Redeveloping of Commercial Building - Assessing the Impact from Real Estate Practitioners’ Perception

The aim of this paper is to assess the impact of redeveloping commercial building from the real estate practitioners’ perception. Massive development in Johor Bahru has made the city more competitive and sustainable in terms of its urban development. Various forms of development projects are being undertaken due to the growing real estate market demand, and not excluding commercial development. However, there are many factors that can contribute to the failure of a commercial development even though it is situated in a strategic location. This research is carried out within Kemayan City Commercial Centre, which has been abandoned for more than a decade, and started redevelopedin year 2012. This research adopted qualitative approach by using a series of interviews with representative from real estate practitioner – property developers, real estate valuers and real estate agents. The results revealed that the new redevelopment concept for Kemayan City Shopping Complex was mixed use commercial development and focusingmore on seven development aspects such as, landmark, target customer, cost of development and etc. Moreover, the results also identified eight (8) impacts derived from the redevelopment project namely increase property market speculation, create job opportunity, enhance business scale and etc. Therefore, this result will help an investor todecide whether to participate in the development and redevelopment in Johor Bahru City as well as to establish the Johor Bahru City Centre as a prominent commercial centre in Malaysia.

کلیدواژه ها:

Commercial Building ، Development ، Impact ، Redevelopment