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Public hospital buildings in Malaysia have been facing problems and have become subjects of public criticisms due to poor building maintenance practices. A value-based approach which integrates and assimilates the concepts of value can be applied to mitigate maintenance problems in hospital buildings. This study evaluated the causal relationships between value factors and value outcomes of building maintenance in public hospitals in Malaysia. A total of 66 samples were collected via an online questionnaire survey. Analysis was performed using partial least square structural equation modeling (PLS-SEM). Our results reveal that value-adding practices and value co-creation have a positive influence on value outcomes in hospitals. The findings, however, do not support the relationships between factors of user involvement and value outcomes, which merit further investigation. This study concludes that value-adding practice has the strongest impact on value outcomes. Thus, maintenance service providers should assimilate these practices in their services to enhance performance. In addition, the findings also justify the requirement for collaborative working arrangements for value co-creation of building maintenance.
Wai Wong; AbdulLateef Olanrewaju; Poh Lim. Value-Based Building Maintenance Practices for Public Hospitals in Malaysia. Sustainability 2021, 13, 6200 .
AMA StyleWai Wong, AbdulLateef Olanrewaju, Poh Lim. Value-Based Building Maintenance Practices for Public Hospitals in Malaysia. Sustainability. 2021; 13 (11):6200.
Chicago/Turabian StyleWai Wong; AbdulLateef Olanrewaju; Poh Lim. 2021. "Value-Based Building Maintenance Practices for Public Hospitals in Malaysia." Sustainability 13, no. 11: 6200.
In recent years, the soaring prices of heritage properties in Georgetown, Penang have gained the attention of practitioners and investors. The practitioners claim that the prices of heritage properties within the core and buffer zones in Georgetown have increased more than 300% since the city was recognized as a UNESCO World Heritage site in 2008. Such heritage properties containing historical or art elements that lead to forming a diversified portfolio could exert a low correlation of returns with conventional assets. In addition, rehabilitation of heritage properties requires high restoration costs and conversion fees. Despite the above claims, there is an absence of empirical studies relating to heritage investability, particularly to prove whether the heritage properties are truly worth investing in. Thus, this study incorporates a self-developed heritage properties Index (PIHPI_HR) into the conventional investment portfolio for assessing diversification effects. This study has collected 853 units of transacted properties for constructing a 10-year price index (PIHPI_HR). Subsequently, its diversification effect was examined through the Efficient Frontier (EF), derived from the Modern Portfolio Theory (MPT). The findings have proven the optimization of the conventional portfolio by enabling investments in heritage properties where the return is higher than other investment assets at the same risk level. This study also unveiled the price movement of heritage properties together with their investment value, which is deemed to be useful for institutional investors and the public to formulate sustainable investment strategies in the future.
Chin Cheng; Gabriel Ling; Yee-Siang Gan; Wai Wong; Kong Lai. Revisiting Investability of Heritage Properties through Indexation and Portfolio Frontier Analysis. Risks 2021, 9, 91 .
AMA StyleChin Cheng, Gabriel Ling, Yee-Siang Gan, Wai Wong, Kong Lai. Revisiting Investability of Heritage Properties through Indexation and Portfolio Frontier Analysis. Risks. 2021; 9 (5):91.
Chicago/Turabian StyleChin Cheng; Gabriel Ling; Yee-Siang Gan; Wai Wong; Kong Lai. 2021. "Revisiting Investability of Heritage Properties through Indexation and Portfolio Frontier Analysis." Risks 9, no. 5: 91.