Real option and vertical mixed-use development
Abstract
Vertical mixed-use development is a favourite choice in urban development in high-density Asian cities to increase the land use efficiency. The flexibility of construction timing and the restrictions by lease contracts in vertical mixeduse projects are usually different from horizontal ones and single-use properties. To improve the valuation for vertical mixed-use projects, this study re-examines the real option pricing model. Simultaneous development for different uses and a finite maximum waiting period are the major characteristics of these projects. An approach is introduced to determine whether to develop a mixed-use project vertically or horizontally on the basis of a statistics called the critical height premium. The vertical mixed-use project pricing model can be further verified by containing a height premium if market price information is derived from non-vertical mixed-use properties. This study suggests a more comprehensive real option approach to quantify the advantages and disadvantages of operating vertical mixed-use developments.
Keyword : vertical, mixed-use development, real option, height premium
How to Cite
Zhong, J., & Hui, E. C. M. (2021). Real option and vertical mixed-use development. International Journal of Strategic Property Management, 25(5), 382–395. https://doi.org/10.3846/ijspm.2021.15059
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Arcadis. (2018). Construction cost handbook (in 2018). https://www.arcadis.com/en/knowledge-hub/perspectives/asia/research-and-publications/construction-cost-handbook
Arcadis. (2020). Construction cost handbook (in 2020). https://www.arcadis.com/en/knowledge-hub/perspectives/asia/research-and-publications/construction-cost-handbook
Abbas-Turki, L. A., & Lapeyre, B. (2009, July 24–26). American options pricing on multi-core graphic cards. In 2009 International Conference on Business Intelligence and Financial Engineering (pp. 307–311), Beijing, China.
https://doi.org/10.1109/BIFE.2009.77
Addae-Dapaah, K. (2005). Highest and best use in the valuation of mixed‐use development sites: a linear programming approach. Journal of Property Research, 22(1), 19–35.
https://doi.org/10.1080/09599910500411028
Bao, H. X., & Wan, A. T. (2004). On the use of spline smoothing in estimating hedonic housing price models: empirical evidence using Hong Kong data. Real Estate Economics, 32(3), 487–507. https://doi.org/10.1111/j.1080-8620.2004.00100.x
Bookout, L. W. (1992). Neotraditional town planning: cars, pedestrians, and transit. Urban Land, 51(2), 15–20.
Capozza, D., & Li, Y. (1994). The intensity and timing of investment: the case of land. The American Economic Review, 84(4), 889–904.
Childs, P. D., Riddiough, T. J., & Triantis, A. J. (1996). Mixed uses and the redevelopment option. Real Estate Economics, 24(3), 317–339. https://doi.org/10.1111/1540-6229.00693
Choy, L. H. T., Mak, S. W. K., & Ho, W. K. O. (2007). Modeling Hong Kong real estate prices. Journal of Housing and the Built Environment, 22(4), 359–368.
https://doi.org/10.1007/s10901-007-9089-2
Coskan, C. (2008). Pricing American options by simulation [Doctoral dissertation]. Bogaziçi University.
Crafts, J. M. (1998). Impact of commercial development on adjacent residential properties. The Appraisal Journal, 66(1), 6–10.
Cybriwsky, R. (1999). Changing patterns of urban public space: observations and assessments from the Tokyo and New York metropolitan areas. Cities, 16(4), 223–231. https://doi.org/10.1016/S0264-2751(99)00021-9
DeLisle, J., & Grissom, T. (2013). An empirical study of the efficacy of mixed-use development: the Seattle experience. Journal of Real Estate Literature, 21(1), 25–57. https://doi.org/10.1080/10835547.2013.12090352
Fisher, J. D., & Martin, R. S. (2007). Income property valuation (3rd ed.). Dearborn Real Estate Education.
Frank, L. D., & Pivo, G. (1994). Impacts of mixed use and density on utilization of three modes of travel: single-occupant vehicle, transit, and walking. Transportation Research Record, 1466, 44–52.
