Willingness To Pay Of Homebuyers In Malaysia Towards The Green Housing: A Case Study In Penang

Teoh, Wei Loon (2019) Willingness To Pay Of Homebuyers In Malaysia Towards The Green Housing: A Case Study In Penang. Final Year Project (Bachelor), Tunku Abdul Rahman University College.

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Abstract

Green Building Index (GBI) was launched by Malaysia to promote sustainability development in built industry and raise awareness among developers, architects, engineers, designer, contractors and the public social towards the environmental issues and responsibility to our future generations. Although GBI have been promoted in the construction industry, their adoption is still hindered with barriers. Green housing bring benefits to the occupants. However, the awareness and implementation of green housing in Malaysia is relatively low. Therefore, this research is aim to study the willingness of homebuyers to pay of green housing, to find important key benefits and barriers of implantation of green housing, and to eliminate the important obstacles to the development of green housing. To achieve the objective, research revealed that the top three critical challenges or barriers to the implementation of GBI into housing development are higher upfront cost when purchasing green building, limited option in the market and public lack of interest to purchase green building. Based on the findings from respondents, more than 60% of the respondents are willing to purchase green housing. Besides that, findings indicate an acceptable additional premium price that willing to pay for green housing in the range of 5% to 10%. The research revealed that the benefits of implementation of green housing are reduce energy consumption, save cost in term of long run, lower services and maintenance cost. This indicates that cost saving is the main concern by the homebuyers to purchasing green housing. The study provides an effective decision support for developers and stakeholders to design their market strategies and mitigating the challenges in implementation of sustainable housing.