1 Review

2 Evaluating Critical Factors Impacting GEN Z's Purchase Intention to Smart Apartments Using PLS-SEM
3 Method: A Case Study in Vietnam

4 Nguyen Doan Sang1 & Minh Ly Duc2,*

5
6 1 HCMC University of Technology and Education, Faculty for High-Quality Training, Department of Industrial Man -
7 agement, Ho Chi Minh City, Vietnam
8 2 Faculty of Commerce, Van Lang University, Ho Chi Minh City, Vietnam
9 * Correspondence: minh.ld@vlu.edu.vn

10 Abstract: The real estate business is a market that plays an important role in the state economy, contributing to creating
11 modern facilities and environments for other economies (financial markets, construction, production of construction ma -
12 terials, furniture, labor), and meeting the needs of people's lives. This study proposes to use the PLS-SEM (Partial Least
13 Squares Structural Equation Modeling) method to measure the intention to buy a smart apartment in Binh Duong City,
14 Vietnam. Factors related to apartment facilities (design, amenities, and location) positively impact expectations about
15 smart apartment development motivation, and factors measuring brand factors, advertising, and payment plans resulted in
16 a positive impact on the desired needs of people intending to buy smart apartments. The results of this study are consis -
17 tent with the results of previous studies. However, the factors of brand, design, and payment do not have an impact on the
18 expectations and mindfulness of people intending to buy smart apartments in Binh Duong. The results of this study are
19 not similar to those of studies by authors around the world. This research is meaningful in terms of its contribution to un -
20 derstanding the important role of aspects of measurement variables such as people's factors such as cultural factors, fi -
21 nancial situation, and basic factors project materials such as design, amenities, location and branding elements, advertis-
22 ing, and payment plans through the cause-and-effect evaluation relationships of the research model. The results of the
23 smart apartment purchase intention model will be useful for real estate marketers in identifying the needs of segmented
24 customers and serving them better. In addition, research will certainly help build customer-based brand value and cus -
25 tomer loyalty, especially in the Real Estate industry, to gain a competitive advantage as well as achieve sustainable de-
26 velopment in the industry.
27 Keywords: GEN Z’s, Smart Apartment, PLS-SEM, Critical Factors

28 1 Introduction
29 The real estate business is a market that plays an important role in the state economy, contributing to creating modern
30 facilities and environments for other economies (financial markets, construction, production of construction materials,
31 furniture, labor) developing, and meeting the needs of people's lives. According to economic statistics, economic crises
32 often originate from three markets: the currency market, the financial market, and the real estate market. From there, we
33 can see the importance of the real estate market to the stability and development of the economy. In Vietnam, 2022 is a
34 year full of fluctuations in the real estate market. At the beginning of the year, the real estate market across the country
35 was controlled and grew after the consequences of the COVID-19 epidemic. However, real estate at the end of the year
36 tended to be gloomy and quiet due to many difficulties towel. In particular, there is a shortage of product supply, includ -
37 ing a serious lack of housing for people in the city area for low- and middle-income groups. In addition, accessing gov-
38 ernment funding sources and issuing corporate bonds to mobilize real estate capital still has many shortcomings and dif-
39 ficulties. The gloomy real estate market will also lead to the stagnation of other markets. By 2023, the real estate market
40 still does not show positive signs as it faces many difficulties in borrowing investment capital. The state has also strongly
41 implemented policies to promote recovery and expects the real estate market to recover in the last months of the year as
42 well as the beginning of next year. The State has reduced bank interest rates to 5%/year to promote the borrowing
43 process of investors. In addition, several public projects also received strong investment disbursements from the state.
44 Many traffic infrastructure projects in the centers are taking place in a big way (Bien Hoa - Vung Tau Expressway, Ring
45 Road 3 in Ho Chi Minh City and the Southern provinces, Ring Road 4 in Hanoi and the Northern provinces). ). From
46 here, it is expected that the real estate market will recover as soon as the fourth quarter of 2023.
47 Among the three main industries of the real estate market: Townhouses, Land, and Apartments, Apartments tend to
48 develop and remain more stable than the other two industries. Realizing that advantage, investors have continuously
49 launched apartment projects ranging from mid-range to high-end. In particular, apartments are also the most optimal so -
50 lution to solve housing problems for people. People in urban areas are therefore always given priority and support by the
51 government in implementing construction projects. Binh Duong province is the leading industrial province in the country
52 with over 40 industrial clusters and parks, accounting for 11,000 hectares of land. Currently, the province's population is
53 2.6 million people and a certain part of them are domestic and foreign experts and leaders. This is also the target cus -
54 tomer segment for high-end apartment projects. According to the survey, the apartment market in Binh Duong from the

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55 end of 2022 to the first half of 2023 still maintains a stable performance in the market in terms of supply and demand.
56 Apartment projects in Binh Duong still record a growing trend in the context of the real estate market as well as other
57 markets falling into a state of stagnation. Besides the above positive information, the fact that apartment projects are con-
58 tinuously being implemented without paying attention to the real needs of customers will also make it difficult for apart -
59 ment projects to reach customers. Special goods are a new market that has developed strongly in recent years such as
60 Binh Duong province.
61 The company's revenue comes from real estate trading, distribution, and brokerage activities. In addition, the com-
62 pany also has revenue from marketing activities and real estate appraisal (Tab. 1).
63 Table 1. Report on the company's business results in the period 2020 – 2022
Unit: million dong

No. Targets 2020 Years 2021 Years 2022 Years

1 Revenue 1.687.183 2.325.233 2.117.495

2 Expense 80.643 98.239 74.007

3 Profit before tax 400.682 491.210 374.011

4 Profit after tax 320.039 392.745 300.003

64 Table 2. Table of ratios of differences in indicators in the company's business results in the period 2020 – 2022
Unit: million dong

