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Sale before Completion of Development: Pricing and Strategy (2004)

Lai, Rose Neng ; Wang, Ko ; Zhou, Yuqing

Oxford, UK and Boston, USA : Blackwell Publishing, Inc.

Real estate economics 32 (2004), S. 0

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ISSN: 1540-6229

Source: Blackwell Publishing Journal Backfiles 1879-2005

Topics: Economics

Notes: The paper examines the risk-and-return characteristics of a popular development strategy, the presale system (or sale before completion), used in many Asian cities. We model a presale decision in a real-options framework and suggest that the use of presale is primarily for a risk-sharing purpose. That is, developers can reduce bankruptcy and marketing risks by selling (or leasing) their projects before their completion dates. Our model also indicates that, because of the presale system, there is a barrier for new developers to enter into a market, which helps explain the anecdotal observation that most real estate markets in Asian cities are oligopolistic in nature and dominated by large developers.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1111/j.1080-8620.2004.00094.x

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