Geltner, D., Riddiough, T., & Stojanovic, S. (1996). Insights on the effect of land use choice: the perpetual option on the best of two underlying assets. Journal of Urban Economics, 39(1),
20–50. https://doi.org/10.1006/juec.1996.0002
Geoghegan, J., Wainger, L. A., & Bockstael, N. E. (1997). Spatial landscape indices in a hedonic framework: an ecological economics analysis using GIS. Ecological Economics, 23(3), 251–264. https://doi.org/10.1016/S0921-8009(97)00583-1
Glasserman, P., & Yu, B. (2004). Number of paths versus number of basis functions in American option pricing. The Annals of Applied Probability, 14(4), 2090–2119.
https://doi.org/10.1214/1050516040000008461
Guma, A., Pearson, J., Wittels, K., de Neufville, R., & Geltner, D. (2009). Vertical phasing as a corporate real estate strategy and development option. Journal of Corporate Real Estate, 11(3), 144–157. https://doi.org/10.1108/14630010910985904
Hoppenbrouwer, E., & Louw, E. (2005). Mixed-use development: theory and practice in Amsterdam’s Eastern Docklands. European Planning Studies, 13(7), 967–983.
https://doi.org/10.1080/09654310500242048
Hoyle, M. (2016). Pricing American options. https://ww2.mathworks.cn/matlabcentral/fileexchange/16476-pricing-american-options?focused=6781450&tab=function
Hughen, W. K., & Read, D. C. (2017). Analyzing form-based zoning’s potential to stimulate mixed-use development in different economic environments. Land Use Policy, 61, 1–11. https://doi.org/10.1016/j.landusepol.2016.11.010
Hui, E. C., Chau, C. K., Pun, L., & Law, M. Y. (2007). Measuring the neighboring and environmental effects on residential property value: using spatial weighting matrix. Building and Environment, 42(6), 2333–2343.
https://doi.org/10.1016/j.buildenv.2006.05.004
Hui, E. C., Zhong, J. W., & Yu, K. H. (2012). The impact of landscape views and storey levels on property prices. Landscape and Urban Planning, 105(1–2), 86–93.
https://doi.org/10.1016/j.landurbplan.2011.12.002
Jim, C. Y., & Chen, W. Y. (2009). Value of scenic views: hedonic assessment of private housing in Hong Kong. Landscape and Urban Planning, 91(4), 226–234. https://doi.org/10.1016/j.landurbplan.2009.01.009
Jim, C. Y., & Chen, W. Y. (2010). External effects of neighbourhood parks and landscape elements on high-rise residential value. Land Use Policy, 27(2), 662–670.
ttps://doi.org/10.1016/j.landusepol.2009.08.027
Jones Lang LaSalle. (2014). Resurgence of mixed-use developments in Singapore’s CBD. http://www.ap.jll.com/asia-pacific/en-gb/Research/Resurgence-of-Mixed-Use-Developments-in-Singapore-CBD.pdf
Kettler, R. C. (2005). Vertical community. Urban Land, 64, 11–12.
Koch, D. (2004). Looking up. Retail Traffic, 33(12), 38–42.
Kockelman, K. (1997). Travel behavior as function of accessibility, land use mixing, and land use balance: evidence from San Francisco Bay Area. Transportation Research Record: Journal of the Transportation Research Board, 1607, 116–125.
https://doi.org/10.3141/1607-16
Lai, L. W., Chau, K. W., Yiu, E. C., Wong, K. S., Wong, W. S., & Chan, P. Y. (2007). Measuring and interpreting the effects of a public-sector-led urban renewal project on housing prices—an empirical study of a comprehensive development area zone developed upon ‘taking’ in Hong Kong. Environment and Planning B: Planning and Design, 34(3), 524–538. https://doi.org/10.1068/b31139
Lau, S. S., Giridharan, R., & Ganesan, S. (2003). Policies for implementing multiple intensive land use in Hong Kong. Journal of Housing and the Built Environment, 18(4), 365–378. https://doi.org/10.1023/B:JOHO.0000005758.41003.19
Lau, S. S. Y., Giridharan, R., & Ganesan, S. (2005). Multiple and intensive land use: case studies in Hong Kong. Habitat International, 29(3), 527–546. https://doi.org/10.1016/j.habitatint.2004.04.007
Lau, S. S., & Zhang, Q. (2015). Genesis of a vertical city in Hong Kong. International Journal of High-Rise Buildings, 4(2), 117–125.
