Journal of Surveying, Construction and Property

IMPACT OF CONSTRUCTION INVESTMENT ON THE UNEMPLOYMENT RATE IN NIGERIA

2024-05-13T15:56:19+08:00

Nigeria being an export-driven economy with a primary focus on oil and gas has a high rate of unemployment. However, the construction industry as a labour-intensive economic sector may provide the prospect for full employment. Hence, this study investigates the effect of construction sector investment on the unemployment rate. Time series data was extracted from the World Bank’s World Development Indicators (WDI) for the years 1991 through 2020. The study adopted multiple regression and Autoregressive Distributed lag (ARDL) models for analyzing the data. From the result, the models' estimate indicates that the only significant predictor of the current unemployment rate is the lagged unemployment of the previous year. Both the construction investment growth rate and the rate of economic growth do not have a substantial effect on the current unemployment rate which is contrary to Okun’s law. Based on the findings, this study recommends diversification of the economy in favour of labour-intensive sectors like construction and manufacturing for sustainable solutions to unemployment in Nigeria.

CRITICAL REVIEW ON INSTITUTIONAL REAL ESTATE INVESTMENT DECISION-MAKING MODELS

2024-05-27T16:39:10+08:00

This critical review delves into the underexplored realm of institutional real estate investment decision-making, a domain that holds paramount significance in the financial landscape. Despite the extensive scrutiny of individual real estate investors' decision-making processes, there exists a noticeable lack of research on the pivotal role played by institutional investors. As the primary stakeholders armed with substantial financial resources, institutional investors, encompassing entities such as investment funds, insurance companies, and pension funds, wield unparalleled influence in the market. This paper aims to unravel the complex decision-making models employed by institutional investors, focusing on the period from 2000 to 2024. Employing the PRISMA model, the review meticulously incorporates 21 pertinent articles, and a comprehensive thematic analysis, facilitated by ATLAS.ti version 23.2.1, reveals three prominent decision-making models – the Normative Model, the Descriptive Model, and the Prescriptive Model. In dissecting the factors that shape institutional real estate investment, the study identifies four key influencers: political, economic, legal, and real estate market fundamentals. The intricate interplay of these factors forms the crux of decision-making strategies adopted by institutional investors, as they diligently safeguard the interests of their trustees. Moreover, a noteworthy revelation surfaces regarding the geographical bias in existing research, with a scarcity of studies in developing countries, notably in Malaysia. This observation not only underscores the need for more comprehensive exploration in these regions but also presents a compelling avenue for future research endeavors. This critical review not only contributes to the ongoing discourse but also paves the way for a more nuanced understanding of the dynamic landscape of institutional real estate investment decision-making.

FRASER’S HILL 1919 – 2019: REVIEW ON LANDSCAPE’S EVOLUTION AND FEATURES THROUGH ARCHIVAL RECORDS AND SITE OBSERVATION

2024-06-10T08:45:16+08:00

The creation of the hill station landscape was one of the tangible evidences of British imperialism in Malaya from the late 18th century until 1957. In the past, British expatriates retreated from lowland to higher lands due to their inability to adapt to hot climates and the threat of malaria. However, despite looking at landscapes as colonial remains, hill stations depict the human genius in taking the opportunity offered by the natural environment with specific geographical factors to satisfy one’s needs and bring comfort to their health. Fraser’s Hill is one of the hill stations in Malaysia and is famously known as a tourist’s destination because of its colder climate. Unfortunately, there are unstoppable threats to this landscape and the risk of it being forgotten as a historic landscape. Hence, this paper is objectively to document the history and evolution of Fraser’s Hill landscape and to explore its built environment over a 100-year timeline. These objectives were achieved through a qualitative review of archival documents and on-site observation on Fraser’s Hill. The evolution of Fraser’s Hill proves that this historic landscape is more than just a cold mountainous landscape because it portrays the value of cultural landscapes that deserve to be protected.

UNRAVELING THE INFLUENCE OF BUILDING MATERIALS CRITERIA (BMC) ON HOTEL’S OPERATIONAL SUSTAINABILITY

2024-05-21T11:41:20+08:00

The core business of hotels lies in the hotel buildings design and its service operation. As the hotels are concentrating more on aesthetics values as one aspect of perceived experiential value, a careful selection of materials is urgently needed for hotel sectors. It is important to identify the crucial criteria in choosing building materials towards the hotel’s operational sustainability. Thus, this paper aims to analyze the significance level building materials criteria (BMC) towards hotel’s operational sustainability. A quantitative approach was adopted via questionnaire surveys to 116 operation and maintenance manager that worked in 29 green rated hotels throughout Malaysia. The data is analysed using SmartPLS 4, a software with graphical user interface for variance-based structural equation modeling (SEM) using the partial least squares (PLS) path modeling method. Results from the SEM-PLS has supported three (3) hypothesis, that confirmed the manufacturers criteria, health criteria and resource management criteria, as the BMC variables has significance relationship towards hotel’s operational sustainability. This study significantly helps the developers, hoteliers, stakeholders, consultants, and designers to be aware of the applicability and suitability to be used in their projects. The findings provide practical insights for hotel operators and managers, offering guidance on selecting building materials aligned with sustainability goals. This operational focus can aid hotels in making informed decisions that enhance their overall sustainability performance.

FACTORS INFLUENCING THE ADOPTION OF EMERGING TECHNOLOGIES BY INDIGENOUS CONSTRUCTION AND REAL ESTATE DEVELOPMENT COMPANIES IN ABUJA, NIGERIA

2024-06-06T11:19:57+08:00

The aim of this paper is to assess the adoption of emerging technologies (ET) by indigenous construction and real estate development companies (CRED) in Abuja, Nigeria with a view to identifying the key driving factors. The study adopted a combination of descriptive and exploratory research designs. Data were collected through structured questionnaire administered to thirty - eight indigenous CRED companies in the study area via purposive sampling technique. Data obtained for the study were analysed through descriptive and inferential statistical techniques. The study found that drone technology is the most commonly used form of ET by indigenous CRED companies in Abuja with 26% of the total occurrence observed. This is followed by BIM (23%) and virtual reality (19%) respectively. It also found that location of the project, labour factor, government policy and technical nature of the project are the crucial factors that influence the adoption of ET by indigenous CRED companies in the study area. The study concludes that there are prospects of greater usage of ET by indigenous CRED companies for their operations in the city in the nearest future. In the light of the findings, it recommends the establishment of a robust regulatory framework by policy makers in the construction industry to clearly provide the technical and ethical standards required for the use of ET in the industry and the penalties for non-compliance especially concerning geographical coverage, data privacy and data security.