The investment in Intelligent Residential Communities (IRC) has become one of the current highlights in the construction industry in China. The most important task that faces real estate developers and owners during investment decision-making is how to select a design option that would optimize the value of IRCs within a limited budget. In order to tackle this task, using Value Engineering (VE), this paper develops a value function combining the simple arithmetic method and life cycle cost (LCC) analysis to calculate value parameter and measure how well a particular IRC alternative achieves the requirements taking into account its overall cost. The proposed approach helps owners and developers identify the final value of IRCs so as to optimize decision and support evaluation.
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