Period: 2020 - 2021 Period: 2021 - 2022

Period Difference Difference

Sales 638.050 37.82% 207.738 8.93%

Revenue deduction 17.596 21.27% 24.232 24.66%

Net sales revenue 90.528 2.2% 117.199 36.07%

Profit after corporate

139.529 22.72% 92.75 23.61%
income tax

65 Excerpted from the business performance report table of the enterprise in the financial statement dossier for the pe-
66 riod 2020–2022. The table specifically shows the value of each item that constitutes the final business performance re-
67 sults of the company, thereby concluding the level of effectiveness of operating policies of each fiscal year. In parallel
68 with the data in Table 1, values and trends are shown in Table 2. From the data in Table 1, the percentage difference in
69 each item of the report in Table 2 can be determined. We can see that the rate of change between the two periods 2020–
70 2021 and 2021–2022 is mostly positive (+), meaning there is growth each year of the items; 2021 increased compared to
71 2020, and 2022 also increased compared to 2020. Analyzing each item in depth, we can see that, for sales revenue, from
72 2020 to 2021 there is quite large growth from 1,687,183 (million VND) to 2,325,233 (million VND) (up 37.82%), and by
73 2022, it will increase to 2,117,495 (million VND) Even though in 2021 and 2022 there will be a global pandemic of
74 COVID-19, thanks to good control of activity expenses, profit before and after tax is in a positive situation. The staff's
75 qualifications are high, and the work completed is highly effective. Besides, the investor also has many incentives to at-
76 tract customer support and boost the company's revenue. In 2022, the epidemic situation in the first two quarters of the
77 year became more and more tense. Ho Chi Minh City issued a long-term social distancing directive, and business activi -
78 ties had to close and could only be conducted online. Affects the entire world economy, including Vietnam. Real estate
79 nationwide shows signs of stagnation, but the company still overcomes 2022 and continues to affirm its leading position
80 in the real estate sector, bringing in more than VND 2,177 billion in revenue, reaching 88.6% of the whole plan per year.
81 Profit after tax of 300 billion VND reached 75% of the plan. To accurately determine the company's operating results in
82 these 3 years, temporarily ignore the government's tax reduction support policies during the 2 years of the epidemic out-
83 break in terms of actual results from business activities. We see that all three main aspects of the business performance
84 report—total revenue, total costs, and profit after tax all tend to increase, proving that business results are quite positive
85 in each period. However, for the general public, when everyone is burdened by the pandemic, this can be an optimistic
86 result, proving that the business has successfully overcome difficulties after many adaptation efforts, even though it is
87 still a company. The company is relatively young.
88 The research goal is to identify factors affecting the intention to buy smart apartments of people in Binh province in
89 particular and other provinces and cities in general in the post-COVID-19 period. From there, propose The factor that has
90 the strongest impact on people's decision to buy smart apartments. Qualitative research is the use of references to re -
91 search works and related theories to synthesize theoretical bases, research models, and research hypotheses for analysis,
92 and Quantitative research uses the basis Theoretical basis and research model to propose a scale and survey table to col -
93 lect research data, use Smart PLS software to analyze and evaluate the impact level of each factor, thereby indicating the
94 cause. The factor that has the greatest influence on the decision to buy apartments of people in Binh Duong province in
95 the post-COVID-19 period.
96 This research article is organized as follows: Section 2 presents detailed materials and methods. Section 3 presents the
97 content of the Discussion and Conclusion of the research presentation.

98 2 Research Model and Hypothesis

99 2.1 Research model

100
101 Figure 1.Research model
102 2.2 Hypotheses for the topic
103 The hypotheses about the research model are organized into 4 parts:
104 Value -> Aspiration:
105 The results and current state of the model are expressed through value elements, and regardless of the current sur -
106 rounding agents, value can be considered behavior (Lin (2018)). Additionally, elements of values can be used to explain
107 behavior, attitudes, and cultural factors. The interactive relationship of value factors with the structure accepts human im-
108 pacts according to Schwartz's theory, which considers people's motivations, expectations, and needs in the intention to
109 purchase an apartment (Lee and McGrea (2010); Kueh and Chiew (2005)). In the first component, the Author proposes
110 related hypotheses about this relationship as follows:
111 H1a: Culture positively affects Motivation.
112 H1b: Culture positively affects Expectations.
113 H1c: Culture positively influences Mindfulness.
114 H2a: Location positively affects Motivation.
115 H2b: Location positively affects Expectations.
116 H2c: Location positively influences Mindfulness.
117 H3a: Financial situation positively affects Motivation.
118 H3b: Financial situation positively affects Expectations.

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119 H3c: Financial situation positively affects Mindfulness.

120 H4a: Brand positively affects Motivation.
121 H4b: Brand positively affects Expectations.
122 H4c: Brand positively influences Mindfulness.
123 H5a: Advertising positively affects Motivation.
124 H5b: Advertising positively affects Expectations.
125 H5c: Advertising positively affects Mindfulness.
126 H6a: Payment plan positively affects Motivation.
127 H6b: Payment plan positively affects Expectations.
128 H6c: Payment plans positively influence Mindfulness.
129 H7a: Design positively influences Motivation.
130 H7b: Design positively affects Expectations.
131 H7c: Design positively influences Mindfulness.
132 H8a: Utility positively affects Motivation.
133 H8b: Utility positively affects Expectations.
134 H8c: Utilities positively influence Mindfulness.
135 Desire -> Awareness:
136 Evaluation of the impact factor of the expectation component on the acceptance component is described in this study
137 (Ratchatakulpat (2009)). Looking at the aspirational factors of people intending to buy smart apartments, expectations,
138 motivational factors, and action-related factors that make them intend to buy smart apartments. The location of the
139 project is always considered a factor that ensures customers' motivation to buy electric vehicles (Kamal & Pramanik
140 (2015)). The author proposes the following hypotheses:
141 H9a: Motivation has a positive impact on perceived ease of use
142 H9b: Motivation has a positive impact on Perceived Usefulness
143 People's intention to buy an apartment always pays attention to the quality factor and it is considered a factor that
144 characterizes the expectations of people who intend to buy smart apartments. Service quality is also indispensable in the
145 performance expectation and effort expectancy model in the UTAUT2 model of apartment factors affecting apartment
146 purchase intention (Mwfeq Haddad (2011)) In the research article, The author evaluates the service quality and quality of
147 system elements of the information technology model applied in smart apartment purchase intention, performance expec-
148 tations, and theoretical effort expectations. The theory of the UTAUT2 model is based on two factors: Perceived ease of
149 use and Perceived usefulness (Mao (2023); Hoang (2021)). From the above analysis results, the author proposes the fol-
150 lowing related hypotheses:
151 H10a: Expectations have a positive impact on perceived ease of use
152 H10b: Expectations have a positive impact on Perceived Usefulness
153 H11a: Mindfulness has a positive effect on Perceived Ease of Use
154 H11b: Mindfulness has a positive effect on Cognitive Usefulness
155 Perceive -> Awareness:
156 Assessing the impact of the factors in the TAM model is shown in the third part. There are two main factors in the
157 TAM model: The ease of use factor and the perceived usefulness factor (Carley (2013)). The value of the perceived use-
158 fulness factor shows the usefulness of the smart apartment and the perceived ease of use factor shows the convenience of
159 using the smart apartment, and these two factors directly affect on users' intention to buy smart apartments (Ratchatakul -
160 pat (2009)). The author builds the theory as follows:
161 H12: Perceived ease of use has a positive impact on Perceived Usefulness
162 Perceive -> Acceptance:
163 In part 4 of the study, the author evaluates the benefit factors that bring people intending to have smart apartments.
164 Key elements of the TAM model demonstrate the positive impact of smart apartments on buyers, such as factors related
165 to users' perception of the level of confidence that smart apartments are convenient during use to improve their home
166 management performance (Daly (2003)). Meanwhile, their consciousness always expects an easy-to-use smart apartment
167 with the application of new technologies with high effort and self-learning ability to improve the ease of use of smart
168 apartments to meet customer needs (Lin (2018); Mansi Misra (2013)). The author builds a specific hypothesis as follows:
169 H13: Perceived ease of use has a positive impact on the Intention to buy smart apartments
170 H14: Perceived usefulness has a positive impact on the Intention to buy smart apartments

