The concept of property redevelopment

Kerk, Zi En and Mohd Safian, Edie Ezwan (2017) The concept of property redevelopment. In: Urban Dynamics. Series 1 . Penerbit UTHM, pp. 101-116. ISBN 9789672110743

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Abstract

Redevelopment conceptually means re-using and improving real estate by adding value or rehabilitating a building or property to increase more marketable properties. It has been argued that the redevelopment of properties will have significant economic benefits onwards by improving quality of life, creating new employment opportunities, and increasing the municipal tax base once redeveloped properties are returned to the tax rolls [1]. Unfortunately, the scope of redevelopment is not attractive to developers because of too many uncertainties. Some of the uncertainties involve the aspect of applicable legislation, and its high cost [2]. Besides that, developers also need to make an application for the redevelopment, lengthy time to get approval on new projects, as well as longer process of redevelopment clearance. As a result, many developers are not keen on the redevelopment project. In addition, it has been suggested that the redevelopment should serve as a check or constraint on urban sprawl by reducing developmental pressures on greenfield or existing vacant land. However, there are several queries in this viewpoint. First, does the redevelopment serve as a check or constraint on urban sprawl? Second, what are the critical factors that have the biggest influence on specific decisions to redevelop a property?

Item Type:Book Section
Subjects:H Social Sciences > HD Industries. Land use. Labor > HD101-1396 Land use
Divisions:Faculty of Technology Management and Business > Department of Real Estate Management
ID Code:11176
Deposited By:Mr. Mohammad Shaifulrip Ithnin
Deposited On:13 May 2019 09:12
Last Modified:13 May 2019 09:12

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