Civil, Architecture and Marine Engineering April 22–23, 2019 | Osaka, Japan

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International conference on Civil, Architecture and Marine Engineering April 22–23, 2019 | Osaka, Japan A review of the performance of the price premium of “Green Buildings” – A Hedonic price model approach *Michael C.P. Sing1, Joseph H.L. Chan2 1Research Assistant Professor, Department of Building and Real Estate, The Hong Kong Polytechnic University, Hong Kong SAR, China 2Lecturer, School of Professional Education and Executive Development, The Hong Kong Polytechnic University, Hong Kong SAR, China Sustainable construction and green buildings have become increasingly popular in different sectors over the globe. Heightened awareness of environmental impacts of production and consumption pattern increases the willingness-to-pay premium for green products / services. The Building Environmental Assessment Method Plus (BEAM Plus) is a Hong Kong based green building assessment scheme which provides building users with a single performance label that demonstrates the overall quality of a building. Eco-labelled buildings are beneficial to developers, building occupants and the environment. Logically, the green certification attached to the buildings could be translated to a higher property value. It is expected buyers will be prepared to make a higher bid for green buildings than those without green building certification. This research work aims to explore the relationship of the effect of BEAM Plus certification on price premium in the private residential building sector. While buildings bear more unique characteristics, a hedonic price model is employed to estimate the extent to which each factor affects the price. A total of 320 transactions of private residential buildings in Hong Kong were sampled to illustrate the positive relationship between property price and the BEAM Plus certification with a hedonic price model. The result revealed that “certification” variable is the most significant factor to affect the property price. Furthermore, building age, property size, and location all have positive impact on the property price as expected. Biography Michael Sing is an Assistant Professor and Programme Leader in the Department of Building and Real Estate at Hong Kong Polytechnic University. He holds a B. Sc (Hons) in Building Surveying (1st Hon), Master in Building Engineering (Distinction) and PhD in Construction Management and Engineering. He has more than 9 years’ industrial experience in the field of project management and surveying. Prior to starting his academic career. Dr Sing is a chartered surveyor, construction manager and engineer with the Royal Institution of Chartered Surveyors (RICS), Australian Institute of Building Surveyors (AIBS) and Chartered Institute of Building (CIOB). As for research activities, he attracted more than HKD 7.9million (=AUD 1.36M) research funding from the government and local professional bodies in the last seven years. His present research is focusing on (a) infrastructure delivery and asset management and (b) project performance and evaluation using machine learning and modelling (equivalent to construction business), and (c) sustainability in design and construction. [email protected] Civil Engineering 2019 April 22–23, 2019 | Osaka, Japan Page 22.

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