Location Selection Models for Apartment Project Development by the Modified Analytic Hierarchy Process
Abstract
Apartments are rental housing that grows in line with the demand for habitats, both from the increase in the population and the relocation of residence for work and study. The right location selection for the development of a rental residential project is an important factor that a project developer must decide before actualizing a project since it is a factor that is tied to the location of the land and the surrounding environments. This research aimed to develop the models for the location selection for apartment development, by using the Modified Analytic Hierarchy Process. This was done by collecting the data from 150 samples of apartment rental business entrepreneurs from five different areas, 30 from each. The data were then analyzed using the Modified Analytic Hierarchy Process to compare the importance of the main and sub-criteria using the pairwise comparison. The results showed that the transportation criterion was the most important criterion for developing apartment projects in almost all areas of Bangkok, except for the Thonburi area, in which the entrepreneurs are most concerned about the daily-life facilities, as well as the Eastern Bangkok area that weighs the utmost importance to the source of workplaces. Apartment developers or those who are interested in investing in such rental projects can use this model to assess the potential of different areas for analyze and compare for the precise select of the potential location to be developed as an apartment project.
Keywords: modified analytic hierarchy process, apartment development, location, selection model, real estate development.
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