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.
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Keywords
CONDOMINIUM , PROPERTIES
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