171 3 Materials and Methods

172 The survey questionnaire was inherited from the research articles "Factors Affecting the Decision to Buy an Apart-
173 ment in Ho Chi Minh City" by author Vo Thi Thuy Linh (2016), "Factors Affecting the Decision to Buy an Apartment in
174 Ho Chi Minh City" by author Vo Thi Thuy Linh (2016), "Factors Affecting the Decision to Buy an Apartment in Ho Chi
175 Minh City" intending to Buy an Apartment from Kenton Residences" by author Pham Minh Bang (2013), "Factors Af -
176 fecting Customers' Decisions to Buy Houses in the City" by author Vo Pham Thanh Nhan (2013) and edited to suit the
177 research objectives of the topic at: The survey questionnaire includes four parts: Part 1: Topic information and reasons
178 for conducting the survey. Part 2: Screening survey subjects. Do you intend to buy or have you bought a 4.0 apartment
179 yet? Yes: Continue conducting the survey, and No: Stop the survey and go to Part 5. Part 3: Survey the surveyor's brief
180 information: Your gender (male or female). Your age is: (under 25 years old, from 25 - 35 years old, from 35 - 45 years
181 old, from 45 - 55 years old, and over 55 years old). Your marital status is single, married and without children; married
182 and with children; single and with children; divorced. Your current occupation is (self-employed, office worker, invest-
183 ment, company manager, foreign expert, etc.), and your current income in a month is: (under 15 million, from 15 to 30
184 million, from 30 to 50 million, over 50 million). Part 4: Survey question "Celebrities' factors affecting cosmetic purchas-
185 ing behavior in Ho Chi Minh City".
186 The study referred to previous research articles to collect secondary data, such as "Factors Affecting the Buying Be -
187 havior of an Apartment: an Empirical Investigation in Amma, Jordan" by author Mwfeq Haddad (2011), "Consumer Per-
188 ception and Buyer Behavior for the Purchase of Residential Apartments in the NCR” by author Mansi Misra (2013),
189 “Factors Affecting the Decision to Buy Apartments at Kenton Residencesby author Pham Minh Bang (2013), Factors Af-
190 fecting CustomersHome Buying Decisions in the City of Kenton Residences” by author Pham Minh Bang (2013), “Fac-
191 tors affecting affect customers' home buying decisions in the city. Ho Chi Minh City" by author Vo Pham Thanh Nhan
192 (2013), "Factors affecting the decision to buy an apartment in Ho Chi Minh City" by author Vo Thi Thuy Linh (2016),...
193 From there, provide the theoretical research model and questionnaire to collect primary data. We conducted an online
194 survey using Google Forms according to the research form designed in the questionnaire design section. The surveyed
195 subjects are customers who have purchased and intend to buy smart apartments in Binh Duong. Conduct a questionnaire
196 survey and collect data for observed variables based on a 5-level Likert scale divided from 1 to 5 with the following
197 scale: (1) Strongly disagree, (2) Disagree, (3) Neutral, (4) Agree, and (5) Strongly agree. The questionnaire is based on
198 scales from previous studies and has been edited to fit the research objectives. The author has referred to the research ar -
199 ticles "Factors Affecting the Buying Behavior of an Apartment: An Empirical Investigation in Amman, Jordan” by au -
200 thor Mwfeq Haddad (2011), “Consumer Perception and Buyer Behavior for the Purchase of Residential Apartments in
201 the NCR” by author Mansi Misra (2013), “Factors Affecting the Decision to Buy Apartments at Kenton Residences” by
202 author Pham Minh Bang (2013), and "Factors Affecting Customers' Decisions to Buy Houses in the City. Ho Chi Minh
203 City" by author Vo Pham Thanh Nhan (2013), "Factors Affecting the Decision to Buy an Apartment in Ho Chi Minh
204 City" by author Vo Thi Thuy Linh (2016). Then use the discussion method. Group discussion with real estate brokers,
205 project managers, and a small group of 5 customers who have purchased smart apartments. Since then, it has been ad -
206 justed to suit the research objectives of the topic. In this research article, the author evaluates the impact of factors affect -
207 ing the intention to buy smart apartments of people in Binh Duong province.
208 First, the author formulates the idea and research topic. After having the idea, the author will pose research questions
209 and establish goals to be achieved after the research. Next, the author will form a theoretical basis, create a research
210 model, and finally build a measurement scale for the study through previous research articles from home and abroad.
211 Here, the value factor is formed by variables that the author has collected from previous studies that affect people's inten -
212 tion to buy apartments. The aspiration element is built through motivation, expectation, and mindfulness. The model also
213 follows the technology acceptance theory to consider how the aspiration factor affects each person's perception, thereby
214 affecting people's smart apartment-buying behavior. After collecting data through survey questionnaires, the author used
215 Excel software to process and clean the data. As a result, 450 samples met the standards. After that, the author used SPSS
216 and PLS-SEM software to conduct sample analysis and go deeper into model analysis, such as exploratory factor analysis
217 (EFA), confirmatory factor analysis (CFA), and control reliability. The author evaluates the reliability, validity, and dis-
218 criminant value of the structure in the model, thereby providing a path structure model for the model and evaluating the
219 appropriateness of the model. Research model, providing factors affecting the intention to buy smart apartments of peo-
220 ple in Binh Duong province.
221 Based on the research model, analyzing the impact of factors influencing the intention to buy a smart apartment
222 through factors that carry basic human values towards aspirations that include: motivation, expectations, and mindful -
223 ness. Analyze the research model using the quantitative analysis model, performing factor analysis such as exploratory
224 factor analysis (EFA) and confirmatory factor analysis (CFA) in the PLS-SEM model, with results The analysis results
225 show the cause-and-effect relationship between the constructs in the research model. The method of conducting the sam -
226 ple survey uses the online survey method using the Google Forms method. The survey content of Schwartz's acceptance
227 structure theory is carried out through five steps: socio-demographic information, basic value factors, aspirations, accep-
228 tance, and acceptance structure. The survey questionnaire was developed in Vietnamese and was built on a 5-point Likert
229 scale, scored according to the results from "completely agree" to "completely disagree.". The questionnaire was built ac -
230 cording to the criteria of anonymity and information security for the surveyed people. Respondents voluntarily partici-
231 pated in the survey. The questionnaire was revised according to the opinions of three apartment real estate experts at a
232 large company in Binh Duong, Vietnam. The survey questionnaire for this study is shown in the appendix. SPSS Version