Levine, J., & Frank, L. D. (2007). Transportation and land-use preferences and residents’ neighborhood choices: the sufficiency of compact development in the Atlanta region. Transportation, 34(2), 255–274. https://doi.org/10.1007/s11116-006-9104-6
Liusman, E., Ho, D. C. W., Lo, H. C., & Lo, D. Y. F. (2017). Office rents, mixed-use developments, and agglomeration economies: a panel data analysis. Journal of Property Investment & Finance, 35(5), 455–471. https://doi.org/10.1108/JPIF-02-2017-0015
Longstaff, F. A., & Schwartz, E. S. (2001). Valuing American options by simulation: a simple least-squares approach. The Review of Financial Studies, 14(1), 113–147.
https://doi.org/10.1093/rfs/14.1.113
Mahan, B. L., Polasky, S., & Adams, R. M. (2000). Valuing urban wetlands: a property price approach. Land Economics, 76(1), 100–113. https://doi.org/10.2307/3147260
Matthews, J. W., & Turnbull, G. K. (2007). Neighborhood street layout and property value: the interaction of accessibility and land use mix. The Journal of Real Estate Finance and Economics, 35(2), 111–141.
https://doi.org/10.1007/s11146-007-9035-9
Merton, R. C. (1973). Theory of rational option pricing. The Bell Journal of Economics and Management Science, 4(1), 141–183. https://doi.org/10.2307/3003143
Mok, H. M. K., Chan, P. P. K., & Cho, Y.-S. (1995). A hedonic price model for private properties in Hong Kong. Journal of Real Estate Finance Economics, 10(1), 37–48.
https://doi.org/10.1007/BF01099610
Nasar, J. L., & Julian, D. A. (1995). The psychological sense of community in the neighborhood. Journal of the American Planning Association, 61(2), 178–184.
https://doi.org/10.1080/01944369508975631
Pearson, J. R., & Wittels, K. S. (2008). Real options in action: vertical phasing in commercial real estate development [Doctoral dissertation]. Massachusetts Institute of Technology.
Planning Department. (2002). Review of U.S. and Singapore experience in mix-use developments and its applicability to Hong Kong (Working Paper No. 15). https://www.pland.gov.hk/pland_en/p_study/comp_s/hk2030/eng/wpapers/pdf/workingPaper_15.pdf
Rabianski, J., Gibler, K., Tidwell, O. A., & Clements III, J. S. (2009). Mixed-use development: a call for research. Journal of Real Estate Literature, 17(2), 205–230. https://doi.org/10.1080/10835547.2009.12090251
Rating and Valuation Department. (2020). Private domestic - price indices by class (Territory-wide) (from 1979). https://www.rvd.gov.hk/en/property_market_statistics/index.html
Rider Levett Bucknall. (2020). Hong Kong report: quarterly construction cost update. https://www.rlb.com/en/index/publications/?geolocation=europe/
Rosen, S. (1974). Hedonic prices and implicit markets: product differentiation in pure competition. Journal of Political Economy, 82(1), 34–55. https://doi.org/10.1086/260169
Rowley, A. (1996). Mixed-use development: ambiguous concept, simplistic analysis and wishful thinking? Planning Practice & Research, 11(1), 85–98.
https://doi.org/10.1080/02697459650036477
Shen, L., He, Y., Li, L. H., & Chau, K. W. (2020). Impacts of online shopping convenience and physical retail proximity on housing prices in Shenzhen, 2016–2018. Journal of Housing and the Built Environment, 35, 1157–1176.
