BUYER'S CONJOINT PREFERENCES FOR ATTRIBUTES OF CONDOMINIUM PROPERTIES IN PENANG
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Date
2010
Authors
CHAN, YUAN ENG
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Abstract
It is important that developers should understand their buyers' preferences III
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 tor condominium attributes in the context of the medium pricerange
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 pricerange
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; I-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;
I-point for the least preferred to the IO-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.
This study reveal that most buyers prefer their condominium unit to be on the 12th
floor and above with a view facing the sea and their top priority is to be provided
with 2 car parks per condominium unit. The second priority of most buyers is the
swimming pool, followed by the jacuzzi and sauna. As for the conjoint
condominium attributes, most buyers prefer their condominium unit to be in the
price-range of RM150,000 - RM225,000 per unit, with a built-up floor area of
1,000 sq. ft. - 1,200 sq. ft and located near to their respective work place.
Description
Keywords
CONDOMINIUM , PROPERTIES