space charging and other higher education institution (HEIs).Findings – Approximately one‐quarter of HEIs in the UK operated space charging in 2000‐2001 but only ten out of 31 space‐related performance indicators for the period 1998‐2001 suggest that increased efficiency results. Scrutiny of the background data shows they predominantly reflect differences ...

Journal ArticleDOI
TL;DR: In this paper, the UK Government's proposals for the introduction of business improvement districts (BIDs) into England considering statute and case law against the proposed regulations, while drawing on the experience of BID models in North America.
Abstract: Purpose – To provide a critical appraisal of the UK Government's proposals for the introduction of business improvement districts (BIDs) into England considering statute and case law against the proposed regulations, while drawing on the experience of BID models in North AmericaDesign/methodology/approach – The paper analyses the proposed regulations against the existing statute and common law position in EnglandFindings – The regulations will not levy all hereditaments as stated The voting and taxation provisions are not defined and transparent in connection with those paying less than full rates Implications of the House of Lords decision in Edison appear to have been overlooked in the draftingResearch limitations/implications – The paper is specific to the Draft Business Improvement Districts (England) Regulations 2004 The paper identifies key issues for those involved in the local economy and property management in England It is relevant across jurisdictions to those considering proposals for t

Journal ArticleDOI
TL;DR: In this paper, a range of factors have been identified as affecting the success rate of collective sales in Singapore, and suggestions are made for the property consultant to adopt mediation techniques to expedite the process.
Abstract: Purpose – The paper aims to consider how collective sales may be achieved more effectively and speedily in the Singaporean context.Design/methodology/approach – Through an examination of Singaporean legislation, cases, market conditions and the residential price index, a range of factors has been identified as affecting the success rate of collective sales.Findings – The paper shows that in the face of radical legislation that aimed to facilitate collective sales, there were various other factors that impeded the success rate of collective sales. Some of these factors were within the control of parties, whereas some were not.Practical implications – The paper points to the flashpoints in the collective sale process which property consultants can be mindful of during negotiations. Suggestions are made for the property consultant to adopt mediation techniques to expedite the process. This will result in time and cost savings for the parties involved.Originality/value – The paper highlights the interplay of ...

Journal ArticleDOI
TL;DR: In this article, the abnormal stock return phenomenon of Hong Kong property developers and construction companies surrounding the announcement and offer dates of capital issuances was examined, and the authors employed the event-study methodology and regression analysis to verify such effects.
Abstract: Purpose – Numerous studies suggest that announcements of capital offerings cause abnormal price reaction in stock markets. However, despite extensive research, relevant studies on the property sector are still relatively scarce, especially in the case of Hong Kong. The determinants of the post‐offering price effects, which vary across industries and regions, are yet to be identified. This paper aims to examine the abnormal stock return phenomenon of Hong Kong property developers and construction companies surrounding the announcement and offer dates of capital issuances.Design/methodology/approach – It employs the event‐study methodology and regression analysis to verify such effects.Findings – The major findings are: on equity offering announcements, there is a significant negative price reaction; the pre‐offering debt/equity ratio of a firm is significantly associated with the level of abnormal price reactions; and on debt offerings there is, to the contrary, a modest increase in stock prices.Practical ...

Journal ArticleDOI
TL;DR: In this paper, the authors discuss the process by which standards are created and the opportunities for the involvement of property professionals, owners and users within the standard-setting regime, and draw attention to the shift towards International Accounting Standards.
Abstract: Purpose – The unique characteristics of property are being recognised by those who create accounting standards. The purpose of this paper it to discuss the process by which standards are created and the opportunities for the involvement of property professionals, owners and users within the standard‐setting regime. In particular the paper seeks to draw attention to the shift towards International Accounting Standards.Design/methodology/approach – The paper is an explanation and discussion of the UK standard‐setting regime.Findings – The paper explains the UK standard‐setting regime, introducing the shift towards International Accounting Standards.Research limitations/implications – The work explains the ideologies and principles forming the theoretical foundations of the conceptual framework of UK accounting. Specific issues are not discussed, and are the subject of further work by the authors.Practical implications – It is imperative for the surveying profession and wider property owners to be involved w...

Journal ArticleDOI
TL;DR: In this article, the authors determine an appropriate form of yield analysis as a means of improving the supply of low-cost rental housing within Australia and quantified the rental returns on a disaggregated basis based on the amalgamation of three major government property databases.
Abstract: Purpose – This study seeks to determine an appropriate form of yield analysis as a means of improving the supply of low cost rental housing within AustraliaDesign/methodology/approach – Rental returns are quantified on a disaggregated basis based on the amalgamation of three major government property databasesFindings – Much of the information on returns in low cost rental housing is based on erroneous assumptions More accurate reporting of returns would put in place the appropriate risk premium for investment in low cost rental housingOriginality/value – The study adds value by allowing policy makers to better understand the nature of returns required to increase the level of investment in the low cost end of the private rental market


Journal ArticleDOI
TL;DR: In this paper, the Scottish Executive, Scotland's devolved administration, transfers surplus property between its Departments, agencies and non-departmental public bodies, which differs from the approach in England.
Abstract: Purpose – The paper aims to explain the way the Scottish Executive, Scotland's devolved administration, transfers surplus property between its Departments, agencies and non‐departmental public bodies, which differs from the approach in England.Design/methodology/approach – The paper draws on government documents and professional standards to explain the revised administrative mechanism and the reasons for the way in which it is designed.Findings – The paper explains the benefits the system is designed to bring about and its limitations.Research implications/limitations – The paper is a professional practice paper designed to help practitioners who may be involved in such transfers of property, and to inform researchers in the field of public sector asset management of a new development designed to improve the efficiency of property transfer in the Scottish Executive's part of the public sector.Originality/value – The paper will be of interest to practitioners involved in the transfer of public sector asse...

Journal ArticleDOI
TL;DR: In this article, the provisions in the RICS Appraisal and Valuation Standards (the Red Book) for property professionals involved in the use of the definition of "Existing use value for social housing" and the "Tenanted market value" basis set out in guidelines for Scottish local authorities are examined.
Abstract: Purpose – The paper aims to consider Red Book matters that have not previously been examined.Design/methodology/approach – This paper examines the provisions in the RICS Appraisal and Valuation Standards (the Red Book) for property professionals involved in the use of the definition of “Existing use value for social housing”, and the “Tenanted market value” basis set out in guidelines for Scottish local authorities.Findings – Using the experience in Scotland the paper considers some of the problems that can develop in practice and examines some of these problems.Research limitations/implications – The paper is intended to influence members of the profession in dealing with these problems and to contribute to the debate generally in terms of ensuring that these matters are considered by the RICS in reviewing its procedures.Originality/value – The paper is specifically relevant to valuers required to use the Red Book provisions for valuing social housing and for those involved in existing use valuations.