https://doi.org/10.1007/s10901-020-09732-w
Song, Y., & Knaap, G. J. (2004). Measuring the effects of mixed land uses on housing values. Regional Science and Urban Economics, 34(6), 663–680. https://doi.org/10.1016/j.regsciurbeco.2004.02.003
Tu, C. C., & Eppli, M. J. (1999). Valuing new urbanism: the case of Kentlands. Real Estate Economics, 27(3), 425–451.
https://doi.org/10.1111/1540-6229.00779
Van Cao, T., & Cory, D. C. (1982). Mixed land uses, land-use externalities, and residential property values: a reevaluation. The Annals of Regional Science, 16(1), 1–24.
https://doi.org/10.1007/BF01287403
Ventolo, W. L., & Williams, M. R. (2005). Fundamentals of real estate appraisal (9th ed.). Dearborn Real Estate Education.
Vreeker, R., De Groot, H. L., & Verhoef, E. T. (2004). Urban multifunctional land use: theoretical and empirical insights on economies of scale, scope and diversity. Built Environment, 30(4), 289–307. https://doi.org/10.2148/benv.30.4.289.57157
Walker, H. (1997). Mixed use development as an agent of sustainability. In A. Coupland (Ed.), Reclaiming the city: mixeduse development. E & FN Spon.
Wilhelmsson, M., & Long, R. (2020). Impacts of shopping malls on apartment prices: the case of Stockholm. Nordic Journal of Surveying and Real Estate Research, 5, 29–48.
https://doi.org/10.30672/njsr.95437
Xiao, Y., Hui, E. C., & Wen, H. (2019). Effects of floor level and landscape proximity on housing price: a hedonic analysis in Hangzhou, China. Habitat International, 87, 11–26.
https://doi.org/10.1016/j.habitatint.2019.03.008
Yao, H., & Pretorius, F. (2014). Demand uncertainty, development timing and leasehold land valuation: empirical testing of real options in residential real estate development. Real Estate Economics, 42(4), 829–868.
https://doi.org/10.1111/1540-6229.12052
Zhang, X. Q. (2000). High-rise and high-density urban form. In M. Jenks, & R. Burgess (Eds.), Compact cities – sustainable urban forms for developing countries. Spon Press.
Zhang, L., Zhou, J., Hui, E. C., & Wen, H. (2019). The effects of a shopping mall on housing prices: a case study in Hangzhou. International Journal of Strategic Property Management, 23(1), 65–80. https://doi.org/10.3846/ijspm.2019.6360
Zhu, W., & Chiu, R. L. H. (2011). The planning and design of environmentally sustainable high-rises. In B. Yuen, & A. GarOn Yeh (Eds.), High-rise living in Asian cities. Springer. https://doi.org/10.1007/978-90-481-9738-5_4
Arcadis. (2020). Construction cost handbook (in 2020). https://www.arcadis.com/en/knowledge-hub/perspectives/asia/research-and-publications/construction-cost-handbook
Abbas-Turki, L. A., & Lapeyre, B. (2009, July 24–26). American options pricing on multi-core graphic cards. In 2009 International Conference on Business Intelligence and Financial Engineering (pp. 307–311), Beijing, China.
https://doi.org/10.1109/BIFE.2009.77
Addae-Dapaah, K. (2005). Highest and best use in the valuation of mixed‐use development sites: a linear programming approach. Journal of Property Research, 22(1), 19–35.
https://doi.org/10.1080/09599910500411028
Bao, H. X., & Wan, A. T. (2004). On the use of spline smoothing in estimating hedonic housing price models: empirical evidence using Hong Kong data. Real Estate Economics, 32(3), 487–507. https://doi.org/10.1111/j.1080-8620.2004.00100.x
Bookout, L. W. (1992). Neotraditional town planning: cars, pedestrians, and transit. Urban Land, 51(2), 15–20.
Capozza, D., & Li, Y. (1994). The intensity and timing of investment: the case of land. The American Economic Review, 84(4), 889–904.
