Mitigation strategies of critical risk factors of condominium projects in Sri Lanka

Abstract

With the evolution of high-rise construction projects, the optimization of space usage for residential purposes was achieved successfully. As a result of fulfilling the diverse residential needs of the population, condominiums projects were introduced and ever since the trend of condominium project construction has been revered by many nations all over the world. However, it is explicit that condominium projects encounter a substantial number of risks, and these risks severely affect the success of these projects. At the same time, risk identification of a construction project is considered a prudent way in overcoming the negative effects of risks associated with a project. Therefore, this research is aimed to investigate the mitigation strategies for critical risk factors of condominium projects. In achieving this aim, a qualitative approach is followed. Firstly, a background survey and a literature review have been conducted to gather comprehensive knowledge on the research area and to identify the research gap. A qualitative interview survey was conducted with 10 experts in condominium construction projects as the primary method of data collection. The collected data were analysed using the manual content analysis method. During the data analysis, it was identified that condominium projects have specific risk factors that need to be proper addressed through effective risk management. Accordingly, the analysis focuses on identifying the specific risks and analysing the identified risks based on their impact and likelihood. Based on these parameters, risks were categorised based on their consequences on condominium projects. Finally, depending on the risks and their consequences, this study focuses on identifying mitigation strategies that can be used to overcome the risks associated with the condominium projects in Sri Lanka.