Managing financial and economic risks associated with high-rise apartment building construction in Sri Lanka

Perera, B.A.K.S.; Samarakkody, Aravindi; Nandasena, Shyamani Ruwanthika

doi:10.1108/jfmpc-04-2019-0038

Cited by 13 publications

(25 citation statements)

References 53 publications

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“…Apart from available definitions, what is worth considering is that there has recently been a growing trend to erect more high-rise residential buildings, notably across megacities, around the world. Perera et al [9], for instance, reported that many high-rise luxury projects have been erected in Sri Lanka during the last decades, and many of them will be completed in the not-too-distant future. A similar trend has been witnessed in other countries such as Hong Kong [10], Russia [6], and the UK [11].…”

Section: Introductionmentioning

confidence: 99%

“…Santoso et al [15], for example, identified and categorized critical risks in high-rise building projects in Jakarta and argued that risks associated with management and design are the most important ones. In the same vein, Perera et al [9] identified the financial/economic risk factors of high-rise apartment building projects and their risk response measures in Sri Lanka and concluded that financial problems arising from errors in estimating and poor contract management are the major risk factors. However, high-rise buildings could have diverse negative impacts on their occupants, which is worth considering.…”

Section: Introductionmentioning

confidence: 99%

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Modeling Social Impacts of High-Rise Residential Buildings during the Post-Occupancy Phase Using DEMATEL Method: A Case Study

et al. 2021

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There are numerous risks associated with high-rise buildings, which not only affect stakeholders during the design and construction phase but also impact the occupants and the surrounding environment during the post-occupancy phase. While previous studies examined the risks of high-rise building construction, less attention has been paid to the diverse impacts of high-rise buildings on their occupants. To fill this gap, this study applied a mixed-method approach (both quantitative and qualitative) to identify and prioritize their most significant social impacts. First, the possible social impacts of these buildings were identified via a literature review. The interrelationships among the identified factors were then determined by drawing on the opinions of relevant experts. Next, through the quantitative phase, the high-rise residential buildings of District 22 of Tehran were considered as a case study, and according to the opinions of 230 chosen residents, the level of influence of factors on one another was determined. The DEMATEL approach was employed subsequently to analyze the data and identify the most important and influential factors. Finally, through the qualitative phase, in-depth interviews were conducted with residents to explain and validate the results. The most significant and influential impacts identified by this study were anti-social behavior, lack of social cohesion, and lack of social contact with neighbors. This study assists designers and policymakers to adopt strategies that could mitigate the identified impacts and improve occupants’ social wellbeing more efficiently.

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Modeling Social Impacts of High-Rise Residential Buildings during the Post-Occupancy Phase Using DEMATEL Method: A Case Study

et al. 2021

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“…In many developing countries, cash flow issues and financial deficiencies have led to underdevelopment and poor performance of the construction industry (Ghoddousi and Hosseini, 2012). Therefore, financial and economic risks that are significant in the construction industry will have a huge impact on the success of construction projects in terms of time, cost, and quality (Perera et al, 2020). Perera et al (2020) emphasised that in the construction industry, systematic management of financial and economic risks is important.…”

Section: Introductionmentioning

confidence: 99%

“…Therefore, financial and economic risks that are significant in the construction industry will have a huge impact on the success of construction projects in terms of time, cost, and quality (Perera et al, 2020). Perera et al (2020) emphasised that in the construction industry, systematic management of financial and economic risks is important. The importance of identifying the financial and economic risk factors in coastal land reclamation (CLR) projects is discussed below.…”

Section: Introductionmentioning

confidence: 99%

Significant Financial and Economic Risk Factors in Coastal Land Reclamation Projects

Perera¹,

Perera²,

Shandraseharan³

2021

Proceedings of the 9th World Construction Symposium 2021 on Reshaping Construction: Strategic, Structural and Cultural Transfor

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The demand for land required for construction and development has been rapidly increasing over the past 30 years in the global context because of population growth, especially in coastal cities. Therefore, coastal land reclamation (CLR) has drawn attention both internationally and regionally. However, CLR projects are complex and costly and, therefore, are often associated with numerous risks. Although risk management in CLR projects has been the focus of few past studies, they have not specifically focused on financial and economic risks. This study, therefore, aimed to identify the most significant financial and economic risk factors present in CLR projects to enable the management of those risks. The required empirical data were collected by conducting a two-round Delphi survey, comprising expert interviews and a questionnaire survey. The collected data were analysed using content and descriptive statistics. The results revealed 13 significant financial and economic risk factors of CLR projects. Quality of sand and soil was identified as the most important risk factor of CLR projects. Delayed payment, unpredictable safety and security conditions of the country, dredging volume and defaulting contractors and subcontractors were identified in the next top four ranking in this study.

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“…Buildings, as one of the construction activities, consume a large number of natural resources, especially in the non-operational phases, such as the production of materials and the procedure for dismantling and waste disposal [4]. Especially, developing countries are increasingly speeding up the pace of urbanization in terms of the construction of infrastructure works, especially high-rise buildings [5]. Therefore, it can be said that the construction industry has a strong influence on the natural environment.…”

Section: Introductionmentioning

confidence: 99%

The Development of a Decision Support Model for Eco-Friendly Material Selection in Vietnam

et al. 2020

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In recent years, the awareness of sustainable construction has increasingly risen in countries around the world, with the main goal being to avoid depleting energy resources and raw materials and to greatly reduce carbon emissions. Therefore, the selection of eco-friendly building materials becomes a difficult task and choosing the best construction strategy is a complicated process. Most of the studies of the building material selection often focus on optimizing material-related green building scores with budget constraints based on the environmental impacts of those materials. However, these studies do not pay attention to the impact of sustainable materials on two important aspects of a project: The initial investment cost and the total labor-working days. Hence, this study developed a model that optimizes a material mix for buildings considering the building budget, total labor-working days, and material-related green building scores. A case study in Vietnam was conducted to illustrate the effectiveness of the proposed model. This proposed model provides a guidance for decision-makers in selecting approximate materials for buildings toward sustainability.Sustainability 2020, 12, 2769 4 of 19 of materials type, construction strategy, and the Lotus-based green building certification system in Vietnam (Figure 1). toward green buildings. 132 2. Problem Definition 133 2.1. Definition of the Optimization Problem. 134The problem in this study aims to build an eco-friendly material selection integrated platform 135 that will enable building owners and designers to optimize decision making through knowledge of 136 materials type, construction strategy, and the Lotus-based green building certification system in 137 Vietnam (Figure 1).

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Managing financial and economic risks associated with high-rise apartment building construction in Sri Lanka

Cited by 13 publications

References 53 publications

Modeling Social Impacts of High-Rise Residential Buildings during the Post-Occupancy Phase Using DEMATEL Method: A Case Study

Modeling Social Impacts of High-Rise Residential Buildings during the Post-Occupancy Phase Using DEMATEL Method: A Case Study

Significant Financial and Economic Risk Factors in Coastal Land Reclamation Projects

The Development of a Decision Support Model for Eco-Friendly Material Selection in Vietnam

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