Search results

In the context of an absence of studies examining the interrelationship between Indian construction industry and residential real estate sector, the study aims to develop and test a conceptual framework to stimulate construction industry through optimisation of housing market in India. The developed conceptual framework lays down a blueprint to assess the interaction between construction industry and housing market in other countries.

Means of stimulation of construction industry by residential real estate sector were identified. Housing market was examined to identify factors constituting consumer-centric delivery and consumer-empowered demand. Supply side of housing market was probed to identify underlying factors stifling housing delivery. The identified factors were put together to form the conceptual framework. A questionnaire was developed and administered to the delivery-side stakeholders of housing market.

The study demonstrates significant correlations between real estate investment-led construction industry output stimulation and consumer-centric residential real estate delivery. The deterrents to consumer-centric housing delivery have been ascertained to be having an impact on time, cost and scope of housing projects. Significant correlations have been ascertained between the deterrents. On the demand-side, skills, awareness and engagement of consumers are strongly correlated with each other. Affordability of housing is rightfully correlated with all the three means of stimulation of construction industry output.

Specific to the Indian context, the study presents and validates a novel conceptual framework aimed at stimulation of construction industry output through interventions in housing market.

The purpose of this paper is to analyse project risks in Ghana’s real estate construction industry in terms of likelihood of occurrence, severity of impact and controllability.

A quantitative research approach was used in this study to address the research objective. The study population consisted project managers, architects, surveyors and contractors from 17 members of the Ghana Real Estate Developers Association (GREDA) in Ghana. Random stratified sampling technique was used to select 97 participants from these firms. A structured questionnaire was used to collect primary data, whereas descriptive statistics were used to present findings.

All risks identified have some level of likelihood of occurrence, extent of severity of impact and controllability. Market risks, technical risks and environmental risks are more likely to occur. Market risks, technical risks and environmental risks had the highest severity of impact. Financial risks, market risks, managerial risks and technical risks are the most controllable. Among all risks, environmental risks are the direst because they have high likelihood of occurrence and severity of impact but very low controllability. Real estate construction firms (developers) are therefore expected to prioritize remedy of environmental risks.

The study is based on self-reported perception of project parties on the likelihood, severity of impact and controllability of real estate project risk factors. Firms outside of GREDA were not included in the survey. Therefore, generalisation of these risk factors for the entire construction industry should be done with caution.

The research results show that Ghanaian real estate developers are aware of the existence of the risks which impact on the performance of the industry. To effectively and efficiently manage these risk factors, project parties must understand the likelihood of occurrence, severity of impact and controllability of the risk factors, as well as individual firm’s responsibilities and capabilities to manage them. Such knowledge helps project managers to prioritise risks in managing them in the face of scarce resources. From an academic research perspective, the paper contributes to a conceptual risk assessment framework for the real estate industry.

The paper’s main contributions relate to the introduction of real estate construction sector-specific factors to project risk management modelling.

The purpose of this paper is to investigate the causes of scope creep on project completion in the real estate development industry in Ghana.

Both simple random sampling and convenience sampling techniques were used in selecting the respondents for the study. The respondents were experts working in the real estate development industry in Ghana.

Results from the study showed that the most critical factors that cause scope creep in the Ghanaian real estate development industry are client changes, unforeseen risks and unclear scope. Mitigating measures for addressing these factors were proposed.

This paper is limited to causes of scope creep in the real estate development industry in Ghana based on data collected from only real estate development firms in Accra. Due to geographic constraints, the researcher was unable to sample real estate development companies across the entire country. The finding of this study may not be generalised since causes of scope creep can be unique to individual country contexts.

This paper has documented the critical causes of scope creep and its major impacts on project completion in the real estate development industry in Ghana. The results will help project managers in the industry to appreciate the causes of scope creep and its effect on project completion as well as increase the quality of economics on real estate management and reduce the costs and risks of housing of delivery in the country.

The paper examined the causes and mitigation of project scope creep in the Ghanaian context.

This paper aims to identify the challenges of Hong Kong and overseas developers in project management when undertaking real estate projects in China, and then focuses on how to mitigate and solve the problems. The proposed solution is about a concept of using the IT tool “web‐based construction project management system” (WPMS) to help assuring projects success in China. The study reported in this paper focuses on how to implement WPMS to manage construction projects in China considering the overall situation, limitations and Chinese culture.

Case studies and interviews were adopted to identify the main reasons why experienced Hong Kong developers have apparently been outperformed by the capital‐deprived local developers in China. SWOT was applied to analyse project failure factors. Afterwards, 49 web‐based construction project management software systems were reviewed to identify their features, their client expectations, the technology propagation modes, and the most emphasized functions in the construction stage. An in‐depth case study was adopted to test the hypothesis that web‐based construction project system could help Hong Kong developers to properly manage their projects in China.