Childs, P. D., Riddiough, T. J., & Triantis, A. J. (1996). Mixed uses and the redevelopment option. Real Estate Economics, 24(3), 317–339. https://doi.org/10.1111/1540-6229.00693
Choy, L. H. T., Mak, S. W. K., & Ho, W. K. O. (2007). Modeling Hong Kong real estate prices. Journal of Housing and the Built Environment, 22(4), 359–368.
https://doi.org/10.1007/s10901-007-9089-2
Coskan, C. (2008). Pricing American options by simulation [Doctoral dissertation]. Bogaziçi University.
Crafts, J. M. (1998). Impact of commercial development on adjacent residential properties. The Appraisal Journal, 66(1), 6–10.
Cybriwsky, R. (1999). Changing patterns of urban public space: observations and assessments from the Tokyo and New York metropolitan areas. Cities, 16(4), 223–231. https://doi.org/10.1016/S0264-2751(99)00021-9
DeLisle, J., & Grissom, T. (2013). An empirical study of the efficacy of mixed-use development: the Seattle experience. Journal of Real Estate Literature, 21(1), 25–57. https://doi.org/10.1080/10835547.2013.12090352
Fisher, J. D., & Martin, R. S. (2007). Income property valuation (3rd ed.). Dearborn Real Estate Education.
Frank, L. D., & Pivo, G. (1994). Impacts of mixed use and density on utilization of three modes of travel: single-occupant vehicle, transit, and walking. Transportation Research Record, 1466, 44–52.
Geltner, D., Riddiough, T., & Stojanovic, S. (1996). Insights on the effect of land use choice: the perpetual option on the best of two underlying assets. Journal of Urban Economics, 39(1),
20–50. https://doi.org/10.1006/juec.1996.0002
Geoghegan, J., Wainger, L. A., & Bockstael, N. E. (1997). Spatial landscape indices in a hedonic framework: an ecological economics analysis using GIS. Ecological Economics, 23(3), 251–264. https://doi.org/10.1016/S0921-8009(97)00583-1
Glasserman, P., & Yu, B. (2004). Number of paths versus number of basis functions in American option pricing. The Annals of Applied Probability, 14(4), 2090–2119.
https://doi.org/10.1214/1050516040000008461
Guma, A., Pearson, J., Wittels, K., de Neufville, R., & Geltner, D. (2009). Vertical phasing as a corporate real estate strategy and development option. Journal of Corporate Real Estate, 11(3), 144–157. https://doi.org/10.1108/14630010910985904
Hoppenbrouwer, E., & Louw, E. (2005). Mixed-use development: theory and practice in Amsterdam’s Eastern Docklands. European Planning Studies, 13(7), 967–983.
https://doi.org/10.1080/09654310500242048
Hoyle, M. (2016). Pricing American options. https://ww2.mathworks.cn/matlabcentral/fileexchange/16476-pricing-american-options?focused=6781450&tab=function
Hughen, W. K., & Read, D. C. (2017). Analyzing form-based zoning’s potential to stimulate mixed-use development in different economic environments. Land Use Policy, 61, 1–11. https://doi.org/10.1016/j.landusepol.2016.11.010
Hui, E. C., Chau, C. K., Pun, L., & Law, M. Y. (2007). Measuring the neighboring and environmental effects on residential property value: using spatial weighting matrix. Building and Environment, 42(6), 2333–2343.
https://doi.org/10.1016/j.buildenv.2006.05.004
Hui, E. C., Zhong, J. W., & Yu, K. H. (2012). The impact of landscape views and storey levels on property prices. Landscape and Urban Planning, 105(1–2), 86–93.
https://doi.org/10.1016/j.landurbplan.2011.12.002
Jim, C. Y., & Chen, W. Y. (2009). Value of scenic views: hedonic assessment of private housing in Hong Kong. Landscape and Urban Planning, 91(4), 226–234. https://doi.org/10.1016/j.landurbplan.2009.01.009
Jim, C. Y., & Chen, W. Y. (2010). External effects of neighbourhood parks and landscape elements on high-rise residential value. Land Use Policy, 27(2), 662–670.
ttps://doi.org/10.1016/j.landusepol.2009.08.027
Jones Lang LaSalle. (2014). Resurgence of mixed-use developments in Singapore’s CBD. http://www.ap.jll.com/asia-pacific/en-gb/Research/Resurgence-of-Mixed-Use-Developments-in-Singapore-CBD.pdf
Kettler, R. C. (2005). Vertical community. Urban Land, 64, 11–12.
