Brownfield Sites and Property Market Sensitivity

Zihannudin, Nur Zafira; Maimun, Nurul Hana Adi; Ibrahim, Nurul Liyana

doi:10.21837/pm.v19i16.957

Cited by 4 publications

(2 citation statements)

References 16 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The negative (environmental and social) effects of brownfields jeopardise residents' health and well-being, by making close areas less attractive for employment and investment, and determining selling price discounts. Zihannudin et al [62] carried out extensive studies on the property market sensitivity to brownfield sites through a critical review of previous relevant researches. They confirmed that the proximity to a brownfield site constitutes a factor considered in property purchase decisions.…”

Section: Literature Reviewmentioning

confidence: 99%

Redevelopment Initiatives on Brownfield Sites: An Evaluation Model for the Definition of Sustainable Investments

2023

View full text Add to dashboard Cite

With reference to brownfield sites redevelopment interventions, an innovative model for the definition of effective and financially sustainable initiatives is proposed and tested. The model borrows the operative logic of the break-even analysis (BEA). It neglects the basic assumption of BEA related to revenue linearity, by considering the real trend of the revenues. In fact, in specific contexts characterized by a real estate over supply—e.g., in small urban centers, or where a new plan includes a relevant increase in new buildings and/or the functional reconversion of existing disused complexes—the BEA hypothesis on revenue linearity could be inconsistent, as prices will tend to become depressed. In the mentioned situations, discount mechanisms on the unit prices could occur. These phenomena determine a reduction in the unit selling price in correspondence of the amount of gross floor area (GFA) increase. Taking into account the current and cogent needs of effective strategies for brownfields renovation, the innovative evaluation model is developed for supporting public and private investors’ decision processes. It could represent a valid reference in the preliminary phases of decision-making processes for public and private subjects, able to ensure the break-even point of the initiative balance sheet is reached.

show abstract

Section: Literature Reviewmentioning

confidence: 99%

Redevelopment Initiatives on Brownfield Sites: An Evaluation Model for the Definition of Sustainable Investments

2023

View full text Add to dashboard Cite

show abstract

“…Short traveling distances between home, work, and leisure were achieved on both sites. Location is a critical factor for developers as the location of a property influences purchase decisions, which then reflects property prices with buyers willing to pay premium prices for desirable locations (Zihannudin et al, 2021). Developments in prime locations represent a lower risk for developers to secure funding and realize sales (Syms, 1999).…”

Section: Economic Considerations Contributing To the Decision-makingmentioning

confidence: 99%

Brownfield land redevelopment strategies in urban areas

Singh

2022

ESSD

View full text Add to dashboard Cite

Urban intensification seems to be a growing trend, especially in the context of severe land scarcity. Brownfields offer great potential in meeting the increasing demand for housing in major cities worldwide. Redevelopment projects appear to provide immediate solutions to housing shortages that are being experienced due to population pressures in large metropolitan areas. The paper explores the range of factors that property developers need to consider in their decision-making process when assessing the viability of brownfield redevelopments. This research, which employed a comparative case study approach, and examined two brownfield redevelopments in Auckland, focused on the economic, social, and environmental criteria that were utilised in the decision-making process. Document analysis of the two case studies, site observations, and semi-structured interviews with the property developers were the main data collection methods. The results suggested that the economic aspects of a brownfield redevelopment are the most important criteria that developers consider during the feasibility assessment of proposed projects. Projects that offer the potential for quick investment returns for all stakeholders are the preferred choice for developers. Brownfield redevelopments offer significant potential for invigorating local areas through urban intensification which boosts local businesses and encourages community revitalisation. The environmental concerns appear to be the lowest priority and little consideration is given to reducing the environmental impacts or incorporating green building practices in the new developments. A major shift from a purely economic focus toward a comprehensive environmental approach to new developments is needed to ensure the sustainable development of cities.

show abstract

Enhancing the Accuracy of Malaysian House Price Forecasting: A Comparative Analysis on the Forecasting Performance Between the Hedonic Price Model and Artificial Neural Network Model

Sa’at

Maimun

Idris³

2021

View full text Add to dashboard Cite

The Hedonic Price Model (HPM), a prominent model used in real estate appraisal and economics, has been argued to be marred with nonlinearity, multicollinearity and heteroscedasticity problems that affect the accuracy of price predictions. An alternative method called Artificial Neural Network Model (ANN) was identified as capable of addressing the shortcomings of HPM and produces superior predictive performance. Hence, this study aims to evaluate the forecasting performance between HPM and ANN using Malaysian housing transaction data from the period between 2009 to 2018, sourced from the Valuation and Property Service Department, Johor Bahru. The models’ performance was evaluated and compared based on their statistical and predictive performance. Results showed that ANN outperformed HPM in both statistical and predictive performance. This study benefits the expansion of academic and practical knowledge in enhancing the accuracy of house price forecasting.

show abstract

Brownfield Sites and Property Market Sensitivity

Cited by 4 publications

References 16 publications

Redevelopment Initiatives on Brownfield Sites: An Evaluation Model for the Definition of Sustainable Investments

Redevelopment Initiatives on Brownfield Sites: An Evaluation Model for the Definition of Sustainable Investments

Brownfield land redevelopment strategies in urban areas

Enhancing the Accuracy of Malaysian House Price Forecasting: A Comparative Analysis on the Forecasting Performance Between the Hedonic Price Model and Artificial Neural Network Model

Contact Info

Product

Resources

About