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Article
Publication date: 20 February 2017

Muhammad Najib Razali, Norhidayah Md. Yunus, Ainur Zaireen Zainudin and Janice Lee Yim Mei

The purpose of this paper is to assess the sustainability levels in terms of sustainability practices amongst public-listed property companies in Southeast Asia.

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Abstract

Purpose

The purpose of this paper is to assess the sustainability levels in terms of sustainability practices amongst public-listed property companies in Southeast Asia.

Design/methodology/approach

The websites and annual reports for each company were assessed to determine the level of sustainability practices amongst property companies in Southeast Asia. Their sustainability strategies were then rigorously assessed by using a scorecard which assesses sustainability levels based on related issues.

Findings

The results show that green or sustainable property development in Southeast Asian countries remains at a moderate level. There is still much room for improvement to enhance the level of green attributes in property development.

Research limitations/implications

This paper only assesses property development companies in five Southeast Asian countries; namely, Singapore, Malaysia, Thailand, Indonesia and the Philippines.

Originality/value

Given the increasingly significant sustainability issues – especially amongst international property development players, this paper attempts to deliver better informed investment and decision-making ideas for sustainable property developments.

Details

Property Management, vol. 35 no. 1
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 19 October 2015

Muhammad Najib Razali and Yasmin Mohd Adnan

The concept of sustainability has become increasingly essential to property development, especially in recent years. The purpose of this paper is to assess the level of…

4357

Abstract

Purpose

The concept of sustainability has become increasingly essential to property development, especially in recent years. The purpose of this paper is to assess the level of sustainability practices among listed property companies in Malaysia.

Design/methodology/approach

Using content analysis, company websites and annual reports, the level of sustainable practices among property companies in Malaysia will be examined and assessed. The paper will also rigorously assess the sustainability strategies employed by using an attributes scorecard, which takes into account several attributes concerning sustainability issues.

Findings

The findings have showed sustainable property development concept among listed property companies can be categorised as low level, although this is increasing.

Originality/value

Given the increasing significance of sustainability issues – especially in property development – this paper provides a more informed investment decision strategies regarding the implementation of the sustainability concept in property portfolio; a consideration that has increasingly come into focus amongst international property actors.

Details

Property Management, vol. 33 no. 5
Type: Research Article
ISSN: 0263-7472

Keywords

Book part
Publication date: 14 December 2023

Clare Hindley, Johanna van Stiphout and Willy Legrand

The search for luxurious hospitality experiences increasingly coincides with the imperative to mitigate negative impacts in the pursuit of greater sustainability. This is a task…

Abstract

The search for luxurious hospitality experiences increasingly coincides with the imperative to mitigate negative impacts in the pursuit of greater sustainability. This is a task often understood as being complex particularly in the context of luxury hospitality which often resonates with conspicuous consumption. This chapter uses a case study approach to analyze the complex relationship between luxury tourism and sustainability. The study focuses on the development of “luxury” from a materialistic perspective toward an experience economy and relates this to the concept of sustainability and agreements relevant to the tourism industry. The environmental impact of luxury hospitality is then discussed. The case study on properties in Costa Rica, South Africa, the Maldives, Vietnam, and French Polynesia focuses on philosophy, facilities, energy and waste consumption, food and beverage, conservational and educational activities, and alignment to the United Nations Sustainable Development Goals (UN SDGs). The focus is on the properties and shows limitations in that it is not applicable to the whole tourist journey and experience. All properties understand luxury as based on experiences and involvement in nature. Measures to mitigate environmental impact and foster conservational and educational activities are mainstream practices. Comparing the cases with academic literature on luxury, sustainability, ecotourism, and environmental policies underline that sustainability-driven luxury hospitality shows valuable steps toward a more sustainable product but is ultimately faced with the dilemma of taking into consideration and ultimately mitigating the impacts of the entire travel value chain.

