Homebuyers' Current Preferences towards High Rise Residential Properties in Kuala Lumpur

Calma, Cruzett Lau (2020) Homebuyers' Current Preferences towards High Rise Residential Properties in Kuala Lumpur. Final Year Project (Bachelor), Tunku Abdul Rahman University College.

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Abstract

High rise residential living has become increasingly popular in Malaysia especially in urban areas like Kuala Lumpur, Penang, and Johor Bahru; due to land scarcity and surging land prices. This has resulted in the rapid development of high-rise residential schemes and these rapid vertical developments have caused the overhang situation in the market today. The supply and demand imbalances in the local real estate market have been a concern since 2015 and the year-on-year residential overhang scenario in Malaysia has worsened every year. Among them, high-rise units accounts for most of the overhang units. These unsold units reflect the housing units offered by the developers did not meet the homebuyers‟ preferences and needs. The changes in the homebuyers‟ lifestyle, needs and living standards would eventually influence their decision when purchasing a high rise residential unit. Thus, this study aims to investigate the current housing preferences of homebuyers when purchasing high rise residential property as well as to determine the homebuyers‟ most prioritised housing preference during decision making process. The data was collected through online questionnaire survey that was distributed to potential homebuyers in Kuala Lumpur. The data was gathered then analysed using descriptive analysis, cross tabulation analysis and relative importance index (RII). The findings identified factors that have driven up the housing preferences that influence the homebuyers to purchase high rise residential property. It reveals that the house price factor is the most prioritised housing preference that influence the homebuyers most in the decision making process. This study would shed light for the developers in developing high rise residential development based on the homebuyers‟ preferences and could become a basis for the prospective homebuyers to make decisions by understanding the key features of the high rise residential property to be considered.