Supply Chain Management in Real Estate Practices: The Estate Surveyor and Valuers’ Perspective

Real estate practice is a strategic and multi-faceted vocation that connects the clients/owners of real estate projects or products with end users in the building industry. Different aspects of real estate practices require collaboration of real estate practitioners who are professional estate surveyors and valuers, with the built environment professionals and other stakeholders at different levels in order to achieve the transaction objectives. This study, therefore, examined the practice with a view to uncovering the preparedness of the estate surveyors and valuers with respect to the knowledge and application of supply chain management in real estate practices. Empirical data were collected with the aide of questionnaires administered to respondents from the 373 estate firms in Lagos State, Nigeria of which 291 were duly completed and returned constituting 78% rate of response. The Readiness Assessment Model was adapted to determine the operational preparedness of the estate surveying and valuation firms to implement supply chain management with regards to management readiness, employee readiness, services/processes readiness and logistic/ICT readiness on a 5-point Likert scale and the corresponding mean score and relative importance was determined. The Kolmogorov Smirnov Test of Normality was performed and showed that the data was normally distributed. Hence, the Pearson Product Moment Correlation analysis was used to determine the relationship between knowledge and application of supply chain management in real estate businesses. It was observed, among others, that the knowledge of supply chain management is generally low among estate valuers and does not necessarily translate to application in the property market transactions of real estate firms. The study further observed that management and employees of estate surveying and valuation firms do not have adequate knowledge of the principles and practices of supply chain management for productive engagement in property market transactions. This was further identified alongside others such as confidentiality, stiff rivalry and economic instability as critical factors resisting the adoption of supply chain management in the property market. The study therefore suggested capacity building programmes on supply chain management for the estate surveyors and valuers to improve the knowledge of the strategy and harness the benefits.

The nexus between financial failure and stock prices: Panel Pedroni, Panel Kao and Panel AR DL Co-Integration Tests in Turkey REIT s

In today’s globally competitive environment, companies must keep up with these competitive conditions to be successful. Failure of companies to show the expected financial performance, fulfil their financial obligations, or reach their financial targets is considered a financial failure or bankruptcy risk. Real Estate Investment Companies or Trusts (REICs or REITs) are capital market institutions that qualify as legal entities and are partnerships in a joint-stock company that provides financing to all kinds of real estate or real estate projects and bring together many investors for the desired real estate. REITs are an essential investment choice that continues its rapid development in Turkey. This study aims to examine the relationships between the ZScores calculated by periods of REIT companies traded in Borsa Istanbul between 2010–2019 and the stock price performances. In the study, primarily Altman Z-Score and Springate S-Score values of companies traded in Borsa Istanbul were calculated with the help of financial ratios. Then, Pedroni and Kao panel co-integration analysis and Dumitrescu-Hurlin panel causality analysis were performed. According to the analysis results, there is a long-term relationship between the financial failure scores of REIT companies and their stock prices. However, a causality relationship was found between the series.

Subcontractor Oversight on Construction Cost Overruns in Real Estate Projects in Nairobi and Kisumu Counties, Kenya

Cost overruns have provided a significant challenge in the construction industries of both developed and developing countries. The purpose of this study was to investigate the influence Subcontractor Oversight on Construction Cost Overruns of real estate projects in Nairobi and Kisumu Counties. The study was guided by objective, to establish the extent to which subcontractor oversight influence real estate construction projects cost overruns. The research adopted descriptive survey and correlational research designs. The study targeted a population of 4000 project professionals that constituted 7 professionals from active real estates in Nairobi and Kisumu Counties and 10 key informants from the real estate industry. Using the Krejcie and Morgan table of sample size determination, the sample size for this study was 351. The study then adopted stratified, simple random and purposive sampling methods to select appropriate sample sizes from the study population strata. Structured questionnaire was the main instrument for data collection, supported by interview guide. Hypothesis was tested at α=0.05 level of significance and the results were: H0: There is no significant relationship between subcontractor oversight and real estate construction projects cost overruns was rejected since P=0.000<0.05. Considering the study findings and conclusions, the following recommendations were made: Project professionals and other relevant real estate project stakeholders should encourage comprehensive subcontractor oversight as critical concerns in assembling pertinent information and creating avenues that could be utilized to reduce real estate construction projects cost overruns.