Details

Advances in Hospitality and Leisure
Type: Book
ISBN: 978-1-83753-090-8

Keywords

Article
Publication date: 26 September 2008

David Lorenz and Thomas Lützkendorf

The purpose of this paper is to explain the rationale for integrating sustainability issues into property valuation theory and practice and to provide initial suggestions for…

14466

Abstract

Purpose

The purpose of this paper is to explain the rationale for integrating sustainability issues into property valuation theory and practice and to provide initial suggestions for valuers on how to account for sustainability issues within valuation reports.

Design/methodology/approach

The authors emphasise the key role of valuation professionals and of the valuation process itself in achieving a broader market penetration of sustainable construction. It is explained that, on the one hand, property valuation represents the major mechanism to align economic return with environmental and social performance of property assets, and thus to express and communicate the advantages and benefits of sustainable buildings. On the other hand, it is explained that gradual changes in market participants' perceptions in favour of sustainable buildings must be reflected within the property valuation and associated risk assessment process (otherwise valuers would produce misleading price estimates). The authors identify both the financial benefits and risk reduction potential of sustainable design as well as valuation input parameters that would allow these benefits to be reflected in property price estimates.

Findings

The authors show that the main reasons for immediately and rigorously integrating sustainability issues into property valuation are as follows: more sustainable patterns of behaviour are urgently necessary to sustain the viability of the Earth's ecosystems; a huge untapped market potential exists for sustainable property investment products and consulting services; sustainable buildings clearly outperform their conventional competitors in all relevant areas (i.e. environmentally, socially and financially); neglecting the benefits of sustainable design leads to distorted price estimates; and reflecting sustainability issues in property price estimates is already possible and the validity of this decision depends solely on the valuer's capability and sophistication to explain and justify his/her assumptions within the valuation report. However, it is also shown that efforts need to be undertaken to improve the description of property assets in transaction databases in order to provide the informational databases necessary to empirically underpin a valuer's decision to assign a “valuation bonus” to a sustainable building or a “valuation reduction” to an unsustainable/conventional one.

Originality/value

The paper postulates that valuation reports should be extended to include the following additional elements: a clear description of the availability of certain sustainability‐related property characteristics and attributes; a statement of the valuer's opinion about the benefits of these characteristics and attributes; and a statement of the valuer's opinion about the impact of these benefits and/or risks on property value.

Details

Journal of Property Investment & Finance, vol. 26 no. 6
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 14 January 2020

Markson Opeyemi Komolafe, Matthew Oluwole Oyewole and Job Taiwo Gbadegesin

The purpose of this paper is to examine the relative awareness and influence of stakeholders on sustainable residential property development in Lagos, Nigeria. This is with a view…

Abstract

Purpose

The purpose of this paper is to examine the relative awareness and influence of stakeholders on sustainable residential property development in Lagos, Nigeria. This is with a view to identifying the key stakeholders pertinent to enhancing sustainable residential property development in the country.

Design/methodology/approach

Data on awareness and influence of stakeholders on decisions to adopt sustainable residential property were elicited from residential property users, building contractors, property investors, estate surveyors and valuers and government regulatory agencies in Lagos residential property sector. The data were collected by using a questionnaire and analysed using mean item score and analysis of variance.

Findings

The result showed that the government regulatory agencies and the building professionals were aware of sustainable buildings, as mean scores measuring their awareness were higher than 2.5 on a scale of 1–5. The level of awareness of users was, however, low (mean score of 2.39). The users and the government regulatory agencies were identified by the stakeholders as being most influential on their decisions to adopt sustainable residential property.

Practical implications

Findings from this study indicate that there is need to promote the users and government regulatory agencies’ activities on sustainable residential property development as the activities of these stakeholders have higher influence on sustainable residential property development decisions in the study area.

Originality/value

This study particularly examines the interrelationships between the activities of stakeholders in sustainable residential property development in Nigeria. This has not been adequately studied in extant literature.