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233 20 and SmartPLS 3.30 software were used to analyze quantitative data in this study. The survey for this study was con-
234 ducted in one month (October 2023–November 2023) in Binh Duong province. Of the 500 survey samples collected, 50
235 did not meet the standards. of the research, it may be because the surveyor did not read the content of the survey ques -
236 tions carefully, and the surveyor did not have time to do it. Surveys are evaluated based on emotions, and it may also be
237 because the surveyor does not clearly understand the content of the survey questions and conducts the survey incorrectly.
238 With 450 samples meeting research requirements and included in the analysis of the research model (Tab. 3).
239 Table 3. Characteristics of the survey sample
Characteristics Group Frequency Ratio

Sexual Male 295 65.56%

Female 155 34.44%
Below 25 23 5.11%
25-35 104 23.11%
Age
35 - 45 135 30.00%
45 - 55 65 14.44%
Over 55 123 27.33%

Self-employed 143 31.78%

Office staff 56 12.44%

Job
Invest 159 35.33%

Company management 33 7.33%

Foreign experts 59 13.11%

Below 15 29 6.44%

Income ( VND millions) 15 – 30 265 58.89%

30 – 50 78 17.33%

Over 50 78 17.33%

Single 45 10.00%

Married, have children 189 42.00%

Marital status
Married, no children 154 34.22%

Divorced 26 5.78%

Single, with children 36 8.00%

240 The official scale, including coding, is presented in the following tables.
241 Table 4. Scale table for the variable “Culture”
Explanation Item Source
I think different cultures, standards and needs of smart apart- VH1 Mwfeq Haddad (2011),Mansi
ments will be different Misra (2013)
I think each culture will have its characteristics in choosing a VH2
smart apartment
 I think city people have a higher need for smart apartments than VH3
people in rural areas

242 Table 5. Scale table for variable “Location”

Explanation Item Source
I need a smart apartment located in the city center VT1
I think smart apartments should be close to public amenities
VT2
such as schools, markets, parks, and hospitals.
Võ Thị Thùy Linh (2016), Phan
The location of the smart apartment complex must have conve-
VT3 Thanh Sĩ (2012), Lee và McGreal
nient transportation
(2010)
I need an apartment near relatives and friends and where I live VT4
Smart apartments need to be in areas with the potential for price
VT5
increases in the future.

243 Table 6. Scale table for the variable "Financial situation"

Explanation Item Source

My family/personal income is high and stable. TC1

The smart apartment's selling price is suitable for my financial
TC2 Võ Thị Thùy Linh (2016), Võ
ability
Phạm Thành Nhân (2013), Phan
Smart apartment sales policies must have financial support pro-
TC3 Thanh Sĩ (2012), Phạm Minh Bằng
grams from banks
(2013)
I only need to pay part of the smart apartment's value to be able
TC4
to own the apartment

244 Table 7. Scale tables for the variable "Brand"

Explanation Item Source

A smart apartment project with a famous investor is my choice TH1

I will choose a smart apartment project with a reputable investor
TH2
rather than a cheap smart apartment
I think investors of smart apartments that few people know Mansi Misra và cộng sự (2013),
TH3
about are poor-quality apartments Lee và McGrea (2010), Lai (2009)
I often buy smart apartments from famous investors in the mar-
TH4
ket
The higher the price of any smart apartment brand, the better the
TH5
quality

245 Table 8. Scale table for the variable "Advertising"

Explanation Item Source

I am interested in advertising programs for smart apartment Kamal & Pramanik (2015)
QC1
projects
Advertising content of smart apartment projects needs attention QC2
from investors

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I see the outstanding value that smart apartment investors bring

QC3
through advertising activities
The advertising activities of the smart apartment project must be
QC4
strong, I can easily access those advertising activities.

I will choose a smart apartment project that is highly appreciated

QC5
by industry experts
I was introduced to the smart apartment project by close friends/
QC6
family

246 Table 9. Scale table for the variable "Payment plan"

Explanation Item Source

I want to have different payment methods for me to choose from TT1

I want smart apartment payments to be flexible in payment TT2
Mwfeq Haddad (2011), Kamal &
Paperwork procedures for payment of smart apartments must be
TT3 Pramanik (2015)
quick
Payment can be extended when I have financial problems TT4

247 Table 10. “Design” variable scale table

Explanation Item Source

Smart apartment buildings must have a unique, modern design,

TK1
and eye-catching colors and stand out from other buildings.
Smart apartment buildings must have internal park areas with
TK2
many green trees

All apartments must have a cool view, receive wind and natural
TK3
light Mwfeq Haddad (2011), Mansi
The finishing quality of the smart apartment must ensure release Misra(2013), Phạm Minh Bằng
standards, with a beautiful, quality, and complete interior handover TK4 (2013)
system.
Handover of modern furniture, synchronously connected to the
TK5
apartment's Smarthome.
Equipped with a Smarthome system to control the entire house, a
TK6
modern fire alarm system

