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Article
Publication date: 29 January 2020

B.A.K.S. Perera, Aravindi Lavanya Samarakkody and Shyamani Ruwanthika Nandasena

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…

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Abstract

Purpose

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.

Details

Journal of Financial Management of Property and Construction , vol. 25 no. 1
Type: Research Article
ISSN: 1366-4387

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