MEASURING THE IMPACT OF GREEN BUILDING ATTRIBUTES ON PROPERTY VALUE AND IMPLEMENTATION COST: A TWO-WAY APPROACH
DOI:
https://doi.org/10.21837/pm.v24i40.1967Keywords:
High-rise Residential, Strata Residential, Green Features, Green ValuationAbstract
Green valuation is one type of valuation methods used to estimate the value of property by taking consideration the effect of the green features. Previous studies agreed that green features should be considered in valuation due to its features that have added value to the building. However, many researchers have shown notable obstacle in implementing green buildings which is the cost of implementation. Therefore, it is important to determine green features that has positive effect on property value and the implementation cost of green features. Henceforth, this study is conducted to compare between the effect of green attributes in increasing property values and implementation costs to be used as a guidance for green building industry. The objectives of this study are to identify green attributes on building by systematic analysis, to analyse the effect of green attributes on property value via questionnaire survey, frequency analysis followed by regression analysis. Lastly, to measure the implementation cost for green attributes that increased property value via interview with stakeholders. Based on the five hedonic model performed, it resulted that green roof, green wall, solar photovoltaics, double skin façade glazing, and green shade coverage are recommended to be implemented on buildings, as it increases property value. However, the lowest implementation cost is the green shade coverage implementation as it provides lowest cost compared to other green component at RM370/sqm with high property value increment at 39%. Therefore, it is suggested to implement green shade coverage on property to harvest both benefits. Overall, this study is significant for building industry decision making in green building development.
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