248 Table 11. Scale table for the variable "Utility"

Explanation Item Source

I think a smart apartment must have an entertainment area, swim- Võ Phạm Thành Nhân (2013),
TI1
ming pool, GYM, YOGA room Lee và McGrea (2010), Kueh và
I think smart apartments must have a Smarthomes system in the Chiew (2005)
TI2
apartment
I think smart apartment buildings must have shopping centers to TI3
 serve the shopping needs of customers
I think smart apartments will integrate many control functions into
TI4
the house

249 Table 12. Scale table for the variable "Motivation"

Explanation Item Source
I feel that buying a smart apartment will help me have a better life DL1
I feel that living in a smart apartment will make my life easier and Ratchatakulpat (2009), Kamal &
DL2
more convenient Pramanik (2015)
I compare staying in smart apartments and other types of housing DL3

250 Table 13. Scale tables for the variable "Expectations"

Explanation Item Source
I believe that choosing a smart apartment will satisfy life's require-
KV1
ments
I feel that smart apartments will have more ideas for me to design
KV2 Mwfeq Haddad (2011)
my apartment
I think living in a smart apartment helps me work and manage the
KV3
apartment more effectively

251 Table 14. Scale table for the variable "Mindfulness"

Explanation Item Source
I feel excited when experiencing the smart apartment tour CN1
I feel satisfied with the experiences that visiting the smart apart-
CN2 Mwfeq Haddad (2011), Kueh và
ment brings
Chiew (2005)
I want my apartment to be like the smart apartment I experienced CN3
I was able to test operate a smart apartment and I want to operate it
CN4
in my own apartment

252 Table 15. Scale tables for the variable "Perceived ease of use"
Explanation Item Source
I feel that living in a smart apartment will be simpler than a regular
SD1
apartment
I believe smart apartments are easy to use SD2
Lin (2018); Mansi Misra (2013)
I believe the ease of use of my smart apartment helps me work and
SD3
enjoy life better
I believe that taking advantage of smart apartment features is easy SD4

253 Table 16. Scale table for the variable "Perceived usefulness"
Explanation Item Source
I think buying a smart apartment will be more useful for my life HI1
I believe that a smart apartment will help me manage my apartment HI2 Lin (2018), Ratchatakulpat
better (2009)
I believe that using a smart apartment will help me in life and work HI3

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254 Table 17. Scale table for the variable "Intention to buy a smart apartment"
Explanation Item Source

Smart apartments are my top choice YĐ1 Võ Thị Thùy Linh (2016), Võ
The smart apartment meets my needs YĐ2 Phạm Thành Nhân (2013), Mwfeq
I will introduce relatives/friends to buy smart apartments YĐ3 Haddad (2011)

255 3.1 Methodology

256 Identifying factors affecting the intention to buy a smart apartment is done by analyzing the factors and identifying
257 the corresponding factors. The PLS-SEM model was evaluated by identifying measurement models and performing
258 structural model evaluation based on the developed hypotheses. The study was conducted starting with a reflection model
259 analysis and using the partial least squares (PLS) technique. This model allows for flexible analysis between measure -
260 ment factors and structural factors. The PLS-SEM model performs well in analyzing variables with hidden variables that
261 cannot be specifically observed. Table 18 presents the latent variables of the research model with Cronbach's alpha (α)
262 values (Eq. 1) extracted, with all variables giving values greater than 0.7 and accurate values. Prove the validity of the
263 values. The values of the latent variables using the Kaiser-Meyer-Olkin (KMO) measure (Eq. 2) gave values greater than
264 0.7. This proves that the hidden variables satisfy the research model and allow us to continue to perform further analysis.
' Kr
265 Cronbac h s alpha ( α )= (1)
1+( K−1)r
266 Where,r : average value of the correlation matrix.
KMO=∑ k ∑ r 2jk ¿ ∑ r 2jk +∑ k ¿ ∑ p 2jk ¿ (2)
267 j¿ ∑k j¿
j¿

268 Where, r jk : correlation between the variable in question and another variable, and p jk: partial correlation.
269 Table 18. KMO value and Cronbach's Alpha
Factor Indicator KMO Cronbach’s Alpha
VH1
Culture VH2 0.706 0.718
VH3
TH1
TH2
Brand TH3 0.68 0.774
TH4
TH5

CN1

CN2
Minfulness 0.774 0.668
CN3
CN4
VT1
VT2
Position VT3 0.693 0.758
VT4
VT5
Advertisement QC1 0.853 0.752
 QC2
QC3
QC4
QC5
QC6

TI1

TI2
Utilities 0.799 0.698
TI3
TI4

TK1

TK2
TK3
Design 0.801 0.766
TK4
TK5
TK6

TT1

TT2
Payment plan 0.82 0.649
TT3
TT4
DL1
Motivation DL2 0.672 0.722
DL3

SD1

SD2
Found it easy to use 0.854 0.687
SD3
SD4

TC1

TC2
Financial situation 0.676 0.758
TC3
TC4
HI1
Useful awareness HI2 0.771 0.561
HI3
KV1
Expected KV2 0.834 0.759
KV3

11
 6 12

270 Analysis results from Table 4 show that the KMO and Cronbach's alpha values are greater than 0.6. This proves that
271 the latent variables of the model satisfy the requirements of the research model and can further research the intention to
272 buy smart apartments by Binh Duong people through the TAM theoretical model. The path measurement model and
273 structural measurement model were performed to analyze the intention to purchase smart apartments through the ele-
274 ments of the TAM theoretical model, mindfulness theory, and expectancy theory, along with motivational factors. The
275 reflection model is described, and smartPLS v3.3.0 software is used for analysis. This research measure is implemented
276 through a mathematical formula (Eq. 3).
277 Reflective ( X kj ,n ) =~
ω kj ~τ j ,n +e kj , n( 3)
278 Where, manifest variable k of latent variable i, k = 1, . . . , K; : the estimated external weight of the index.
279 x ki ~
ω kj x ki ~τ j ,n : latent variable, j = 1, . . . , J; : error term from bivariate regression; n : specific observation, n = 1, . . . , N.