The situation and solutions to develop Green Building in Vietnam

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

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

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

Identification, evaluation, and allotment of critical risk factors (CRFs) in real estate projects: India as a case study

The boom of real estate has been a motivating force for economic growth in India for the past few years. However, the Real Estate (RE) market of India is still in the embryonic phase and juvenile. In the context of the real estate projects, it is a general situation observed that such projects cannot meet the target as the Indian real estate companies are deficient in scientific management technology to confront the risks. The research paper aims to focus mainly on constraints and demurral of Risk Management (RM) in RE firms of India to investigate findings for the same in the Indian Real estate market and further focusing on RE projects of Ahmedabad. The paper is mostly founded on an overview of individuals who are straightforwardly or firmly identified with the administration and the RE business in India. The questionnaire survey shall be targeted over the five prime territories of Ahmedabad. This research further highlights to concerned identified primary critical risk factors (by Criticality Index Method) influencing the residential real estate market and then developing a framework for assessing the factors carrying out the quantitative analysis using various analytical methods of SPSS software, Factor analysis, ANOVA and Post-Hoc Test. The validation of the results has been done through a survey of experienced experts. The critical risks identified based on the questionnaire survey are modeled through the decision tree diagram.

Selecting the appropriate project delivery method for real estate projects using fuzzy AHP

The real estate industry holds a remarkably significant share in the Turkish economy. Due to the nature ofthe dynamic characteristics of the real estate industry, project achievement is not an easy task. Choosing the appropriate Project Delivery Method (PDM) is significantly crucial, considering that it provides various benefits, including economic contribution and time-saving. This study aims to determine the main factors affecting PDM selection with the most suitable analysis method for real estate projects in Turkey. The PDM types used in the real estate sector and the factors affecting the appropriate PDM selection process are identified based on literature review and interviews with professionals related to the Turkish real estate industry. The model generated is utilized as a tool in choosing the appropriate PDM in real estate projects by using Fuzzy Analytical Hierarchy Process (AHP). In terms of the theoretical contribution to the literature, this study identifies five main factors categorized as i) time-related issues, ii) cost, funding and cash flow related issues, iii) scope related issues, iv) owner organization, risk, and relationship related issues, and vi)project characteristic issues with 13 sub-factors. In addition to the theoretical contribution, a hierarchical model and a Fuzzy AHP based approach to select the appropriate PDM for the real estate projects in Turkey are provided as a practical contribution.

Solid Financial Reforms are Needed to Uplift the Distressed Real Estate Sector

After the pandemic COVID-19 breakout, there has been a significant decline in the property listings. Though the Centre has focused on the affordable housing space for reforms, there has been no visible reforms in view of the realty developers. Due to the recent moratorium imposed on the term loans, credit sources have been tightened for the realty developers coupled with other aspects. Given the difficulty in credit availing conditions in the sector, the article discusses the distressed funds as alternatives to uplift the sector. However, there are certain hurdles for the distressed funds in the form of capital structures to act quickly and operate efficiently. The article in this regard discusses certain changes in the regulatory framework that allows flexibility in the capital outlay in the residential real estate projects.

Thinking activity-based work environment throughout situated acceptance

Purpose This paper aims to focus on activity-based workplaces, which offer a diversity of typologies and configurations which, instead of being attributed to users, are shared according to the needs of their activities. Indeed, this paper questions the way these activity-based workplaces configure the ways in which individuals and collectives carry out their activity. Design/methodology/approach To do so, this paper established a two-phase methodology. Three days of observation amid three different units evolving in activity-based workplaces have helped us to identify the uses that emerged from these spatial typologies. Then, a set of two interviews with eight participants have been conducted based on the four dimensions of the situated acceptance model (Bobillier Chaumon, 2013) and on picture elicitation. Findings The results allow us to understand how activity-based workspaces can be considered as artefacts for the activity that needs to be appropriated to allow the worker to realise his activity. Research limitations/implications The results provide an overview of the social and psychological consequences of activity-based workspaces on workers, their work collective and their activity. Thus, the conclusions can be mobilised in activity-based real estate projects, for example, during the design stage. Originality/value This research conducted with a situated approach based upon the study of the development of the activity proposes a change from the usual managerial approach about these activity-based workplaces, which prescribe an ideal way of working within the workplace.