THE IMPACT OF URBAN RIVERFRONT DEVELOPMENT ON INDUSTRIAL PROPERTY MARKET VALUE: A GIS APPLICATION

Authors

  • Siti Zaleha Daud Real Estate Department, Faculty of Built Environment and Surveying, UNIVERSITI TEKNOLOGI MALAYSIA
  • Ibrahim Sipan Real Estate Department, Faculty of Built Environment and Surveying, UNIVERSITI TEKNOLOGI MALAYSIA
  • Hishamuddin Mohd Ali Real Estate Department, Faculty of Built Environment and Surveying, UNIVERSITI TEKNOLOGI MALAYSIA
  • Nor Fatimah Abd Hamid Real Estate Department, Faculty of Built Environment and Surveying, UNIVERSITI TEKNOLOGI MALAYSIA

DOI:

https://doi.org/10.21837/pm.v21i27.1302

Keywords:

Urban Riverfront Development, Industrial Property, Market Value, Geographic Information System

Abstract

The impact of Urban Riverfront Development (URD) affords an increasing of value for adjacent industrial properties within riverfront area. However, the impacts in terms of percentage of increment value, radius of impact coverage, distribution of industrial properties that effected by URD are difficult to be evaluated without using an appropriate tool. Hence, this study evaluates the impact of URD on industrial property market value aided by Geographic Information System (GIS). Therefore, Melaka River, Malaysia has been chosen as a case study to evaluate the impact of URD towards industrial property market value for adjacent properties within riverfront area. The result shows there is 14.13% of increment of market value for adjacent 1.5-storey factories located within 300-meter radius from URD. The result discovered that there is positive effect on increment market value for the industrial properties within URD area.

Downloads

Download data is not yet available.

References

Abdullah, K. (2002). Integtrated river basin management. Penang, Malaysia: Universiti Sains Malaysia Press.

Adegoke, O. J. (2014). Critical factors determining rental value of residential property in Ibadan metropolis, Nigeria, Property Management.

Anderson, S. and West, S., E. (2006). Open space, residential property values , and spatial context, Regional Science and Urban Economics, 36, 773–789. DOI: https://doi.org/10.1016/j.regsciurbeco.2006.03.007

Chadwick, A. and Glasson, J. (2017). Socio-economic impacts 2: Social impacts, Methods of Environmental and Social Impact Assessment. DOI: https://doi.org/10.4324/9781315626932-14

Davidson, M. (2009). Urban Geography: Waterfront Development, International Encyclopedia of Human Geography, 215–221.

Davidson, M. (2013). Waterfront Development, Urban Geography, March(February), 215–221. DOI: https://doi.org/10.1016/B978-008044910-4.01111-1

Gallimore, P., Fletcher, M. and Carter, M. (1996). Modelling the influence of location on value, Journal of Property Valuation and Investment. DOI: https://doi.org/10.1108/14635789610107444

Gross, M., Mullin, J. and J. Palmer, (1981). Assessing economic impacts of urban recreation development: Lowell National Historical Park, Environmental Impact Assessment Review, 2(2), 159–174. DOI: https://doi.org/10.1016/S0195-9255(81)80006-6

Huang, W. -C. and Kao, S. -K. (2014). "Public e private partnerships during waterfront development process : The example of the world exposition, Ocean & Coastal Management, 92, 28–39. DOI: https://doi.org/10.1016/j.ocecoaman.2014.02.007

Hui, E. C. M., C. K. Chau, C. K., Pun, L. and Law, M. Y. (2007). Measuring the neighboring and environmental effects on residential property value: Using spatial weighting matrix, Building and Environment, 42(6), 2007, 2333–2343. DOI: https://doi.org/10.1016/j.buildenv.2006.05.004

Hussein, H. (2009). Urban Recreational Riverfronts : Successful Revitalisation Elements, Journal of Design and the Built Environment, 2009, 1–14.

Iacono, M. and Levinson, D. (2011). Location, Regional Accessibility, and Price Effects: Evidence from Home Sales in Hennepin County, Minnesota, Transportation Research Record: Journal of the Transportation Research Board. DOI: https://doi.org/10.3141/2245-11

Jones, A. (1998). Issues in Waterfront Regeneration : More Sobering Thoughts-A UK Perspective, Planning Practice & Research, 13(4), 433–442. DOI: https://doi.org/10.1080/02697459815987

King's Lynn Marina Master Plan, (2007).

Kovacs, K. F. (2012). Integrating property value and local recreation models to value ecosystem services from regional parks, Landscape and Urban Planning. DOI: https://doi.org/10.1016/j.landurbplan.2012.08.002

Miyake, K. K., Maroko, A. R., Grady, K. L., Maantay, J. A. and Arno, P. S. (2011). Not Just a Walk in the Park: Methodological Improvements for Determining Environmental Justice Implications of Park Access in New York City for the Promotion of Physical Activity, Cities Environment, 37(12), 1068–1074.

Nai, S. M. and Sargent, D. (2013). Beyond Natural and Economic Impacts: A Model for Social Impact Assessment of Brownfields Development Programs and a Case Study of Northeast Wilmington, Delaware. Northeast Wilmington, Delaware.

Nicholls, S. (2001). Measuring the accessibility and e quity of public parks : a case study using GIS, Managing Leisure, 6, 2001, 201–219. DOI: https://doi.org/10.1080/13606710110084651

Nolon, J., R. (1996). ‘The National Land Use Policy Act’, Pace Environmental Law Review, 13, 519–523. DOI: https://doi.org/10.58948/0738-6206.1408

Olszak Management Consulting et al. (2012).

Otto, B., Mccormick, K. and Leccese, M. (2004). Ecological Riverfront Design : Restoring Rivers, Connecting Communities.

Saayman, M., Marve, P. V. D., Saayman, A. and Mouton, M. E. (2009). The Socio-economic Impact of an Urban Park: The Case of Wilderness National Park. DOI: https://doi.org/10.4102/koedoe.v51i1.158

Samaha, S. A. and Kamakura, W. A. (2008). Assessing the market value of real estate property with a geographically weighted stochastic frontier model, Real Estate Economics. DOI: https://doi.org/10.1111/j.1540-6229.2008.00228.x

Sasaki Associates, Three Rivers Park Economic Impact Analysis. City of Pittsburgh, (2015).

Smoky Hill River Renewal Master Plan, (2010).

Stein, R., M. (2001). Hudson River Regional Economic Impact: Impact of Environmental Remediation.

Streatfield, D. and Markless, S. (2009). What is impact assessment and why is it important?, Performance Measurement and Metrics, 10(2), 2009, 134–141. DOI: https://doi.org/10.1108/14678040911005473

Value, E. (2010). Why Parks and Recreation are Essential Public Services, National Recreation and Park Association.

Wallner, R. (2013). GIS Measures of Residential Property Views, Journal of Real Estate Literature. DOI: https://doi.org/10.1080/10835547.2014.12090338

Zhang, X., Lu, H. and Holt, J. B. (2011). Modeling spatial accessibility to parks : a national study, International Journal of Health Geographics, 1–14. DOI: https://doi.org/10.1186/1476-072X-10-31

Downloads

Published

2023-07-26

How to Cite

Daud, S. Z., Sipan, I., Mohd Ali, H., & Abd Hamid, N. F. (2023). THE IMPACT OF URBAN RIVERFRONT DEVELOPMENT ON INDUSTRIAL PROPERTY MARKET VALUE: A GIS APPLICATION. PLANNING MALAYSIA, 21(27). https://doi.org/10.21837/pm.v21i27.1302

Most read articles by the same author(s)