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The Impact of Gated Communities to the Property Value

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婷 舒

on 5 May 2014

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Transcript of The Impact of Gated Communities to the Property Value

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The Impact of Gated and Guarded Community on Property Value

Prepared by :Ng Su Teng

Introduction
1)
Gated and Guarded Community (G&G)

-cluster of houses surrounded by
fence

with controlled access and provide a number of
measures of restrictions
such as security guards, 24-hour patrol services, central monitoring systems and closed circuit televisions (CCTV) cameras.
2) According to the Johor Branch of Malaysia’s Real Estate and Housing Developer’s Association (REHDA) (2012) mentioned that the increasing of crime cases such as break-ins, robberies and snatch thefts are the main reasons why consumers today seeking a more secure home.
3) Developers foresee that buyer
willing to pay money
for a peaceful and secure life (Lim, 2003).
Problem Statement
1)
People willing to pay more for G&G
due to :

Safety (Ilmonen, 2000)
Preventing crimes (Keller, 1986)
Security (LaCour and Malpezzi, 2001)
Preserve property value for the next generation (Tan, 2010)
Prestige, privacy, and maintenance (Richter and Goetz, 2007)
Neighbourhood amenities (Luymes, 1997)

2) G&G communities are
more efficient
than NGG communities in safeguarding property values. (Bible & Hsieh,2001)
3) In overseas, hedonic modelling demonstrated a 26%
price premium
where G&G have been established between 1979 and 1998 in SaintLouis, Missouri; but NGG only produced an estimated 9% price premium (Locour-little & Malopezzi, 2001).
4) In Nusajaya area, an increase of 14% to 20% was recorded for double storey terrace house in a G&G scheme; whereas NGG environments increased only 7%. (NAPIC, 2010)
5) However, Blakely and Snyder (1998) claimed that paired sales price comparisons of Orange County in California, communities indicate that
no price differential
between G&G and NGG communities.
6) The result of researcher at Los Angeles 1980-2000 also shows that G&G communities often were
not well managed
to produce a
significant price premium
compared to NGG housing estate.
7) Hence, this research aim to find out the
impact of GG on the property value
.
Objective

i) To identify the significance of gated and guarded community affects the property value by determining its coefficient contributes to the property price.
ii) To determine the trend of property price change within gated and non-gated guarded community over the time. (Year 2009-2013).
Scope of Study

Double Storey Terrace House
Year 2009-2013
Skudai, Johor

i) Taman Pulai Utama
ii) Taman Sri Pulai Perdana
iii) Taman Impian Emas
Significance
of Study
i) Property Developers and Managers
iii) Local Authority
ii) Public
-House Buyer
-Student (Academic)
Literature Review
Research Methodology
Objective 1

Data Analysis
a) Coefficient of Determination (R2) and Adjusted R2 Tests
Statistical Test
b) F-Statistic (F-test)


c) T-Value (t-test)
d) Multicollinearity Test (Correlation Analysis)


PRICE =15183.41+ 420.98*(LA) + 331.69*(BA) + 8103.88*(ROOMS)+ 40919.01*(IMP_EMAS) + 17733.17*(SRI_PPDN) + 17078.99*(YEAR)+ 7493.72*(OP) + 35594.55*(GATED)


Coefficient gated guarded to the property value
= --------------------------------------------------------------- x 100%
Mean of gated communities house price (2009-2013)
in respective Taman

The Price Premium of Gated Housing
Finalized Valuation Model
Objective 2:
a) Price Change in Taman Pulai Utama
b) Price Change in Taman Sri Pulai Perdana
c) Price Change in Taman Impian Emas
a) Some
uncompleted and unavailability data
sets of the pertinent physical characteristics of the property sample being exempted in this study and assumed they are in the same condition.
Limitation of Study
b)Neighbourhood characteristics such as distance to school, distance to garden, and distance to place of worship are not being considered to be taken because each location of Taman consists of those neighbourhood.
c) It is very
difficult
to collect locational plans and transaction data for different Taman as the information is P&C.

Recommendation for Future Research
a)
Increase the number of sample data
points that were needed to improve the accuracy of any variables.
b)
More locational and neighbourhood attribute
s being encourage using as variable when apply Hedonic Price Model.
c) Other
facilities
such as recreation halls, gymnasiums and swimming pools may take into consideration because it may impact on housing value in this area.
Conclusion
b)Throughout the study, evidence showed that G&G community is significant affect the property value by it's coefficient contributed to the property price.
a) Gated community’s schemes is the main stream housing planning in the future.
Hence, the value of GG contribute to the property value is RM35,594.55 which determined by it's coefficient.
c) The trend of price change showed GG more efficient in safeguarding property value than NGG in year 2009-2013.
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