OPERATING COST OF PRIVATE RESIDENTIAL DEVELOPMENTS
HO PEI LING
HO PEI LING
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Abstract
In Singapore, income and expenses of properties are not readily available in the Real establish the relationship between private residential developments' annual operating cost per residential unit and their characteristics so as to aid property managers in their cost budgeting process and assist potential homebuyers in estimating their management fees.
Operating cost per unit in this dissertation referred to total annual expenditure of the development divided by its number of residential units. Characteristics would include size, age, location and design of a development, facilities and intelligent features available as well as the practice of energy conservation. A survey was done on 76 private residential developments to obtain their annual operating cost and characteristics. The data was analysed using stepwise regression.
Size was found to be the characteristic which reduced operating cost per unit most significantly. Location, age and design of the development and the availability of water features were expected to accelerate a development's operating cost per unit while practice of thermal conservation would help to minimise cost. Practitioners could attempt to reduce operating cost effectively by focusing on these factors identified to have significant influence on cost.
Characteristics of developments could be applied to the regression equation to attain an operating cost per unit which could be used to estimate the operating cost budget for property managers. From the operating budget, potential homebuyers would be able to gauge the approximate sum of management fees required.
Keywords
Property Management, Operating Cost, Cost Budgeting Projections, Cost Effectiveness
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Date
2005
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Thesis