Details

Smart and Sustainable Built Environment, vol. 9 no. 2
Type: Research Article
ISSN: 2046-6099

Keywords

Article
Publication date: 4 August 2020

Rames Sivadasan, Farzana Quoquab, Jihad Mohammad and Rohaida Basiruddin

The purpose of this study is to investigate consumers’ buying intentions (BIs) towards sustainable properties with green living concept (GLC). It also aims to examine the dynamic…

Abstract

Purpose

The purpose of this study is to investigate consumers’ buying intentions (BIs) towards sustainable properties with green living concept (GLC). It also aims to examine the dynamic relationships between environmental advertisements (EAd), green brand positioning (GBP), attitude towards environmental responsibility (ER) and consumers’ sustainable properties BI in the Malaysian context.

Design/methodology/approach

Data were collected via online questionnaire survey, which yielded 143 completed usable responses. Structural equation modelling–partial least squares (Smart PLS, version 3) was used to analyse the data.

Findings

The findings of this study revealed that EAd and GBP significantly affect consumers’ attitude towards ER, which in turn affects consumers’ BI of the sustainable properties with GLC.

Practical implications

This study suggests that without inculcating a positive attitude towards the environment among consumers, it becomes a daunting task to drive consumers to purchase sustainable properties in Malaysia. Thus, the marketers should focus on green promotional activities to attract more customers to buy sustainable properties with GLCs. Moreover, it is suggested to target the right market segment to secure more sales.

Social implications

The findings of this study will enable the government and the social marketers to understand the drivers of buying sustainable properties with GLC, which in turn will contribute to the higher environmental welfare.

Originality/value

This study is among the pioneers to examine consumers’ sustainable property purchase intention. It provides significant insights for the social marketers and policymakers to understand how to motivate consumers to purchase sustainable properties with GLCs. Moreover, this study has investigated few comparatively new links such as the direct effect of EAd and GBP on attitude towards environmental responsibility and the mediating effect of attitude towards environmental responsibility between environmental stimuli and consumer’s sustainable properties BI.

Details

International Journal of Ethics and Systems, vol. 36 no. 3
Type: Research Article
ISSN: 2514-9369

Keywords

Article
Publication date: 1 March 2006

Lawrence Wai‐chung Lai

The purpose of this paper is to theorise on the nature of property management broadly understood as resource management and demonstrate the actual and potential contribution of…

4708

Abstract

Purpose

The purpose of this paper is to theorise on the nature of property management broadly understood as resource management and demonstrate the actual and potential contribution of innovative property management to sustainable development.

Design/methodology/approach

The approach is analytical and backed by real life examples, using concepts of property rights informed by Coasian neo‐institutional economics and Yu's ideas on the Schumpeterian process in innovation.

Findings

There is a fast spread of gated communities in the Pearl River Delta and some private shopping centres provide public facilities and entertainment as a public relation method.

Research limitations/implications

The transformation of negative externalities into positive ones is the crux to achieve win‐win solutions to property management for sustainable development.

Practical implications

A good property manager does not simply perform the role of a passive housekeeper or management fee collector. S/he is, above all, an innovator who applies updated technology and concepts with great sensitivity to the externalities generated by or affecting the resource s/he manages.

Originality/value

This is the first paper that defines for property management a research agenda anchored in Coasian economics and demonstrate the actual and potential contribution of property management.

Details

Property Management, vol. 24 no. 2
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 17 April 2007

David P. Lorenz, Stefan Trück and Thomas Lützkendorf

The basic purpose of this paper is to explore the relationship between the sustainability of construction on the one hand and market value, worth and property investment…

4785

Abstract

Purpose

The basic purpose of this paper is to explore the relationship between the sustainability of construction on the one hand and market value, worth and property investment performance on the other hand. This paper aims to analyse price movements and price differences caused by different property characteristics.

