A Sustainable Framework Of Building Quality Assessment For Achieving A Sustainable Urban Environment

Abstract

Information asymmetry in building quality has resulted in under-investment in building maintenance, which has a consequential negative impact on sustainable urban development. Devising and publicizing a building classification system can reveal “hidden” information to the public and lessen the problem of information asymmetry. However, if such a system is purely voluntary, property owners will normally adopt a wait-and-see attitude in view of the high cost of assessment and uncertainty of realizing any benefits. This will hamper the effectiveness of a building classification system. This paper explores the possibility of “jump-starting” a voluntary system by synthesizing the resources of various stakeholders. First, universities can make use of their research capacity to develop an assessment scheme. Second, the government can make use of the building information it possesses to provide data for assessments. Third, private or community donations can be used as initial funding to operate the classification system. Once the system is jump-started, with its benefits proven, it will become self sustainable by a user pays mechanism. It is believed that the disclosure of more information on the quality of buildings on the market will lead to a solution that ensures a net welfare gain, and thus a more sustainable environment for society.