Identifying economical and sustainable elements inudenhancing the BTS (build then sell) concept for Malaysiaudhousing developmentud

摘要

The awaited anticipation of home ownership by the middle-income group in Malaysia hasudbeen marred by the stigma of abandoned housing developments. Abandoned projects areudknown to cause environmental degradation since most project sites are stripped of theirudgreen covers that cause speedier surface water runoffs into drains and streams. Thoseudprojects are becoming significant and are further negating the image of the constructionudindustry in the country. The latest solution that was proposed to overcome this problem is theudimplementation of the Built then Sell (BTS) concept, which was launched by the PrimeudMinister in 2004. However, the proposal seems not well received by many developers,udincluding the Real Estate and Housing Developers’ Association (REHDA). The purpose ofudthis paper is to develop a theoretical model on how we could address the problem ofudabandoned housing projects. Through literature survey, we intend to identify key elements inudunderstanding the phenomenon and develop some theoretical point of departures forudalleviating this problem through creative financial modeling. We are proposing the inclusionudof sustainable elements into the financial model that we believe could provide incentives toudhousing developers and other stakeholders involved. The paper will compare and analyzeudexisting BTS concepts from the Australia and other country. It will extract the keyudcomponents and reasoning behind their inclusions so that we can make informedudrecommendations for BTS implementation in the Malaysian context. The analysis will thenudguide us in recommending key construct for further integration with the Malaysian Agenda 21udpolicy. This paper contributes towards the development of a financial model for developingudaffordable quality housing in Malaysia.