Research Article
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Owner-Sourced Change Requests in REIT Construction Investments

Year 2023, Volume: 7 Issue: 14, 141 - 162, 25.09.2023
https://doi.org/10.29064/ijma.1318685

Abstract

One of the most important problems encountered in the construction investments of real estate investment trusts (REITs) is the changes in the project caused by the owner. In order to increase performance in the construction investments of REITs, first of all, the reasons underlying the changes caused by the owner should be investigated. The aim of this study is to investigate the causes of changes in construction projects and their effects on the project by researching existing studies in the literatüre. It is an examination of the subject of "owner-induced project changes" through a field study in the light of the causes and effects found in the literature. In the study, the data were obtained from the observations of the researcher working as an architect in a Real Estate Investment Trust (REIT), projects, meeting notes and literature. It is known that the biggest impact of project change requests is usually cost and time lapse. Five of the six project changes requested by the owner examined in the fieldwork were realized during the implementation phase of the construction site. For this reason, in the field study the "chain effect of the changes" mentioned in the literature was observed and it was determined that these change requests cause cost and time increases in the project.

References

  • Alnuaimi, A.S., Taha, R.A., Al Mohsin, M. & Al-Harthi, A. (2010). “Causes, Effects, Benefits, and Remedies of Change Orderson Public Construction Projects in Oman” Journal of Construction Engineerıng and Management, s.615-622. https://doi.org/10.1061/(ASCE)CO .1943-7862.0000154
  • Assaf, S.A., Al-Hejji,S. (2006). “Causes of delay in large construction projects”, International Journal of Project Management 24,s.349–357, http://dx.doi.org/10.37265/japiv.v7i1.55
  • Aydınoğlu,C.(2004). Turkish REITs: An Overview of the Industry and its Performance, Yüksek Lisans Tezi
  • Aytekin, Y.E., Aygün M.(2016). “Finansta Yeni Bir Alan Davranışsal Finans”, Yüzüncü Yıl Üniversitesi İktisadi ve İdari İlimler Fakültesi Dergisi, Bahar 2, s.143-155
  • Barak, O. (2008). Davranışsal Finans Teori ve Uygulama, Ankara, Gazi Kitapevi
  • Bubshait, A. (1997). “Owner İnvolvement in Project Quality” International Journal of Project Management, 12(2), s.115-117. https://doi.org/10.1016/0263-7863(94)90018-3
  • Çolak, A. E. & Alıcı A. (2001). Gayrimenkul Yatırım Ortaklıkları A’dan Z’ye, TŞOF Plaka Matbaacılık, Ankara, s.35
  • Gökçe G.(1998), Gayrimenkul Yatırım Fonları, Gayrimenkul Yatırım Ortaklıkları, Gayrimenkul Sertifikaları ve Hazine Taşınmaz Mallarının Bu Yollarla Değerlendirilmesi, Ankara, T.C. Maliye Bakanlığı Milli Emlak Genel Müdürlüğü
  • GYODER Gösterge | Gyo´lar. (n.d.). Retrieved June 22, 2023, from https://gyodergosterge.com/detay/gyo%C2%B4lar
  • Hanna, A. S., Camlic, R., Peterson, P. A., & Nordheim, E. V. (2002). “Quantitative Definition of Projects Impacted by Change Orders.” Journal of Construction Engineering and Management, 128(1), 57–64. https://doi.org/10.1061/(ASCE)0733-9364(2002)128:1(57)
  • Hansen, S., Rostiyanti, S. & Rif’at, A.(2020). “Causes, Effects, and Mitigations Frameworkof Contract Change Orders: LessonsLearned from GBK AquaticStadium” Project, Journal of Legal Affairs and Dispute Resolution in Engineering and Construction, 12(1), https://doi.org/10.1061/(ASCE)LA.1943-4170.0000341
  • Hao, Q., Shen, W.; Neelamkavil, J. & Thomass, R.(2008). “International Conference on Information Technology in Construction Santiago” Managing Changes in Construction, Retrieved from: https://itc.scix.net/pdfs/w78-2008-3-07.pdf
  • Hayta, Ö.(2009). Gayrimenkul Yatırım Ortaklıkları ve Gayrimenkul Yatırım Ortaklıkları Performans Değerlendirmesi: İMKB’de Bir Uygulama, Yüksek Lisans Tezi
  • Jadhav, O.U. & Bhirud, A.N.(2015). “An Analysis Of Causes and Effects Of Change Orders On Construction Projects In Pune”, International Journal of Engineering Research and General Science, 3(6), s.795-799. https://www.scribd.com/document/281036867/
  • Khalifa, W. & Mahamid, I.(2019). “Causes of Change Order in Construction projects”, Journel of Engineering, Technology & Applied Science Research (ETASR), 9(6), s.4956-4961, https://doi.org/10.48084/etasr.3168
  • Kömürlü, R & Toltar L.(2018). “İnşaatta Proje Yönetimi; Projenin Başarısına Etkisi” Mimarlık ve Yaşam Dergisi, 3(2),249-258. https://doi.org/10.26835/my.488853