280 3.2 Evaluate the structural model

281 The reliability value (Eq. 4) is used to evaluate the level of reflection of the research model. There are two types of
282 confidence values: confidence values of indicators and confidence values of confidence levels). The internal consistency
283 index of the research model measures the value of validity (convergent and discriminant validity). The results of analyz -
284 ing the reliability value of the measurement indicators in the research model are greater than 0.7 (Netemeyer et al.
285 (2003)), and the t-value is greater than 1.96. This demonstrates that the indicators ensure consistency and contribute to
286 the research model (Fig. 2).

( )
k 2

∑ λj
j=1
287 CR= (4)

(∑ ) ∑
k 2 k
2
λj + σ j
j =1 j=1

288 Where, CR : Composite Reliability value; λ j: Standardized external loading factor of the jth indicator in a measure-
2 2 2
289 ment model; σ j : Variance of measurement error of the jth indicator σ j =1−λ j .
290 The measurement model evaluation was calculated using the Average Explanation of Latent Variables to Indicators
291 (AVE) value (Eq. 5) and Rho_A value (Eq. 6) (Hair et al. (2009)), the analytical values from the measurement model
292 give values greater than 0.5, which is This proves that the model for the construct meets the research model (Tab. 19).
M

293
∑ λ2i
AVE= i=1 (5)
M
294 Where, AVE: Average explanation level of latent variables for indicators; : Standardized external loading of indica-
295 tors; M: Number of indexes in a coefficient.
^ (S−diag (S)) w
w ^
296 ρ A =( w
^w^ )2 × (6)
^ (w
w ^w^ ..−diag( w
^w^ )) w
^
297 Table 19.Composite reliability and convergent validity

Cronbach’s al- Composite Reli- Average Vari-

Factor Rho_A
pha ability ance Extracted

Culture 0.718 0.841 0.639 0.727

Position 0.758 0.84 0.518 0.765
Financial situa- 0.593 0.774
0.758 0.85
tion
Brand 0.774 0.848 0.535 0.808
Advertisement 0.752 0.821 0.441 0.797
 0.479 0.68
Payment plan 0.649 0.783

Design 0.766 0.837 0.463 0.766

Utilities 0.698 0.815 0.527 0.714
Motivation 0.722 0.844 0.643 0.728

Expected 0.759 0.861 0.675 0.761

Minfulness 0.668 0.801 0.501 0.67
Found it easy to
0.687 0.807
use 0.511 0.694
Useful aware-
0.561 0.773
ness 0.533 0.56

298
299 Figure 2.Results of path model analysis
300 Assessing the level of discrimination accuracy (Fornell and Larcker (1981)), comparing the √AVE coefficient of the
301 set of indicators used to measure a latent variable with the correlation coefficients between the latent variable hidden and
302 other potential variables. The coefficient √AVE is larger than the remaining correlation coefficients, resulting in "dis -
303 crimination accuracy" indices. Assess convergence using the two indices AVE and √AVE, the correlation matrix com -
304 bined relationship (Formula 7) (Table 20). Matrix "Heterotrait-Monotrait Ratio of Correlation (HTMT)" (Formula 8)
305 (Henseler et al. (2015)), The average correlation coefficient within a scale is larger than the average of the cross-correla -
306 tion coefficients, which is better. The higher the average correlation coefficient within the scale, the greater the variation
307 shared by the latent variable (the larger the effect).
308 AVE ( P i) > max ( r ij2 ) , i≠ j∨√ AVE ( Pi ) >max (|r ij|) (7)
309 Where, Pi : Latent variable I; r ij : Correlation coefficient of the ith and j pairs of latent variables.
Corij
310 HTMT ij = (8)
√ Cor i ×Cor j

13
 7 14

311 Where, Cor ij: Average correlation coefficients of HTMT; Cor i and Cor j : Average of correlation coefficients of any
312 system.
313 Table 2. Discrimination accuracy: Fornell–Larcker index
VH VT TC TH QC TT TK TI DL KV CN SD HI

VH 0.773 0.512 0.334 0.322 0.453 0.442 0.378 0.335 0.344 0.552 0.447 0.398 0.489

VT 0.301 0.945 0.512 0.542 0.334 0.342 0.334 0.543 0.587 0.312 0.427 0.378 0.387

TC 0.409 0.498 1.000 0.312 0.472 0.347 0.487 0.554 0.597 0.423 0.487 0.489 0.398

TH 0.334 0.387 0.301 0.899 0.489 0.489 0.312 0.321 0.467 0.349 0.389 0.412 0.327

QC 0.443 0.312 0.303 0.401 0.709 0.312 0.343 0.437 0.349 0.342 0.321 0.342 0.342

TT 0.448 0.409 0.312 0.389 0.409 0.659 0.342 0.546 0.337 0.478 0.323 0.342 0.478

TK 0.377 0.431 0.427 0.312 0.312 0.312 1.000 0.398 0.546 0.312 0.378 0.487 0.342

TI 0.392 0.427 0.412 0.301 0.308 0.489 0.336 0.923 0.344 0.556 0.461 0.463 0.412

DL 0.399 0.366 0.489 0.489 0.336 0.378 0.334 0.338 0.963 0.312 0.311 0.433 0.263

KV 0.378 0.343 0.376 0.311 0.332 0.372 0.449 0.433 0.443 0.972 0.332 0.332 0.436

CN 0.432 0.333 0.433 0.346 0.334 0.478 0.334 0.449 0.389 0.376 0.893 0.332 0.321

SD 0.343 0.397 0.338 0.448 0.333 0.369 0.333 0.309 0.499 0.484 0.302 0.886 0.433

HI 0.337 0.301 0.473 0.334 0.367 0.398 0.337 0.433 0.497 0.441 0.339 0.322 0.938

314 Several indicators are used to evaluate the suitability of the research model. The indicators used to evaluate the model
315 are divided into 3 main groups, depending on the nature and suitability of the research model. The first group of indices
316 is the Good Fit Index used to evaluate the degree to which the model responds accurately to observed data, including the
317 chi-square statistic and the goodness-of-fit index (GFI) and the standardized mean residual (SRMR). The second group
318 of indices are Parsimonious fit indices, which are considered to determine model complexity, such as the adjusted fit in -
319 dex (AGFI) and the root mean square error of approximation. (RMSEA). The third is the Incremental Fit Index, which is
320 used to evaluate the fit of a research model compared to standard alternative research models, such as the Comparative
321 Fit Index (CFI), Bentler-Bonett Normative Fit Index (NFI) and Tucker-Lewis Index (TLI). Use many indicators to evalu-
322 ate and measure the suitability of the research model, meeting the goal of showing the relationship between factors in the
323 research model (Table 21.).
324 Table 21. Indicators measuring the suitability of the research model
No. Fit Statistics Value Recommended Value

