SMART FEATURES ELEMENT COST MODEL FOR MALAYSIAN SMART LIVING HOUSING

  SMART FEATURES ELEMENT COST MODEL FOR MALAYSIAN SMART LIVING HOUSING DEVELOPMENT

Sr DR. Fara Diva Mustapa (Project Leader)

Sr DR. Shazmin Shareena Ab. Azis

Sr DR. Muzani Mustapa

Ar. Idr. Ts. Noraslinda Abdul Rahman

(Universiti Teknologi Malaysia)

Ts. DR. Afizan Azman

(TAYLOR’s University)

ABSTRACT

This research aims to create an elemental cost model for Smart Living features using the Hedonic pricing method to support cost approach valuation of Smart Living housing in Malaysia. The model serves as an economic tool to help stakeholders plan, estimate, and control building costs and assess property value. By employing Hedonic regression analyses, the research captures the unique value of Smart Living features and their impact on costs, defining the optimal gross building cost for these housing types. The study also explores how the Hedonic cost approach can be complemented by the comparison approach valuation method. It involves identifying key Smart Living features as cost drivers and gathering relevant cost data to develop the model. This approach provides stakeholders and valuers with more accurate cost information, encouraging participation in the Smart Living housing market and supporting the development of policies and incentives for effective implementation.