  • Love, P. E. D., Ika, L. A., Ahiaga-Dagbui, D. D., Locatelli, G., & Sing, M. C. P. (2019). “Make-or-break during production: shedding light on change-orders, rework and contractors margin in construction”. Production Planning & Control, 30(4), 285–298. https://doi.org/10.1080/09537287.2018.1535675
  • Memon, A.H., Rahman I.A. & Hasan, M.F.A.(2014). “Significant Causes and Effects of Variation Orders in Construction Projects”, Research Journal of Applied Sciences, Engineering and Technology, 7(21), s.4494-4502. http://dx.doi.org/10.19026/rjaset.7.826
  • Motawa, I.(2005). “A systematic approach to modelling change processes in construction projects”, Australian Journal of Construction Economics and Building, 5(1), s.23-29. http://dx.doi.org/10.5130/ajceb.v5i1.2940
  • Okada, R. C., Simons, A. E., & Sattineni, A. (2017). Owner-requested Changes in the Design and Construction of Government Healthcare Facilities. Procedia Engineering, 196, 592–606. https://doi.org/10.1016/J.PROENG.2017.08.047
  • Olsson, N.O.E.(2018). “Elaborations On The Role Of Project Owner:İntroducing Project Owners Type 1 and 2” International Journal of Managing Projects in Business,11(3), s.827-844. http://dx.doi.org/10.1108/IJMPB-08-2017-0102
  • Özkul, S.(2001).Gayrimenkul Yatırım Ortaklıkları ve Türkiye Değerlendirmesi, İstanbul Teknik Üniversitesi
  • Padala, S. , Maheswari J. & Hirani, H. (2020). “Identification and classification of change causesand effects in construction projects”, International Journal of Construction Management, https://doi.org/10.1080/15623599.2020.1827186
  • Porwal, A., Parsamehr, M., Szostopal, D., Ruparathna, R., & Hewage, K. (2020). “The integration of building information modeling (BIM) and system dynamic modeling to minimize construction waste generation from change orders”. International Journal of Construction Management. https://doi.org/10.1080/15623599.2020.1854930
  • Rath, S., Mahapatra, M.S. & De,A.(2014). Behavioral Factors and their Influence on Property Investment Decisions: a study of Investors' Perspective, 2nd International Conference on Business and Infonnation Management (lCBIM),s.64-68. http://dx.doi.org/10.1109/ICBIM.2014.6970952
  • Sepasgozar, E., Razkenari M.,A., & Barati K. (2015). “The Importance of New Technology for Delay Mitigation in Construction Projects”, American Journal of Civil Engineering and Architecture, 3(1), s.15-19. http://pubs.sciepub.com/ajcea/3/1/3
  • Sermaye Piyasası Kurulu (SPK). (2022). “Gayrimenkul Yatırım Ortaklıkları: Yatırımcı Bilgilendirme Kitapçıkları.” Sermaye Piyasası Kurulu (SPK). https://spk.gov.tr/data/61e34f9a1b41c61270320792/16-Gayrimenkul%20Ortakları.pdf
  • Shalaby, Y., Khalafallah, A., “Construction Research Congress” Change Order Disputes: Technical Causes and Negative Effects in Kuwait, Construction Research Council and the Construction Institute of ASCE, 2-4 April 2018 , s319-324
  • Staiti, M., M. (2015). Assessing the Impact of Change OrdersInConstruction Engineering Sector In The West Bank, Master Thesis, s.13-127
  • Staiti, M., Othman, M. & Jaaron, A. (2016). “Impact of Change Orders In Construction Sector In The West Bank” International Conference on Industrial Engineering and Operations Management Kuala Lumpur, Malaysia, March 8-10, s.1690-1697
  • Sun, M. & Meng, X. (2009). “Taxonomy for change causes and effects in construction projects”, International Journal of Project Management, s.560–572. https://doi.org/10.1016/j.ijproman.2008.10.005
  • Sun, M., Fleming A., Senaratne S., Motawa I. & Yeoh M. (2006). “A Change Management Toolkit for Construction Projects,” Architectural Engineering and Design Management, 2(4), s.261-271. https://doi.org/10.1080/17452007.2006.9684621
  • Susar, Ö. (2004). Tüm Yönleriyle Gayrimenkul Yatırım Ortaklıkları, Adalet Yayınevi,Ankara
  • Taylor, T. R. B., Uddin, M., Goodrum, P. M., McCoy, A., & Shan, Y. (2012). “Change Orders and Lessons Learned: Knowledge from Statistical Analyses of Engineering Change Orders on Kentucky Highway Projects.” Journal of Construction Engineering and Management, 138(12), 1360–1369. https://doi.org/https://doi.org/10.1061/(ASCE)CO.1943-7862.0000550
  • Uğur, L.O. (2006). İnşaat Sektöründe Riskler ve Risk Yönetimi Seminer Notları, TMB, Ankara, 3-16 Erişim Adresi: https://www.tmb.org.tr/arastirma_yayinlar/risk_yonetimi_10112006.pdf
  • Yenigün, M.(2014). Sorunlar ve Çözüm Önerileri, Türkiye Müteahhitler Birliği İnşaat Sektörü Bildirgesi, Ankara, Erişim Adresi: https://www.tmb.org.tr/duyurular/2014_tmb_530_bildirgeduyurusu.pdf
  • Yeşilbağ, M. (2020). “İnşaat Sektörünün Kriz Dinamikleri: Güncel Bir Değerlendirme”, Mülkiye Dergisi, 44 (1), s.101-130, https://dergipark.org.tr/en/pub/mulkiye/issue/56328/778546

