Transaction cost and landownership constraints in the supply of brown field sites in Kuala Lumpur
The study deals with landownership constraints that restrict the supply of brown field sites onto the market for redevelopment purposes. The constraints may disturb the effectiveness of the land market. As a result, the underutilized area may become derelict and needs regeneration in the form of urb...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Pacific Rim Real Estate Society (PRRES)
2010
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| Subjects: | |
| Online Access: | http://eprints.utm.my/31751/2/PRPRJ_No_1_2010_Omar.pdf |
| Summary: | The study deals with landownership constraints that restrict the supply of brown field sites onto the market for redevelopment purposes. The constraints may disturb the effectiveness of the land market. As a result, the underutilized area may become derelict and needs regeneration in the form of urban renewal programs. Empirically, the study investigates sources of landownership constraints in the area of brown field sites in Kuala Lumpur. Data were gathered using interview with selected landowners of undeveloped and developed sites to examine why they had developed or simply abandoned their lands undeveloped. Qualitative analysis was undertaken to collect data from respondents using either direct and/or indirect quotations. The main finding is that landowners were unwilling to undertake redevelopment due to landownership constraints as revealed by transaction costs involved in the initiatives to transfer the indigenous lands. The findings enable various interested parties to strategize their actions in the future to redevelop brown field sites in Kuala Lumpur. |
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