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Ansah, R H and Sorooshian, S (2018) 4P delays in project management. Engineering, Construction and Architectural Management, 25(01), 62-76.

Babatunde, S O, Perera, S, Ekundayo, D and Adeleye, T E (2019) An investigation into BIM-based detailed cost estimating and drivers to the adoption of BIM in quantity surveying practices. Journal of Financial Management of Property and Construction , 25(01), 61–81.

Carreira, P, Castelo, T, Gomes, C C, Ferreira, A, Ribeiro, C and Costa, A A (2018) Virtual reality as integration environments for facilities management: Application and users' perceptions. Engineering, Construction and Architectural Management, 25(01), 90-112.

Cheah, C Y J, Kang, J and Chew, D A S (2007) Strategic analysis of large local construction firms in China. Construction Management and Economics, 25(01), 25-38.

Chen, J J (1997) China's construction industry and foreign investment. Building Research & Information, 25(01), 5–10.

Coleman, E, Nooni, I K, Fianko, S K, Dadzie, L, Neequaye, E N, Owusu-Agyemang, J and Ansa-Asare, E O (2020) Assessing contract management as a strategic tool for achieving quality of work in Ghanaian construction industry. Journal of Financial Management of Property and Construction, 25(01), 41–60.

Fan, Y and Kokko, E (1997) Three-dimensional gaseous transfer within cellular plastic insulation and its consequences. Building Research & Information, 25(01), 25–35.

Gerbov, A, Singh, V and Herva, M (2018) Challenges in applying design research studies to assess benefits of BIM in infrastructure projects: Reflections from Finnish case studies. Engineering, Construction and Architectural Management, 25(01), 2-20.

Hatamleh, M T, Hiyassat, M, Sweis, G J and Sweis, R J (2018) Factors affecting the accuracy of cost estimate: Case of Jordan. Engineering, Construction and Architectural Management, 25(01), 113-31.

Ikuabe, M, Oke, A E and Aigbavboa, C (2020) Impact of contractors’ opportunism on construction project transaction costs. Journal of Financial Management of Property and Construction , 25(01), 125–41.

Keswani, K (1997) The contribution of building centres to low-cost housing in India. Building Research & Information, 25(01), 50–64.

Lewis, T M (2007) Impact of globalization on the construction sector in developing countries. Construction Management and Economics, 25(01), 7-23.

Lian, J K M, Foo, Z Y and Ling, F Y Y (2018) Value of internships for professional careers in the built environment sector in Singapore. Engineering, Construction and Architectural Management, 25(01), 77-89.

Lingard, H, Blismas, N, Harley, J, Stranieri, A, Zhang, R P and Pirzadeh, P (2018) Making the invisible visible: Stimulating work health and safety-relevant thinking through the use of infographics in construction design. Engineering, Construction and Architectural Management, 25(01), 39-61.

Ma, L, Reed, R and Jin, X (2018) Identify the equilibrium of residential construction output: A vector error correction model approach. Engineering, Construction and Architectural Management, 25(01), 21-38.

Mbachu, J and Nkado, R (2007) Factors constraining successful building project implementation in South Africa. Construction Management and Economics, 25(01), 39-54.

Perera, B, Samarakkody, A L and Nandasena, S R (2020) Managing financial and economic risks associated with high-rise apartment building construction in Sri Lanka. Journal of Financial Management of Property and Construction , 25(01), 143–62.

  • Type: Journal Article
  • Keywords: High-rise apartments; Financial and economic risk factors; Risk response measures;
  • ISBN/ISSN: 1366-4387
  • URL: https://doi.org/10.1108/JFMPC-04-2019-0038
  • Abstract:
    The financial and economic risks associated with high-rise building projects are many. They make project stakeholders to undergo financial difficulties. However, very few past studies have discussed the management of these risks. Thus, the purpose of this paper is to provide a guideline for the effective management of these financial and economic risks associated with high-rise apartment building projects in Sri Lanka.

    Design/methodology/approach

    The study adopted the mixed research approach. A literature review and semi-structured interviews were used to identify the financial/economic risk factors of high-rise apartment building projects and their risk response measures. The data obtained were used for a questionnaire survey, and the findings were analysed using the mean score method. They were validated using pattern matching. The risk response measures that were identified were ranked according to their effectiveness.

    Findings

    The findings revealed that “financial problems arising from errors in estimating” is the most significant financial and economic risk factor faced by the property developers involved in high-rise apartment building projects, while “poor contract management” is the most significant financial and economic risk factor faced by the contractors of these projects.

    Originality/value

    The study recommends a guideline to manage, using effective risk response measures, the financial and economic risk factors that are significant in high-rise apartment building projects.

Pheng, L S and Omar, H F (1997) Integration, segmentalism and the maintenance of quality management systems in the construction industry. Building Research & Information, 25(01), 36–49.

Plessis, C D (2007) A strategic framework for sustainable construction in developing countries. Construction Management and Economics, 25(01), 67-76.

Rwelamila, P M D (2007) Project management competence in public sector infrastructure organisations. Construction Management and Economics, 25(01), 55-66.

Sha, K, Deng, X, Chen, Q and Xie, B (1997) Evolution of cost estimating system in China: intelligent estimator for Shandong Province (IES) to general intelligent estimator (GIE). Building Research & Information, 25(01), 11–4.

Shih, N-J and Lan, W-J (1997) Incorporating a 3D urban environmental model (3DUEM) into government and architectural firms. Building Research & Information, 25(01), 18–24.

Singla, H K (2020) Does family ownership affect the profitability of construction and real estate firms? Evidence from India. Journal of Financial Management of Property and Construction , 25(01), 107–24.

Tawalare, A and Laishram, B (2019) Factors hindering effective partnering in Indian public sector construction organizations. Journal of Financial Management of Property and Construction , 25(01), 83–105.

Wei, H and Xu, X (1997) Composite masonry buildings in China. Building Research & Information, 25(01), 15–7.

Wells, J (2007) Informality in the construction sector in developing countries. Construction Management and Economics, 25(01), 87-93.

Wong, J, Wong, P N K and Heng, L (2007) An investigation of leadership styles and relationship cultures of Chinese and expatriate managers in multinational construction companies in Hong Kong. Construction Management and Economics, 25(01), 95-106.

Yorucu, V and Keles, R (2007) The construction boom and environmental protection in Northern Cyprus as a consequence of the Annan Plan. Construction Management and Economics, 25(01), 77-86.

Zekri, M M and Razali, M N (2019) Volatility dynamics of Malaysian listed property companies within the Asian public property markets by using a switching regime approach. Journal of Financial Management of Property and Construction , 25(01), 5–39.