GYO İnşaat Yatırımlarında Mal Sahibi Kaynaklı Değişiklik Talepleri

Year 2023, Volume: 7 Issue: 14, 141 - 162, 25.09.2023
https://doi.org/10.29064/ijma.1318685

Abstract

Gayrimenkul yatırım ortaklıklarının (GYO) inşaat yatırımlarında karşılaşılan en önemli problemlerden biri mal sahibi kaynaklı proje değişiklikleridir. GYO’ların inşaat yatırımlarında, performans artışı sağlanabilmesi için ilk önce, mal sahibi kaynaklı değişikliklerin altında yatan nedenlerin araştırılması gerekmektedir. Bu çalışmanın amacı, inşaat projelerinde meydana gelen değişikliklerin nedenlerini ve projeye etkilerini literatürde mevcut çalışmalar araştırılarak; “mal sahibi kaynaklı proje değişiklikleri” konusunun, literatürde bulunan neden ve etkiler ışığında, alan çalışması üzerinden incelenmesidir. Yapılan çalışmada veriler, bir Gayrimenkul Yatırım Ortaklığı (GYO) bünyesinde mimar olarak çalışan araştırmacının gözlemlerinden, projelerden, toplantı notlarından ve literatürden elde edilmiştir. Proje değişiklik taleplerinin en büyük etkisinin genellikle maliyet ve zaman aşımı olduğu bilinmektedir. Alan çalışmasında incelenen mal sahibi tarafından talep edilen altı proje değişikliğinin beş adedi şantiyenin uygulama aşamasında gerçekleşmiştir. Bundan ötürü alan çalışmasında literatürde bahsi geçen “değişikliklerin zincirleme etkisi” gözlemlenmiş ve bu değişiklik talepleri projede maliyet ve süre artışlarına sebep olduğu tespit edilmiştir.

