STRATEGIC PLANNING IN REAL ESTATE INDUSTRY

Abstract

In this world of increasing turbulence and uncertainty, companies find that they have to be flexible, sensitive and innovative in order to survive and operate effectively in the market. This is no exception to the real estate firms. As real estate industry has always played an vital role in the economy, it is therefore important that the real estate firms are aware of and are responding to the rapid changing business environment. They should also realise the fact that gut feelings and intuition is no longer the only instrument to decision making. This study thus puts forward a case for a more systematic approach to the traditional management practice of real estate firms. Strategic planning is introduced to serve as an aid to modern decision making. Though much research work have been done internationally and locally on the aspect of planning practice; nonetheless, in relation to the real estate industry, it is virtually non-existent. Hence, this study also probes into the planning profile of local real estate development firms. In addition, a case study is also undertaken to illustrate the practical application of strategic planning to a real estate development firm.