1 Chi-square/ df 2.233 < 3.0

2 GFI 0.821 > 0,8

3 GFI 0.912 > 0,9

4 NFI 0.901 > 0,9

3 TLI 0.934 > 0,9

6 RMSEA 0.103 < 0,6

 7 SRMR 0.093 < 0,6

325 3.3 Linear structural model analysis

326 Perform structural model evaluation, and evaluate the relationship between measured variables and latent variables in
327 the research model. Measurement indicators in the measurement model analysis are performed for the structural model
328 (Tab. 22). The analysis results of these indicators are used to evaluate and make recommendations for the relationship be-
329 tween the structure of measured variables and latent variables in the research model.
330 Table 22. Indicators measuring the suitability of the research model
No. Fit Statistics Value Recommended Value

1 Chi-square / df 1.993 < 3.0

2 GFI 0.942 > 0,8

3 GFI 0.992 > 0,9

4 NFI 0.983 > 0,9

3 TLI 0.956 > 0,9

6 RMSEA 0.093 < 0,6

7 SRMR 0.078 < 0,6

331
332 The author re-evaluates the value of the study's structural model using the PLS boostraping method (Fig. 3.) based
2
333 on the trajectory coefficients ( f i ) value (Eq. 9), the trajectory coefficients (β) value is analyzed. The analysis results for
334 all variables are greater than 0.02, which proves that the structure of the model is responsive to the research (Tab. 23).
2 2
2 R included−R excluded
335 f =
i 2
(9)
1−Rincluded
2 2
336 Where, f i : The effective coefficient of the impact of the ith input variable; Rincluded : The value R2 of the model when
2
337 the ith exogenous variable exists in the model; Rexcluded : The value R2 of the model when the ith exogenous variable is
338 removed from the model.

15
 8 16

339
340 Figure 3. Results of PLS bootstrapping
341 Table 23. Structural analysis of the contrast hypothesis
2
Path ( f i ) T- P-
Hypothesis Beta Supported
standardised Value value

H1a. VH→ĐL 0.211 0.034 0.654 0.514 Not Supported

H1b. VH→ KV 0.223 0.039 1.616 0.107 Not Supported

H1c. VH→ CN 0.113 0.027 7.28 0.000 Supported

H2a. VT → ĐL 0.143 0.027 1.049 0.295 Not Supported

H2b. VT→ KV 0.021 0.026 3.829 0.000 Supported

H2c. VT → CN 0.043 0.028 1.638 0.102 Not Supported

H3a. TC → ĐL 0.213 0.037 0.149 0.882 Not Supported

H3b. TC → KV 0.273 0.026 1.833 0.067 Not Supported

H3c. TC→CN 0.196 0.036 7.935 0.000 Supported

H4a. TH → ĐL 0.063 0.029 13.053 0.000 Supported

H4b. TH → KV 0.022 0.028 17.362 0.000 Supported

H4c. TH → CN 0.234 0.027 13.289 0.000 Supported

H5a. QC → ĐL 0.207 0.033 3.617 0.000 Supported

H5b. QC → KV 0.138 0.039 2.299 0.022 Supported

H5c. QC → CN 0.219 0.039 10.601 0.000 Supported

 H6a. TT → ĐL 0.039 0.038 15.459 0.000 Supported

H6b. TT → KV 0.092 0.027 10.781 0.000 Supported

H6c. TT → CN 0.116 0.038 4.248 0.000 Supported

H7a. TK → ĐL 0.145 0.039 4.228 0.003 Supported

H7b. TK → KV 0.073 0.026 3.475 0.001 Supported

H7c. TK →CN 0.135 0.027 11.187 0.000 Supported

H8a. TI → DL 0.157 0.038 1.697 0.09 Not Supported

H8b. TI →KV 0.415 0.036 0.925 0.355 Not Supported

H8c. TI → CN 0.105 0.037 11.187 0.000 Supported

H9a. ĐL → SD 0.032 0.026 9.757 0.000 Supported

H9b. ĐL → HI 0.049 0.028 2.122 0.034 Supported

H10a. KV → SD 0.136 0.038 7.859 0.000 Supported

H10b. KV →HI 0.167 0.023 4.924 0.000 Supported

H11a. CN → SD 0.472 0.026 57.168 0.000 Supported

H11b. CN →HI 0.118 0.021 3.992 0.000 Supported

H12. SD→HI 0.147 0.032 1.646 0.1 Not Supported

H13. SD → YĐ 0.127 0.024 38.805 0.000 Supported

H14. HI→YĐ 0.139 0.033 3.112 0.002 Supported

342 Through Table 23, we can see the factors that affect the intention to buy apartments of people in Binh Duong prov-
343 ince. First, the "Culture" factor shows no signs of impact on the two variables, motivation and expectation. It can be un -
344 derstood that people in Binh Duong province can go to many places in the country, with many cultures. Cultures are dif-
345 ferent, but the motivation and expectation to buy a smart apartment are not influenced by cultures. Besides, we see that
346 each culture is different. They will have different mindfulness when experiencing smart apartments or different emotions
347 when using smart apartments, thereby affecting their perception each person about their intention to buy an apartment.
348 The factor "Location" does not affect the formation of motivation to buy smart apartments. Smart apartments are of-
349 ten assumed to be located in beautiful, central locations, so those who intend to buy smart apartments do not have to
350 worry about gaining motivation from the location of the apartment. In addition, location factors also have no impact on
351 people's mindfulness. The use and experience of smart apartments are not affected by the apartment's location factors but
352 are only influenced by factors such as the apartment's design and advertising plan.
353 The factor "Financial situation" of people does not affect their motivation and expectation to buy a smart apartment
354 but only affects their mindfulness. From there, it can be seen that having to spend a higher amount of money to buy a
355 smart apartment will create the feeling that experiencing the model apartment and operating the smart apartment will be
356 worth the money spent. In addition, the quality of the experience must be good, the higher the intention to buy an apart-
357 ment.
358 Equipping utilities is an indispensable part of apartments. In addition, the main subjects in the survey were people
359 aged 35–55, so they felt that the amenities did not bring the motivation and expectation to buy a smart apartment. These
360 are all adults, who have stable jobs and see the house as the best place to rest after returning home from work. From
361 there, the project's amenities will not be of particular interest to these people, but only young people who are full of en -
362 ergy will be interested in the project's amenities.
363 In addition, the factor "Perceived ease of use" has no impact on the factor "Perceived usefulness". Smart apartments
364 can help homeowners easily manage their homes with just a smartphone. However, the main home buyers here are
365 adults, who are very concerned about the security of the system. Using a smart system when it is stolen can cause trouble
366 and greatly affect them, and they feel there is no need to use a smart apartment. They are not the type of people who are
367 proficient in operating the phone, and operating on the phone is not as useful to them as going to work themselves.
368 Young owners will often be more interested in smart apartments, while middle-aged people use their phones more, al -
369 most all problems are handled on the phone, which makes smart apartments very useful to them.