Cooperation and coordination difficulties among participants caused by long geographical project distance and remote management control were identified to be the main causes of project failure. Web‐based construction project management system was proved to be efficient and effective in cross region project coordination and monitoring. Since property development business is a continuing and non‐one‐off activity, the investment of a tailor made WPMS is really good value for money. Concerning the low readiness of business partners in China, an encouraging pattern with more self‐incentives should be considered for achieving a win‐win‐win situation as an essential tactic as proposed in this paper.

How to evaluate the benefit of using WPMS in quantitative method remains a challenge. Future research could compare the project with WPMS and without WPMS.

The case study of the application of a tailor‐made web‐based project management system (named ICPMS) by one of the major developers in Hong Kong has demonstrated that the headquarters in Hong Kong is able to get timely first hand project information, facilitating timely decisions and ensuring project success. Thus, the adoption of WPMS is a worthwhile investment for overseas developers undertaking real estate development projects in China.

This paper puts forward the concept of overseas developers using WPMS to help assure project success in China. Chinese culture and other limitation factors were considered for the first time in WPMS implementation in the construction industry. How to make the implementation of WPMS to successfully overcome such barriers is illustrated based on this empirical study.

Claims have become an inseparable part of construction projects across the world. Construction claims often tend to result not only in time and cost overruns but in case of a dispute arising from the claim, it may result in erosion of the brand value and the working relationship between the parties. Thus, construction claim prediction is important but is complicated because of a large number of dependent factors and the complex inter-relations between them. With the aid of machine learning techniques, claim tenability assessment for real estate projects in India is attempted in this paper.

In this research, artificial neural network (ANN) and decision tree models are used for assessment of claims in the Indian real estate sector using project and claims data from 275 real estate projects.

The developed ANN model assesses the claim tenability in a project with a high degree of accuracy. Both ANN and decision tree models identify that “inconsistency between drawings and specification” as the most influencing factor in claim tenability assessment.

Notwithstanding the claim tenability assessment, the model, in its current form, cannot be used to predict the “extent of claim” in the real estate projects.

Claim tenability assessment in real estate projects, especially in India, is scantily discussed in literature. This research, by adding to the body of knowledge, helps in both claim assessment and identification of factors that need to be controlled to reduce the claim tenability in real estate construction projects in India.

The objective of this paper is to provide insights about the potential of real option thinking for corporate real estate management (CREM) from the owner-user perspective. A promising approach to classifying and evaluating flexibility in real estate is the real options approach. Most literature on real options look from an investor perspective.

First, a review on real option thinking in the real estate and large engineering projects literature is provided using Flyvbjerg’s (2001) typology of knowledge systems. Next, the effects of exercising real options for various stakeholders in CREM is analysed in two case studies.

The literature review shows that little research has been done on conditions and values needed to make real options applicable in the CREM practice of the owner-user of real estate. The case studies show that real options are more valuable to one stakeholder than to another.

Based on the knowledge on conditions for and the consequences of exercising real options for various stakeholders, insight can be gained into the applicability of real options to the owner-user of real estate and how real options reasoning fits within this practice. A phronetic type of knowledge is needed that incorporates stakeholders’ interests.

Creating phronetic knowledge would allow understanding why and how real options are used, or could be used in the future, and heuristics could be developed. In this way, real estate management should become more resilient to changes.

Construction projects in the real estate sector are important for a nation’s economic growth. However, owing to several constraints and stereotypes, the construction industry is suffering from major capital losses. A review of recent literature revealed that risks occurring in real estate construction projects (RECPs) carried out in developing economies can be divided into four categories, i.e. financial risks, design risks, execution risks and sociopolitical risks. This study aims to identify the critical factors that lead to these risk categories and develop a control structure for RECPs.

A quantitative method, i.e. a questionnaire-based survey, was used for this study. Using a random sampling technique the questionnaire was distributed to selected, highly experienced project managers. To determine whether the factors identified as part of the literature review strongly influence the categories, the factor analysis of the observations was performed.

The observations made in this study lead to the identification of six critical risk causing factors, i.e. lack of efficient planning, execution constraints, external constraints, client-induced constraints, project constraints and partner experience. The observations indicated a lack of knowledge of project management, organizational culture and a claims redressal mechanism in RECPs. Also, this study recommends a blockchain-based control structure to control the occurrence of the risk causing factors identified.

This study recommends a blockchain-based control structure for controlling the risks occurring.

This paper aims to make a systematic review of the manpower prediction model of the construction industry. It aims to determine the forecasting model's development trend, analyse the use limitations and applicable conditions of each forecasting model and then identify the impact indicators of the human resource forecasting model from an economic point of view. It is hoped that this study will provide insights into the selection of forecasting models for governments and groups that are dealing with human resource forecasts.