Koch, D. (2004). Looking up. Retail Traffic, 33(12), 38–42.
Kockelman, K. (1997). Travel behavior as function of accessibility, land use mixing, and land use balance: evidence from San Francisco Bay Area. Transportation Research Record: Journal of the Transportation Research Board, 1607, 116–125.
https://doi.org/10.3141/1607-16
Lai, L. W., Chau, K. W., Yiu, E. C., Wong, K. S., Wong, W. S., & Chan, P. Y. (2007). Measuring and interpreting the effects of a public-sector-led urban renewal project on housing prices—an empirical study of a comprehensive development area zone developed upon ‘taking’ in Hong Kong. Environment and Planning B: Planning and Design, 34(3), 524–538. https://doi.org/10.1068/b31139
Lau, S. S., Giridharan, R., & Ganesan, S. (2003). Policies for implementing multiple intensive land use in Hong Kong. Journal of Housing and the Built Environment, 18(4), 365–378. https://doi.org/10.1023/B:JOHO.0000005758.41003.19
Lau, S. S. Y., Giridharan, R., & Ganesan, S. (2005). Multiple and intensive land use: case studies in Hong Kong. Habitat International, 29(3), 527–546. https://doi.org/10.1016/j.habitatint.2004.04.007
Lau, S. S., & Zhang, Q. (2015). Genesis of a vertical city in Hong Kong. International Journal of High-Rise Buildings, 4(2), 117–125.
Levine, J., & Frank, L. D. (2007). Transportation and land-use preferences and residents’ neighborhood choices: the sufficiency of compact development in the Atlanta region. Transportation, 34(2), 255–274. https://doi.org/10.1007/s11116-006-9104-6
Liusman, E., Ho, D. C. W., Lo, H. C., & Lo, D. Y. F. (2017). Office rents, mixed-use developments, and agglomeration economies: a panel data analysis. Journal of Property Investment & Finance, 35(5), 455–471. https://doi.org/10.1108/JPIF-02-2017-0015
Longstaff, F. A., & Schwartz, E. S. (2001). Valuing American options by simulation: a simple least-squares approach. The Review of Financial Studies, 14(1), 113–147.
https://doi.org/10.1093/rfs/14.1.113
Mahan, B. L., Polasky, S., & Adams, R. M. (2000). Valuing urban wetlands: a property price approach. Land Economics, 76(1), 100–113. https://doi.org/10.2307/3147260
Matthews, J. W., & Turnbull, G. K. (2007). Neighborhood street layout and property value: the interaction of accessibility and land use mix. The Journal of Real Estate Finance and Economics, 35(2), 111–141.
https://doi.org/10.1007/s11146-007-9035-9
Merton, R. C. (1973). Theory of rational option pricing. The Bell Journal of Economics and Management Science, 4(1), 141–183. https://doi.org/10.2307/3003143
Mok, H. M. K., Chan, P. P. K., & Cho, Y.-S. (1995). A hedonic price model for private properties in Hong Kong. Journal of Real Estate Finance Economics, 10(1), 37–48.
https://doi.org/10.1007/BF01099610
Nasar, J. L., & Julian, D. A. (1995). The psychological sense of community in the neighborhood. Journal of the American Planning Association, 61(2), 178–184.
https://doi.org/10.1080/01944369508975631
Pearson, J. R., & Wittels, K. S. (2008). Real options in action: vertical phasing in commercial real estate development [Doctoral dissertation]. Massachusetts Institute of Technology.
