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引言

2008年，马来西亚的房地产市场经历了一个剧变。由于建筑成本的增加，房地产市场从2007年末的繁荣变动到存在不稳定性因素。最终，在2008年末，房地产市场变得相对清冷。因为所有的银行都尽力收紧贷款条件，在过去的三年里，各种商业性建筑的发展都很难申请到贷款。

但是，研究表明像吉隆坡这样的地方，对于办公建筑还是有很大的需求量。巴生谷地区不时有新的办公楼在修建。从产业估价局的研究得出，整个吉隆坡大约增加了一千万平方米的新办公区。然而办公区的空闲率却降到了18.6%。这表明了对于写字楼的需求仍然可以迎合办公区的增加。研究还表明了在2009年这里大约有28万平方米的新办公区和另外9.2万平方米的新办公区在整修和复位。因此，楼主必须努力使他们的楼受欢迎且具有竞争力。目前新楼发展的短缺增长了整修的可能性。当占领者市场出现是，供应补足，有针对性翻新的投资机会就会增加。

Chapter 1 Refurbishment vs redevelopment

Malaysia property market has experienced a drastic change in 2008. The property market moved from a boom at the end of 2007 to uncertainties due to increasing construction cost. Finally, the property market moved into a relatively quiet market towards the end of 2008. With all the banks trying to tighten their loan terms, obtaining loans for development of all types of commercial building have been difficult in the last three years.

Yet, study shows that there is still a high demand for space in office building in area like Kuala Lumpur. From time to time, there are several developments of new office buildings in Klang Valley area. From the study done by JPPH, there is an increase of approximately 10 million square metres of new office space throughout Kuala Lumpur. Yet, the average vacancy rate in office space decreased to 18.6%. This proved that the demand for office building is still able to cater the increase in new office space. Study also showed that there is a new supply of approximately 280,000 square metres of new office space and additional 92,000 square metres of office being refurbished and repositioned in the year of 2009. So, building owners have to struggle to maintain the popularity and the competitiveness of their building. The current lack of new-build development raises the likelihood of grade-A supply shortages when the occupier market returns, creating investment opportunities for carefully targeted refurbishment.

But, usually owner is in great dilemma when they are in such situation. As everyone know, the refurbishment of office space offers advantages over new-build which can facilitate the achievement of economic, social and environmental sustainability. But, redevelopment is the ultimate solution for eliminating all problems regarding the maintenance, changing tenants requirement and other probems.

Making comparisons between refurbishment and redevelopment is also problematic because the term refurbishment can be used to encompass a wide spectrum of building works, from minor cosmetic improvements through to extensive reconstruction. But, in the majority of cases, refurbishment will be a quicker and cheaper means of restoring second-hand office space to grade-A specification. As a low-cost option, the refurbishment of office space should be intuitively attractive in an economic climate marked by a lack of development finance. But in many cases refurbishment is as costly as redevelopment and likely to carry with it greater risks and physical constraints.

Problem statement

Malaysian has been accused as a clever builder but poor manager. For example, certain office buildings in Golden Triangle are often looked deteriorated and relatively matured compared to other purposed-built office本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。