Buyer’s Conjoint Preferences For Attributes Of Condominium Properties In Penang
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Date
2010
Authors
Chan, Yuan Eng
Journal Title
Journal ISSN
Volume Title
Publisher
Universiti Sains Malaysia
Abstract
It is important that developers should understand their buyers’ preferences in relation to the condominium attributes that they are offering to their buyers. The problem is that there are not many research studies conducted to understand the buyer’s preferences for condominium attributes in the context of the medium price-range condominium property market in Penang. This study is the writer’s endeavor to address this problem and to contribute to the existing academic literature.
The objectives of this study are to determine the buyer’s levels of preferences and priority of preferences for condominium attributes and the buyer’s most preferred profile for conjoint condominium attributes in the context of the medium price-range condominium property market in Penang. The methodology involves conducting a survey to elicit the buyer’s profile and characteristics, levels of preferences for condominium attributes and priority of preferences for condominium attributes and conjoint condominium attributes.
A 5-level Likert rating scale was used to elicit the buyer’s preferences for condominium attributes (price, built-up area, location, floor level, view and facilities / amenities), and respondents were asked to give their preferential score for each of the condominium attributes; 1-point for the least preferred to 5-point for the most preferred. As for eliciting the buyer’s preferences for conjoint condominium attributes, 27 profiles (price, built-up area and location) were used and respondents were asked to give their preferential scores for each of the profiles; 1-point for the least preferred to the 10-point for the most preferred.
At the end of the survey, out of 550 copies of the Questionnaire distributed, 440 copies (80%) properly filled-in Questionnaires were successfully collected from the respondents. The buyer’s preferential scores for condominium attributes and conjoint condominium attributes elicited via the survey were used to calculate the relative importance index to determine the buyer’s levels of preferences and priority of preferences based on their perceptions of the relative importance of the condominium attributes and conjoint condominium attributes.
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Keywords
Developers should understand their buyers’ preferences , in relation to the condominium attributes