Planning Department. (2002). Review of U.S. and Singapore experience in mix-use developments and its applicability to Hong Kong (Working Paper No. 15). https://www.pland.gov.hk/pland_en/p_study/comp_s/hk2030/eng/wpapers/pdf/workingPaper_15.pdf
Rabianski, J., Gibler, K., Tidwell, O. A., & Clements III, J. S. (2009). Mixed-use development: a call for research. Journal of Real Estate Literature, 17(2), 205–230. https://doi.org/10.1080/10835547.2009.12090251
Rating and Valuation Department. (2020). Private domestic - price indices by class (Territory-wide) (from 1979). https://www.rvd.gov.hk/en/property_market_statistics/index.html
Rider Levett Bucknall. (2020). Hong Kong report: quarterly construction cost update. https://www.rlb.com/en/index/publications/?geolocation=europe/
Rosen, S. (1974). Hedonic prices and implicit markets: product differentiation in pure competition. Journal of Political Economy, 82(1), 34–55. https://doi.org/10.1086/260169
Rowley, A. (1996). Mixed-use development: ambiguous concept, simplistic analysis and wishful thinking? Planning Practice & Research, 11(1), 85–98.
https://doi.org/10.1080/02697459650036477
Shen, L., He, Y., Li, L. H., & Chau, K. W. (2020). Impacts of online shopping convenience and physical retail proximity on housing prices in Shenzhen, 2016–2018. Journal of Housing and the Built Environment, 35, 1157–1176.
https://doi.org/10.1007/s10901-020-09732-w
Song, Y., & Knaap, G. J. (2004). Measuring the effects of mixed land uses on housing values. Regional Science and Urban Economics, 34(6), 663–680. https://doi.org/10.1016/j.regsciurbeco.2004.02.003
Tu, C. C., & Eppli, M. J. (1999). Valuing new urbanism: the case of Kentlands. Real Estate Economics, 27(3), 425–451.
https://doi.org/10.1111/1540-6229.00779
Van Cao, T., & Cory, D. C. (1982). Mixed land uses, land-use externalities, and residential property values: a reevaluation. The Annals of Regional Science, 16(1), 1–24.
https://doi.org/10.1007/BF01287403
Ventolo, W. L., & Williams, M. R. (2005). Fundamentals of real estate appraisal (9th ed.). Dearborn Real Estate Education.
Vreeker, R., De Groot, H. L., & Verhoef, E. T. (2004). Urban multifunctional land use: theoretical and empirical insights on economies of scale, scope and diversity. Built Environment, 30(4), 289–307. https://doi.org/10.2148/benv.30.4.289.57157
Walker, H. (1997). Mixed use development as an agent of sustainability. In A. Coupland (Ed.), Reclaiming the city: mixeduse development. E & FN Spon.
Wilhelmsson, M., & Long, R. (2020). Impacts of shopping malls on apartment prices: the case of Stockholm. Nordic Journal of Surveying and Real Estate Research, 5, 29–48.
https://doi.org/10.30672/njsr.95437
Xiao, Y., Hui, E. C., & Wen, H. (2019). Effects of floor level and landscape proximity on housing price: a hedonic analysis in Hangzhou, China. Habitat International, 87, 11–26.
https://doi.org/10.1016/j.habitatint.2019.03.008
Yao, H., & Pretorius, F. (2014). Demand uncertainty, development timing and leasehold land valuation: empirical testing of real options in residential real estate development. Real Estate Economics, 42(4), 829–868.
https://doi.org/10.1111/1540-6229.12052
Zhang, X. Q. (2000). High-rise and high-density urban form. In M. Jenks, & R. Burgess (Eds.), Compact cities – sustainable urban forms for developing countries. Spon Press.
Zhang, L., Zhou, J., Hui, E. C., & Wen, H. (2019). The effects of a shopping mall on housing prices: a case study in Hangzhou. International Journal of Strategic Property Management, 23(1), 65–80. https://doi.org/10.3846/ijspm.2019.6360
Zhu, W., & Chiu, R. L. H. (2011). The planning and design of environmentally sustainable high-rises. In B. Yuen, & A. GarOn Yeh (Eds.), High-rise living in Asian cities. Springer. https://doi.org/10.1007/978-90-481-9738-5_4