17
 9 18

370 4 Discussion and Conclusion

371 The advent of 4.0 technology has led to the development of many industries, including the development of smart
372 apartments to help people easily manage their homes as well as create excitement in their lives. However, choosing be-
373 tween conventional apartments and smart apartments depends on personal needs, infrastructure conditions, and economic
374 factors.
375 The proposed research model (Fig. 1) measures the aspects of basic human values that influence the intention to buy
376 smart apartments of people in Binh Duong province based on structural and model relationships. measurement image.
377 Parameters measuring model fit and measuring model complexity are proposed to be used. The models used in the re-
378 search include TAM and UTAUT.
379 This research is meaningful in terms of its contribution to understanding the important role of aspects of measurement
380 variables such as people's factors such as cultural factors, financial situation, and basic factors. Project materials such as
381 design, amenities, location and branding elements, advertising, and payment plans through the cause and effect evalua -
382 tion relationships of the research model. The results of this study show that physical factors and buyer personal factors
383 have a positive impact on users when buying smart apartments in Binh Duong. Expectancy theory and mindfulness the-
384 ory always expect and wait to experience and operate a smart apartment with good infrastructure and the apartment's re -
385 mote control system. This expectation and waiting are consistent with many studies from other countries around the
386 world.
387 The research model (Fig. 2), the analysis results of the survey measurement function with variables in the value
388 range, and show that the research results are consistent with p values <0.05. The measurement results show that the val-
389 ues of the survey variables meet Schwartz's values. The analysis results show that the analytical model detects the survey
390 factors that meet the research model and shows that the technical model meets the expectations of smart apartment usage.
391 The results of the smart apartment purchase intention model will make a useful contribution to real estate marketers in
392 recognizing the needs of segmented customers and serving them better. In addition, research will certainly help build
393 customer-based brand value and customer loyalty, especially in the real estate industry, to gain a competitive advantage
394 as well as achieve sustainable development in the industry. This research is expected to benefit real estate marketing
395 strategies and future research on customer attitudes and purchase intentions in the context of apartment purchasing be -
396 havior.
397 This study presents and comprehensively evaluates all aspects of smart apartments in Binh Duong Province, Vietnam.
398 The findings in this study serve as challenges and motivations for manufacturers and researchers to consider improve-
399 ments to respond appropriately to the sustainable development of the future apartment market. Analysis results show that
400 factors related to apartment facilities (design, amenities, and location) positively impact expectations about the motiva -
401 tion to develop smart apartments to meet the needs of the apartment. demand of people intending to buy smart apart -
402 ments, and the results of this study are consistent with the results of previous studies. Model analysis results also show
403 that the measurement factors of brand, advertising, and payment plans have a positive impact on the needs and desires of
404 people intending to buy smart apartments. This result is similar to previous studies. However, the factors of brand, de-
405 sign, and payment do not have an impact on the expectations and mindfulness of people intending to buy smart apart -
406 ments in Binh Duong. The results of this study are not similar to those of studies by authors around the world.
407 Research results show that apartment projects need to focus on developing project facilities, developing brands, and
408 evaluating the impact of advertising effectiveness when implementing smart apartment projects.
409 Overall, the study emphasizes the need to develop facilities to provide customers with the most comfortable and max -
410 imum experience, meeting customer expectations. In addition, this research also clearly shows the importance of devel-
411 oping a reputable investor brand. The project's advertising activities are also very important and will greatly influence
412 people's intention to buy smart apartments people.
413 Limitations of the research: Besides the results that the research brings, there are indispensable limitations in the re -
414 search process.First, the research sample was randomly collected. The scope of the survey is only local at some points in
415 Binh Duong province, so the data is not highly comprehensive and cannot be applied to some geographical areas other
416 than Binh Duong province.Second, because the survey was conducted via Google Forms, subjects will appear to fill out
417 survey forms that are less objective and accurate.Third, the majority of respondents did not really intend to buy an apart-
418 ment, so the answers given were not really accurate and in line with the desired goals.Fourth, the survey questions were
419 quite confusing and not close to the group's research goals, making it difficult for survey participants to give the most ac -
420 curate answers.
421 Future research direction: For the model and research article to become complete and more accurately evaluate the
422 factors affecting the intention to buy smart apartments of people in Binh Duong province, the author proposes to expand
423 Additional numbers and survey subjects will be added in the future. In addition, it is necessary to refine the questionnaire
424 more closely to the research objectives, and the questions must also be easier to understand so that survey participants
425 can easily give the most accurate answers. Finally, refer to related variables from many new documents for a complete
426 survey and more complete analysis.
427 Acknowledgements
428 The authors are extremely grateful to HCMC University of Technology and Education and Van Lang University,
429 Vietnam for supporting this research.

430 Author Contributions

431 Conceptualization: Nguyen Doan Sang, Minh Ly Duc; Methodology: Nguyen Doan Sang; Formal analysis and investiga-
432 tion: Nguyen Doan Sang; Writing - original draft preparation: Nguyen Doan Sang; Writing - review and editing: Nguyen
433 Doan Sang, Minh Ly Duc; Funding acquisition: Minh Ly Duc; Resources: Nguyen Doan Sang; Supervision: Minh Ly
434 Duc.

435 Funding: No funding was received to assist with the preparation of this manuscript.

436 Data Availability: Not applicable

437 Declarations: The authors declare they have no financial interests

438 Conflict of interest: The authors declare no conflict of interest.

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