Assignment 1 Amirul Shafiq PDF

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AMIRUL SHAFIQ BIN AHMAD NUBLI ( 2020977327 )ASSIGNMENT 1AP2254CTITLE: The Element of Welfare Economics to Real Estate MarketWelfare economic is an economic study on how the allocation of good and resources can be affected social welfare. According to Jim Chappelow (2019). Welfare economic related to...

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AMIRUL SHAFIQ BIN AHMAD NUBLI (2020977327) ASSIGNMENT 1 AP2254C

TITLE: The Element of Welfare Economics to Real Estate Market

Welfare economic is an economic study on how the allocation of good and resources can be affected social welfare. According to Jim Chappelow (2019). Welfare economic related to the study of efficiency and income distribution in term of how all of this can be affecting the standard living people in the society. The objective of this essay is to identify the contribution of the economic welfare to real estate industry in Malaysia. Welfare economic can be categorized as one of the economic dissever that studie s on how the resources and goods influences the economic wellbeing. This can be including an effort to create a quality of living within an area such as education hub or transportation project. This absolutely has an ability to increase the quality of lif e or standard living. Moreover, the level of standard living can be dissevered as a significant of welfare economic which is more focusing on optimal allocation of good and resources (Kriniteyna,2016). For example, the things that can be influence the social economic welfare includes transportation, educations. Hence, all of this factor will influence the people living standard. An education hub like Seksyen 7, Shah Alam, are the most important assets as have a capability to be a generator of urban development where the institution can attract the talented and skilled workers as to contribute to the urban economy. As cited in (Estetiono et al., 2017), by virtue of their massive appearance of commercial and cultural activity, universities are associated with a variety of economic impact. Education is very helpful in attracting investor to invest on that area. For example, with the availability of Universiti teknologi MARA and Universiti of Selangor in Seksyen 7, Shah ALam, the surrounding atmosphere has expended with the opening of many shop and commercial area such as Kyochon and the latest one is the undergoing construction of condominium s of I-City. The developers taking advantage of the dumping of student’s admissions at the university by build more commercial buildings due to potential of economic over there is high. Next is an element of transportation. Nowadays, Malaysian are very like to use the public transportation like LRT, ETS, Taxi and bus as it was more convenience and efficient than using our own car because we have to face a hectic jammed. Public utility systems and transportation network are very important things in economic dev elopment growth especially in real estate. According to Berita Harian, 2017, the massive investment made by government in diversifying the network of urban transport system has proven a huge impact on consumers in capital city. For example, the existing of ETS railway station in Batu Gajah were turn to wake up the developer over there to build more residence. Nowadays, people in capital city are more seeking a house that near to the transportation

hub as want to prevent them from spending more time in a bad traffic in a huge city like Kuala Lumpur and also can improve the quality of life. As cited in Kaspan Eka (2016), based on the regression analysis he run, public transport contributes a massive enhance towards the quality of life in Medan City. According to Alonso (1964), he stated that any location which has a great accessible to main road or any public transportation will increase the surrounding price of property. Therefore, it is necessary to make an effort to enhance the transport sector service so that It can support the quality of life of that particular area. As a conclusion, we can conclude that both education and transportation were linked to contribute to social welfare as to enhance the level of quality life of the resident of particular area. Hence, when this development was happened whether in urban and suburban area the surrounding area will also be to get the benefit from it. (705 words)

References

1. (Estetiono et al., 2017)Estetiono, A. et al. (2017) ‘Public Participation and the Development of Transportation Infrastructure towards Sustainable Transportation and Regional Development in Medan, North Sumatra, Indonesia’, Asian Social Science, 14(1), p. 112. doi: 10.5539/ass.v14n1p112. 2. (Jim Chappelow, 2019) Investopedia

3. (Berita Harian, 2020) “Sistem Pengangkutan Bandar Tambah Kualiti Hidup”...