References

  • Alnuaimi, A.S., Taha, R.A., Al Mohsin, M. & Al-Harthi, A. (2010). “Causes, Effects, Benefits, and Remedies of Change Orderson Public Construction Projects in Oman” Journal of Construction Engineerıng and Management, s.615-622. https://doi.org/10.1061/(ASCE)CO .1943-7862.0000154
  • Assaf, S.A., Al-Hejji,S. (2006). “Causes of delay in large construction projects”, International Journal of Project Management 24,s.349–357, http://dx.doi.org/10.37265/japiv.v7i1.55
  • Aydınoğlu,C.(2004). Turkish REITs: An Overview of the Industry and its Performance, Yüksek Lisans Tezi
  • Aytekin, Y.E., Aygün M.(2016). “Finansta Yeni Bir Alan Davranışsal Finans”, Yüzüncü Yıl Üniversitesi İktisadi ve İdari İlimler Fakültesi Dergisi, Bahar 2, s.143-155
  • Barak, O. (2008). Davranışsal Finans Teori ve Uygulama, Ankara, Gazi Kitapevi
  • Bubshait, A. (1997). “Owner İnvolvement in Project Quality” International Journal of Project Management, 12(2), s.115-117. https://doi.org/10.1016/0263-7863(94)90018-3
  • Çolak, A. E. & Alıcı A. (2001). Gayrimenkul Yatırım Ortaklıkları A’dan Z’ye, TŞOF Plaka Matbaacılık, Ankara, s.35
  • Gökçe G.(1998), Gayrimenkul Yatırım Fonları, Gayrimenkul Yatırım Ortaklıkları, Gayrimenkul Sertifikaları ve Hazine Taşınmaz Mallarının Bu Yollarla Değerlendirilmesi, Ankara, T.C. Maliye Bakanlığı Milli Emlak Genel Müdürlüğü
  • GYODER Gösterge | Gyo´lar. (n.d.). Retrieved June 22, 2023, from https://gyodergosterge.com/detay/gyo%C2%B4lar
  • Hanna, A. S., Camlic, R., Peterson, P. A., & Nordheim, E. V. (2002). “Quantitative Definition of Projects Impacted by Change Orders.” Journal of Construction Engineering and Management, 128(1), 57–64. https://doi.org/10.1061/(ASCE)0733-9364(2002)128:1(57)
  • Hansen, S., Rostiyanti, S. & Rif’at, A.(2020). “Causes, Effects, and Mitigations Frameworkof Contract Change Orders: LessonsLearned from GBK AquaticStadium” Project, Journal of Legal Affairs and Dispute Resolution in Engineering and Construction, 12(1), https://doi.org/10.1061/(ASCE)LA.1943-4170.0000341
  • Hao, Q., Shen, W.; Neelamkavil, J. & Thomass, R.(2008). “International Conference on Information Technology in Construction Santiago” Managing Changes in Construction, Retrieved from: https://itc.scix.net/pdfs/w78-2008-3-07.pdf
  • Hayta, Ö.(2009). Gayrimenkul Yatırım Ortaklıkları ve Gayrimenkul Yatırım Ortaklıkları Performans Değerlendirmesi: İMKB’de Bir Uygulama, Yüksek Lisans Tezi
  • Jadhav, O.U. & Bhirud, A.N.(2015). “An Analysis Of Causes and Effects Of Change Orders On Construction Projects In Pune”, International Journal of Engineering Research and General Science, 3(6), s.795-799. https://www.scribd.com/document/281036867/
  • Khalifa, W. & Mahamid, I.(2019). “Causes of Change Order in Construction projects”, Journel of Engineering, Technology & Applied Science Research (ETASR), 9(6), s.4956-4961, https://doi.org/10.48084/etasr.3168
  • Kömürlü, R & Toltar L.(2018). “İnşaatta Proje Yönetimi; Projenin Başarısına Etkisi” Mimarlık ve Yaşam Dergisi, 3(2),249-258. https://doi.org/10.26835/my.488853
  • Love, P. E. D., Ika, L. A., Ahiaga-Dagbui, D. D., Locatelli, G., & Sing, M. C. P. (2019). “Make-or-break during production: shedding light on change-orders, rework and contractors margin in construction”. Production Planning & Control, 30(4), 285–298. https://doi.org/10.1080/09537287.2018.1535675
  • Memon, A.H., Rahman I.A. & Hasan, M.F.A.(2014). “Significant Causes and Effects of Variation Orders in Construction Projects”, Research Journal of Applied Sciences, Engineering and Technology, 7(21), s.4494-4502. http://dx.doi.org/10.19026/rjaset.7.826
  • Motawa, I.(2005). “A systematic approach to modelling change processes in construction projects”, Australian Journal of Construction Economics and Building, 5(1), s.23-29. http://dx.doi.org/10.5130/ajceb.v5i1.2940
