Abstract:The way shopping malls have sprawled every nook and cranny particularly in the developing economy is evident from major cities to even sub-urban areas. The expansion evident in the various locations of these shopping malls can be attributed to its patronage. Earlier researchers have linked the patronage of these malls to influences resulting from location, gender, image, type of shoppers amongst other. Even though studies on facilities and how it influences patronage are evident particularly in the developed e… Show more
“…In situations where communal security and management is left to households to manage on their own, other factors have been found germane. These include drainage channel, wall-fence with gates/ gated communities, burglary proof, waste disposal facility and round the clock security services have been found to facilitate leases and hence, contribute positively to rental and capital values (Olujimi, 2010;Ajibola, Oloke and Ogungbemi, 2011;Iroham et al, 2014).…”
The rapid expansion and urbanization of Lagos state of Nigeria due to uncontrolled rural - urban migration seems to have succeeded in transforming the peri-urban areas of Ota, Ogun state into a mini economic hub, thus propelling property values skywards. The present study ascertains if passing rents, as well as sales value for the various apartments in Canaan city estate as charged by the project developer, is overpriced, and underpriced or fair-priced. The rental data collected from the residents of the estate were compared with rental opinion obtained from practicing estate surveyors and valuers in Ogun State. 240 questionnaires were administered to residents of the estate while 22 questionnaires were administered to registered estate surveying and valuation firms. Interviews and questionnaires were deployed to solicit data from the Physical Planning Department (PPD) being the managers of the estate. The retrieved data were then collated and presented using figures and Tables. Findings showed that the passing rents for all cadres of residential apartments in the estate were discounted with the most discounted apartment type being the 2-bedroom luxury flats and the least discounted apartment type being the 4-bedroom semi-detached houses. For sales value, findings showed that the high end apartments – the detached houses, semi-detached and also the 3-bedroom terrace houses were hugely discounted. Unfortunately, the 1-bedroom and 2-bedroom flats were the least discounted while the 2-bedroom luxury flats and 3-bedroom flats were either within range or slightly overpriced. The study concluded that the passing rents were underpriced due to the income nature of tenants and subsequently, the sales value proposed by the developer of the estate was underpriced. The study recommended an upward review of sales prices should the estate proprietor still continue with the sales of its apartment within Canaan city.
“…In situations where communal security and management is left to households to manage on their own, other factors have been found germane. These include drainage channel, wall-fence with gates/ gated communities, burglary proof, waste disposal facility and round the clock security services have been found to facilitate leases and hence, contribute positively to rental and capital values (Olujimi, 2010;Ajibola, Oloke and Ogungbemi, 2011;Iroham et al, 2014).…”
The rapid expansion and urbanization of Lagos state of Nigeria due to uncontrolled rural - urban migration seems to have succeeded in transforming the peri-urban areas of Ota, Ogun state into a mini economic hub, thus propelling property values skywards. The present study ascertains if passing rents, as well as sales value for the various apartments in Canaan city estate as charged by the project developer, is overpriced, and underpriced or fair-priced. The rental data collected from the residents of the estate were compared with rental opinion obtained from practicing estate surveyors and valuers in Ogun State. 240 questionnaires were administered to residents of the estate while 22 questionnaires were administered to registered estate surveying and valuation firms. Interviews and questionnaires were deployed to solicit data from the Physical Planning Department (PPD) being the managers of the estate. The retrieved data were then collated and presented using figures and Tables. Findings showed that the passing rents for all cadres of residential apartments in the estate were discounted with the most discounted apartment type being the 2-bedroom luxury flats and the least discounted apartment type being the 4-bedroom semi-detached houses. For sales value, findings showed that the high end apartments – the detached houses, semi-detached and also the 3-bedroom terrace houses were hugely discounted. Unfortunately, the 1-bedroom and 2-bedroom flats were the least discounted while the 2-bedroom luxury flats and 3-bedroom flats were either within range or slightly overpriced. The study concluded that the passing rents were underpriced due to the income nature of tenants and subsequently, the sales value proposed by the developer of the estate was underpriced. The study recommended an upward review of sales prices should the estate proprietor still continue with the sales of its apartment within Canaan city.
“…Shopping malls started in the United States in the 1950s and gradually increased worldwide. According to Iroham et al (2019) a shopping mall, shopping centre, shopping arcade, shopping precinct or mall is a contemporary enclosed modification of the traditional marketplace. Shopping malls and shopping centres express the same businesses, and their roles can be viewed from various positions.…”
Section: Introductionmentioning
confidence: 99%
“…The patronage of the centres is determined by utilising the consumers' reasons for visiting the centre, such as distance, convenience, price, quality of customer services, socialisation, and exploration (entertainment) (Andi, Abednego & Gultom, 2021;Iroham et al, 2019). Han et al (2019) state that "few researchers have recognised entertainment as a distinctive characteristic of a shopping mall."…”
Shopping centres have transformed consumers’ consumption patterns, behaviour, and spatial trips. Consumers’ shopping trips have shifted from traditional shopping streets to shopping centres. Their decision to patronise a shopping centre is generally influenced by a set of attributes that consumers consider commanding them to visit the centre. These attributes or reasons establish a shopping centre’s role in a neighbourhood. This paper aims to analyse consumers’ reasons for visiting shopping centres, their visits companions, and the frequency of their visits to the shopping centres as determinant factors for township shopping centres as entertainment spaces in South Africa. The study contributes to the literature on shopping centres in townships outside of South Africa’s metropolitan areas. A questionnaire survey was employed to acquire data from 390 consumers in Namakgale Crossing using the convenient sampling technique. The study concludes that township shopping centres play an entertainment and social role in addition to their economic role.
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