From Capability Integration to Value Co-Creation: A Case Study on the Dynamic Capability Mechanisms of the F+EPC+O Model in Super-High-Rise Projects

As one of the most technically and managerially complex types of construction projects, super-high-rise buildings require deep multidisciplinary integration and intensive collaboration throughout their lifecycle. Conventional stage-based delivery models, such as the EPC, are often inadequate for handling this complexity. In recent years, the integrated Financing–Engineering, Procurement and Construction–Operation (F+EPC+O) model has emerged to address lifecycle governance challenges in building projects. This study explores how an investment-led F+EPC+O model builds dynamic capabilities to enable lifecycle collaboration in complex projects. It is based on a case study of the Xiamen Hemei Center and employs a qualitative case study approach to examine the operation of an internal F+EPC+O in the project. Drawing on multi-source data, including internal archives, BIM/CIM logs, and interviews, the findings identify three elements—lifecycle incentive alignment, internal power symmetry, and extended operation duration—that shape the Sensing–Seizing–Reconfiguring (SSR) capabilities of the approach. Specifically, Sensing is achieved through NPV-based decision frameworks and cross-stage trade-off lists; Seizing is achieved through BIM/CIM issue closure and joint rapid-cycle decision-making; and Reconfiguring is achieved through performance feedback and institutionalized knowledge repositories. The findings indicate that the SSR dynamic cycle transforms institutional integration into value co-creation, turning project complexity into a source of collaborative advantage.