A REVIEW OF RISK CATEGORIES IDENTIFICATION ON HIGH-RISE RESIDENTIAL BUILDING (STRATA) OPERATIONS
DOI:
https://doi.org/10.21837/pm.v24i43.2132Keywords:
High-rise Residential, Strata Residential, Risk Categories, Risk Identification, OperationAbstract
High-rise residential buildings, or know as strata, significantly influence urban living, necessitating effective operation to preserve property values and harmonious communities. Generally, rapid urbanisation has expanded strata-titled properties, due to scarcity of land, congested building structures and of preferred property style living. Despite regulatory oversight, high-rise residential building communities face complex risks, prompting a need for tailored risk management strategies. The crucial process in risk management is risk identifying. Risk in strata can be varies based on its environment and purposes. This paper aims to identify risk categories inherent in high-rise residential building (strata) management. Using an interpretive in-depth literature review and selected strata cases as secondary documentary evidence of issues in high-rise residential building, nine critical risk categories were identified which is financial, legal and compliance, structural and maintenance, management and operational, resident-related, security and safety, environmental, technological, and reputational risks. Each risk significantly consequences on building operation, resident satisfaction, and overall sustainability. Conclusively, identify these risks through holistic review tailored to Malaysian strata buildings is vital in risk management process. Future proper risk management must emphasise and embedded in high-rise residential building (strata) operations to ensure excel building operation and satisfaction within resident communities.
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