Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/91670
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dc.contributorDepartment of Building and Real Estate-
dc.creatorZhong, JW-
dc.creatorHui, ECM-
dc.date.accessioned2021-11-24T06:07:32Z-
dc.date.available2021-11-24T06:07:32Z-
dc.identifier.issn1648-715X-
dc.identifier.urihttp://hdl.handle.net/10397/91670-
dc.language.isoenen_US
dc.publisherVilnius Gediminas Technical Universityen_US
dc.rightsCopyright © 2021 The Author(s). Published by Vilnius Gediminas Technical Universityen_US
dc.rightsThis is an Open Access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0/), which permits unre-stricted use, distribution, and reproduction in any medium, provided the original author and source are credited.en_US
dc.rightsThe following publication Zhong, J., & Hui, E. C. M. (2021). Real option and vertical mixed-use development. International Journal of Strategic Property Management, 25(5), 382–395 is available at https://doi.org/10.3846/ijspm.2021.15059en_US
dc.subjectVerticalen_US
dc.subjectMixed-use developmenten_US
dc.subjectReal optionen_US
dc.subjectHeight premiumen_US
dc.titleReal option and vertical mixed-use developmenten_US
dc.typeJournal/Magazine Articleen_US
dc.identifier.spage382-
dc.identifier.epage395-
dc.identifier.volume25-
dc.identifier.issue5-
dc.identifier.doi10.3846/ijspm.2021.15059-
dcterms.abstractVertical mixed-use development is a favourite choice in urban development in high-density Asian cities to increase the land use efficiency. The flexibility of construction timing and the restrictions by lease contracts in vertical mixeduse projects are usually different from horizontal ones and single-use properties. To improve the valuation for vertical mixed-use projects, this study re-examines the real option pricing model. Simultaneous development for different uses and a finite maximum waiting period are the major characteristics of these projects. An approach is introduced to determine whether to develop a mixed-use project vertically or horizontally on the basis of a statistics called the critical height premium. The vertical mixed-use project pricing model can be further verified by containing a height premium if market price information is derived from non-vertical mixed-use properties. This study suggests a more comprehensive real option approach to quantify the advantages and disadvantages of operating vertical mixed-use developments.-
dcterms.accessRightsopen accessen_US
dcterms.bibliographicCitationInternational journal of strategic property management, 2021, v. 25, no. 5, p. 382-395-
dcterms.isPartOfInternational journal of strategic property management-
dcterms.issued2021-
dc.identifier.isiWOS:000674577500004-
dc.identifier.eissn1648-9179-
dc.description.validate202111 bchy-
dc.description.oaVersion of Recorden_US
dc.identifier.FolderNumberOA_Scopus/WOSen_US
dc.description.pubStatusPublisheden_US
Appears in Collections:Journal/Magazine Article
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