  • Okada, R. C., Simons, A. E., & Sattineni, A. (2017). Owner-requested Changes in the Design and Construction of Government Healthcare Facilities. Procedia Engineering, 196, 592–606. https://doi.org/10.1016/J.PROENG.2017.08.047
  • Olsson, N.O.E.(2018). “Elaborations On The Role Of Project Owner:İntroducing Project Owners Type 1 and 2” International Journal of Managing Projects in Business,11(3), s.827-844. http://dx.doi.org/10.1108/IJMPB-08-2017-0102
  • Özkul, S.(2001).Gayrimenkul Yatırım Ortaklıkları ve Türkiye Değerlendirmesi, İstanbul Teknik Üniversitesi
  • Padala, S. , Maheswari J. & Hirani, H. (2020). “Identification and classification of change causesand effects in construction projects”, International Journal of Construction Management, https://doi.org/10.1080/15623599.2020.1827186
  • Porwal, A., Parsamehr, M., Szostopal, D., Ruparathna, R., & Hewage, K. (2020). “The integration of building information modeling (BIM) and system dynamic modeling to minimize construction waste generation from change orders”. International Journal of Construction Management. https://doi.org/10.1080/15623599.2020.1854930
  • Rath, S., Mahapatra, M.S. & De,A.(2014). Behavioral Factors and their Influence on Property Investment Decisions: a study of Investors' Perspective, 2nd International Conference on Business and Infonnation Management (lCBIM),s.64-68. http://dx.doi.org/10.1109/ICBIM.2014.6970952
  • Sepasgozar, E., Razkenari M.,A., & Barati K. (2015). “The Importance of New Technology for Delay Mitigation in Construction Projects”, American Journal of Civil Engineering and Architecture, 3(1), s.15-19. http://pubs.sciepub.com/ajcea/3/1/3
  • Sermaye Piyasası Kurulu (SPK). (2022). “Gayrimenkul Yatırım Ortaklıkları: Yatırımcı Bilgilendirme Kitapçıkları.” Sermaye Piyasası Kurulu (SPK). https://spk.gov.tr/data/61e34f9a1b41c61270320792/16-Gayrimenkul%20Ortakları.pdf
  • Shalaby, Y., Khalafallah, A., “Construction Research Congress” Change Order Disputes: Technical Causes and Negative Effects in Kuwait, Construction Research Council and the Construction Institute of ASCE, 2-4 April 2018 , s319-324
  • Staiti, M., M. (2015). Assessing the Impact of Change OrdersInConstruction Engineering Sector In The West Bank, Master Thesis, s.13-127
  • Staiti, M., Othman, M. & Jaaron, A. (2016). “Impact of Change Orders In Construction Sector In The West Bank” International Conference on Industrial Engineering and Operations Management Kuala Lumpur, Malaysia, March 8-10, s.1690-1697
  • Sun, M. & Meng, X. (2009). “Taxonomy for change causes and effects in construction projects”, International Journal of Project Management, s.560–572. https://doi.org/10.1016/j.ijproman.2008.10.005
  • Sun, M., Fleming A., Senaratne S., Motawa I. & Yeoh M. (2006). “A Change Management Toolkit for Construction Projects,” Architectural Engineering and Design Management, 2(4), s.261-271. https://doi.org/10.1080/17452007.2006.9684621
  • Susar, Ö. (2004). Tüm Yönleriyle Gayrimenkul Yatırım Ortaklıkları, Adalet Yayınevi,Ankara
  • Taylor, T. R. B., Uddin, M., Goodrum, P. M., McCoy, A., & Shan, Y. (2012). “Change Orders and Lessons Learned: Knowledge from Statistical Analyses of Engineering Change Orders on Kentucky Highway Projects.” Journal of Construction Engineering and Management, 138(12), 1360–1369. https://doi.org/https://doi.org/10.1061/(ASCE)CO.1943-7862.0000550
  • Uğur, L.O. (2006). İnşaat Sektöründe Riskler ve Risk Yönetimi Seminer Notları, TMB, Ankara, 3-16 Erişim Adresi: https://www.tmb.org.tr/arastirma_yayinlar/risk_yonetimi_10112006.pdf
  • Yenigün, M.(2014). Sorunlar ve Çözüm Önerileri, Türkiye Müteahhitler Birliği İnşaat Sektörü Bildirgesi, Ankara, Erişim Adresi: https://www.tmb.org.tr/duyurular/2014_tmb_530_bildirgeduyurusu.pdf
  • Yeşilbağ, M. (2020). “İnşaat Sektörünün Kriz Dinamikleri: Güncel Bir Değerlendirme”, Mülkiye Dergisi, 44 (1), s.101-130, https://dergipark.org.tr/en/pub/mulkiye/issue/56328/778546
There are 37 citations in total.