Design/methodology/approach

Based on the estimated log‐linear hedonic regression model, a hedonic price index is calculated. Price movements subject to different property characteristics are examined by constructing various conditional hedonic price indexes.

Findings

The results reveal that, high‐quality flats or flats within preferred locations clearly outperform their competitors in terms of price stability during an overall market downturn. However, it is also shown that contemporary building descriptions or specifications of transactions within property databases are not yet sufficient and need to be widened to meet forthcoming challenges. Therefore, an “integrated building performance approach” is introduced and a proposal for the step‐wise improvement of building descriptions is made.

Practical implications

The paper shows that efforts need to be undertaken by the property profession in combining and transferring financial performance data along with information that is indicative of a building's contribution to sustainable development.

Originality/value

The paper offers insights into the relationship between the sustainability of construction and market value.

Details

Property Management, vol. 25 no. 2
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 17 October 2008

Su Li Ang and Sara J. Wilkinson

Sustainable property development has increased in market share over the past two to three years globally and locally. This research aims to analyze the drivers and barriers to…

3065

Abstract

Purpose

Sustainable property development has increased in market share over the past two to three years globally and locally. This research aims to analyze the drivers and barriers to sustainable property development in Melbourne using the triple bottom line (TBL) theoretical framework. The TBL posits that sustainability has social, economic and environmental aspects to fulfil.

Design/methodology/approach

A questionnaire was sent out to 190 developers in Melbourne who promoted sustainable property development to ascertain their views about the drivers and barriers.

Findings

This research indicates that in the 2007 Melbourne market the drivers were social rather than economic. The data reveal that social reasons are considered more than economic arguments for incorporating sustainability into developments. The business case, or the economic drivers for sustainability alone do not convince developers.

Research limitations/implications

The questionnaire survey informed us about developers' views but not why they have these views. The sample was limited to Melbourne.

Practical implications

More developments are required for developers to become convinced of the benefits. The relatively low price of energy undermines the business case for sustainability in property here and needs to be fully costed.

Originality/value

This paper illustrates that whilst the theoretical framework cites three key areas for sustainability, the reality is that developers are currently driven by social and environmental factors primarily and the business case is not accepted by the majority of developers.

Details

Property Management, vol. 26 no. 5
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 26 September 2008

Graeme Newell

Environmental sustainability has taken on increased importance in recent years with property companies. The purpose of this paper is to assess the strategies used by listed…

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Abstract

Purpose

Environmental sustainability has taken on increased importance in recent years with property companies. The purpose of this paper is to assess the strategies used by listed property trusts (LPTs) in Australia in delivering excellence and international best practice in environmental sustainability for commercial property.

Design/methodology/approach

Using content analysis, the annual reports, corporate responsibility and sustainability reports, and carbon disclosure reports for all LPTs in Australia are assessed. These public domain documents are used to identify the corporate strategies used by LPTs for implementing international best practice in environmental sustainability for the LPT commercial property portfolios.

Findings

The paper finds that Australian LPTs are seen to be strategically implementing a wide range of procedures regarding environmental sustainability. These contributions represent international best practice in environmental sustainability procedures, and include strategies at the corporate, portfolio and individual commercial property levels. These results confirm the strong leadership role of Australian LPTs in implementing international best practice in environmental sustainability in commercial property.

Originality/value

Previous research into sustainable commercial property has largely focused on the valuation implications with sustainability and the various sustainability rating tools. This paper rigorously assesses the strategic issues concerning implementing international best practice in environmentally sustainable commercial property; particularly highlighting the strong leadership role of LPTs in Australia in implementing these international best practices. Given the increasing significance of environmental sustainability and commercial property, this research enables more informed and practical investment decision making by property companies regarding the implementation of environmental sustainability procedures for their commercial property portfolios which are seen to be international best practice.

Details

Journal of Property Investment & Finance, vol. 26 no. 6
Type: Research Article
ISSN: 1463-578X

Keywords

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