The common search engine, Scopus, was used to retrieve construction manpower forecast-related articles for this review. Keywords such as “construction”, “building”, “labour”, “manpower” were searched. Papers that not related to the manpower prediction model of the construction industry were excluded. A total of 27 articles were obtained and rated according to the publication time, author and organisation of the article. The prediction model used in the selected paper was analysed.

The number of papers focussing on the prediction of manpower in the construction industry is on the rise. Hong Kong is the region with the largest number of published papers. Different methods have different requirements for the quality of historical data. Most forecasting methods are not suitable for sudden changes in the labour market. This paper also finds that the construction output is the economic indicator with the most significant influence on the forecasting model.

The research results discuss the problem that the prediction results are not accurate due to the sudden change of data in the current prediction model. Besides, the study results take stock of the published literature and can provide an overall understanding of the forecasting methods of human resources in the construction industry.

Through this study, decision-makers can choose a reasonable prediction model according to their situation. Decision-makers can make clear plans for future construction projects specifically when there are changes in the labour market caused by emergencies. Also, this study can help decision-makers understand the current research trend of human resources forecasting models.

Although the human resource prediction model's effectiveness in the construction industry is affected by the dynamic change of data, the research results show that it is expected to solve the problem using artificial intelligence. No one has researched this area, and it is expected to become the focus of research in the future.

Federal and State Governments began to explore more subtle alternatives for accessing private sector resources in the delivery and operation of public facilities. The purpose of this paper is to examine the types of infrastructural projects most suitable using public‐private partnership (PPP) for executions and identify the critical success factors in PPP on infrastructural projects with a view to strengthening the partnership between the public (government) and private sector. The overall goal is to enhance infrastructural projects delivery in Nigeria.

The primary data consists of survey questionnaires, drawn based on the identified factors on existing literature on critical success factors (CSFs). The structured questionnaires were administered on participants that were involved in the execution of PPP projects, either during the initial stage, construction stage or maintenance and operating stages in Lagos State.

The results of the mean score ranking indicate that transportation, which include roads, rails and airports construction ranked highest followed by provision of electricity and water. Real estate and educational construction projects ranked lowest in terms of suitability of execution using PPPs. However, the result of the one‐way analysis of variance (ANOVA) indicates that, there was no significant difference in the suitability of PPP for execution of the types of infrastructural projects delivery. The paper further identified nine CSFs in public‐private partnerships as follows: competitive procurement process, thorough and realistic assessment of the cost and benefits, favorable framework, appropriate risk allocation and risk sharing, government involvement by providing a guarantee, political support, stable macroeconomic condition, sound economic policy and availability of suitable financial market. The study, however, showed that well organized and committed public agency; social support; project technical feasibility and multi‐benefits objectives are the CFSs that are most important to the private investors. On the other hand, factors such as transparency in the procurement process; shared authority between public and private sector; thorough and realistic assessment of the cost and benefits; commitment and responsibility of public and private sector and strong and good private consortium are the CSFs that are most important to the public clients.

The results indicated that there was no significant difference in the suitability of PPP for execution of infrastructural projects delivery. This shows that PPP is suitable for all types of infrastructural projects. What needs to be done is to ensure that all the success factors responsible for successful implementations of PPPs are well structured in a way that its optimum performance can be guaranteed. Also, in identification of the critical factors in PPP it would help to develop a body of PPP knowledge. This knowledge would help in the establishment of relevant laws, regulations and guidelines and in the development of efficient frameworks for best PPP practices.

An appropriate space allocation among different residence types gives higher profitability and liquidity for cash flow management in real estate projects for developers. Thereby, a balance between debt and equity should be kept for capital formation in developers where high level of cost, profit and risk exists. The purpose of this paper is to provide cash flow optimization under debt and equity financing while providing an appropriate space allocation of residence types via synchronous consideration of profitability and liquidity.

A novel optimization methodology that includes project financing, optimization and experimental design modules is proposed. The first module, project financing, considers the flexibility of utilizing one or both of debt financing and equity financing when making capital. The optimization module addresses space allocation among different residence types for a construction while maximizing profitability and liquidity using two mixed-integer linear programming models in a pre-emptive manner. The experimental design module assesses the effects of decisive parameters within the methodology via multivariate analysis of variance (MANOVA).

The proposed methodology is applied to a real-life residential project in Istanbul. The optimization module yielded 42.5% profitability via the first linear programming model and 2.2% trade-off between liquidity and profitability while minimizing the payback period by the second linear programming model. Meanwhile, MANOVA results showed that profit per square meter and sale rate trends are the most prominent factors considering their significant effects on net present value and payback period.

To the best knowledge of the author, related papers focused only on profitability under equity financing. Liquidity (as an objective) and equity financing (as a financing method) have not been handled. Hence, this paper not only performs profitability and liquidity-oriented cash flow optimization under debt and equity financing but also optimizes space allocation of residences for the first time.