Details

Primary Language Turkish
Subjects Organisational Behaviour
Journal Section Research Article
Authors

Betül Güler Ergül 0000-0002-2077-2628

Burcu Balaban Ökten 0000-0001-6916-8475

Publication Date September 25, 2023
Submission Date June 22, 2023
Acceptance Date August 15, 2023
Published in Issue Year 2023 Volume: 7 Issue: 14

Cite

APA Güler Ergül, B., & Balaban Ökten, B. (2023). GYO İnşaat Yatırımlarında Mal Sahibi Kaynaklı Değişiklik Talepleri. International Journal of Management and Administration, 7(14), 141-162. https://doi.org/10.29064/ijma.1318685

Dergide aşağıdaki alanların kapsamına giren nitelikli çalışmalar yayımlanabilir;

İşletme, İktisat, Çalışma Ekonomisi ve Endüstri İlişkileri, Maliye, Kamu Yönetimi ve Siyaset Bilimi, Ekonometri, Yönetim Bilişim Sistemleri, Eğitim Yönetimi, Sağlık Yönetimi, Turizm Yönetimi, Havacılık Yönetimi, Denizcilik İşletmeleri Yönetimi, Mühendislik ve Teknoloji Yönetimi, Enerji Yönetimi, Lojistik Yönetimi, Çevre Yönetimi, Medya ve İletişim Yönetimi, Afet Yönetimi, Multidisipliner Yönetim ve Ekonomi Çalışmaları.

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