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overview
Key Learning Objectives
- Understand the role and impact of real estate development in the global economy and Asia-Pacific region, including the influence of technology and changing market conditions.
- Gain knowledge of the different stages and processes involved in real estate development, from research and feasibility analysis to financing, planning, construction, and sales and marketing.
- Evaluate the roles and objectives of various stakeholders in real estate development, including developers, investors, government entities, and private equity firms.
- Develop skills in site analysis, site selection, and highest and best use (HBU) analysis to identify optimal development opportunities.
- Learn how to perform feasibility studies and create development simulations, focusing on technical, financial, and commercial viability.
- Understand and manage risks involved in real estate development and investment, including insurable, derivative manageable, and bearable risks.
- Gain familiarity with property and conveyancing law, legal issues in building and construction, and the role of governments and regulations in real estate development.
- Develop negotiation skills and knowledge of contract types and processes involved in real estate development.
- Learn about construction management principles, cost analysis, project timelines, and the impact of innovative construction management software.
- Develop sales and marketing strategies tailored to different types of real estate development, with a focus on cost-effective marketing and advertising techniques.
About the Course
Real estate development is one of the most important industries in Asia-Pacific. But it is changing rapidly, as technology makes an impact and developers respond to changing demand and challenging economic conditions. This course provides an in-depth understanding for development market stakeholders of how real estate development works: how properties across the range of asset classes from residential to the different types of commercial property are designed, financed, built, and marketed.
The course will address all the actual elements of real estate development, from research and feasibility analysis through to financing, planning, construction, ESG, development and sales and marketing. It contains numerous case studies from Australia and worldwide to focus on all the key issues real estate development stakeholders need to know.
Who Will Benefit
- Accountants
- Stockbrokers
- Lawyers
- Bankers to developers
- Regulators
- Construction company directors and managers
- Real estate technology companies
- Sub-contractors
- Real estate developers
- Private equity investors
Agenda
DAY ONE
REAL ESTATE: DRIVERS OF DEVELOPMENT SUCCESS
Development, Investment, and Why Real Estate Matters:
- What real estate is and its economic role
- Definitions and differences: types of real estate, development, and investment
- Global position by sector and activity
- Real estate development, investment, and management within the larger global economy
CASE STUDY: The contribution of real estate development to the Singapore economy - Management and HR
- Key stakeholders within the property industry
CASE STUDIES: Will development be the same after WFH, internet retail and other threats to the industry? The impact on the real estate sector of the future
The Stages of the Development and Investment Process:
- Introduction to the real estate development process
- The raw materials: land and demographics
- History of real estate development
CASE STUDY: Artificial Intelligence (AI), robotics and 5D design in construction – the emerging proptech landscape - ‘Baked pie’ and redevelopment opportunities
CASE STUDY: Crippling mistakes in real estate development – what can developers learn from mistakes elsewhere? - The role of market research and forecasting
- Forecasting and planning for disaster recovery
- Flow diagrams of real estate development
Real Estate Investment:
- Why invest?
- Major international investors: their objectives, needs and strategies
CASE STUDY: Institutional investment, crowdfunding, and other contemporary funding issues - Performance monitoring
- What should a market study include?
GROUP EXERCISE: Evaluating Asia-Pac Market Studies
Developers:
- Types of developers – public and private
- Size and financial credibility of developers by project
- Developers and their partners
- The role of the public sector and its influence on developer strategy
- Success criteria for developers
CASE STUDY: Key international developers, their projects and international diversification - Working with government
CASE STUDY: Issues in PPP programmes for affordable housing in Asia Pac – the future for real estate development or too risky? - Land development and infrastructure
The Land Bank:
- Land zoning and the decision for development – examples from the region
- Land prices and measuring the cost of holding land
CASE STUDY: Asia-Pac land prices in the 2020s - Opportunity costs
- Land ownership obligations
- Enhancing land – services and base construction
- Subdividing and selling off
CASE STUDY: How large should the land bank be? A comparison of best practice and achieved returns
Site Analysis for Development:
- Criteria for site analysis
- Methodology of site analysis
- Due diligence
- The creation of demand – how long can it work?
CASE STUDY: Analysing a potential real estate construction site
Site Selection for Investment and Development:
- Bid-rent curves and ‘natural’ zoning
- Linkage and transfer costs
- Comparative review of sites
- Conversion vs greenfield – arguments for and against
CASE STUDY: Evidence on site selection and profitability – the relevance of location to profitability and how it is changing
Highest and Best Use:
- Concept and applicability
- Changes in HBU analysis in recent years
CASE STUDY: Examples of HBU analysis
DAY TWO
REAL ESTATE: ANALYSIS AND MODELLING OF DEVELOPMENT
Project Feasibility:
- Technical feasibility
- Financial and commercial viability
- Role of competitors
- Integration with other projects and capital rationing
- Differences between investment and development feasibility studies
- Why use an SPV? Leverage, tax and greenwashing
CASE STUDY: Comparing projects for feasibility
Development Simulations for Real Estate Investment and Development:
- Role of modelling Net Operating Income (NOI) and its components
- Estimating operating expenses
- Comparing sales methods (mortgage vs. instalment sales)
CASE STUDY: Developer off-plan sales schemes and the cost of capital - Forecasting sales and revenue
- Calculating cost of sales and overheads
- Achieved pricing and time value of money
- Implications of funding strategies
- Interlocking projects
- Sale exchanges
- Portfolio management
- Property lifecycles and value
- Excel vs Argus/Estate master for feasibility analysis
GROUP EXERCISE: Developing a comparative feasibility study financial analysis for presentation to a bank
Identifying and Managing Risk:
- Risk Typology: insurable, derivative manageable, and bearable risks
- Insurance packages and issues with insurance
- Derivatives and their use
- Assessing and managing risks in development and investment
- Modelling risk in development software (Argus and Excel)
DAY THREE
LEGAL, CONSTRUCTION AND MARKETING ISSUES
Property and Conveyancing Law:
- Legal principles, structure, court, and devolution
- Pre-sales and other legal issues for development
- Legal issues for property professionals in Asia-Pac jurisdictions
CASE STUDIES: The role of governments in AsiaPac property markets compared - Law of contract
- Law of Tort, nuisance, and negligence
- Land law, property rights and obligations
- Title and Boundaries
- Easements and their significance
- Applied property law, legal issues in building and construction, planning & development
CASE STUDY: Developer liabilities in a sudden economic downturn
The Contract and Negotiation Process:
- Participating parties
- Legal aspects of real estate development
- Types of contracts
- Contract negotiation
- The role of lawyers
- Signature and action on contracts
CASE STUDY: Examples of legal action involving developers and contractors
Design, Architecture and Building:
- Critical issues of architecture
- Role of environmental analysis
- Health and safety analysis
- Tenant modifications and costs
- Infrastructural issues
The Regulatory Process:
- The role of government and local government
- Development permits
- Regulation: what do developers need to know and do?
CASE STUDY: Key regulations for developers in Asia-Pac jurisdictions compared
Construction Management:
- Key phases of construction
- Costs and risks of construction
- Actual vs. budget
- Calculating and interpreting variances
- Diagnosing the cause of variances
- Reforecasting
- Dos and don’ts of budgeting
- Timelines and project management
- Completion
- Disaster management and recovery
CASE STUDY: Latest developments in construction management software
Sales and Marketing Theory and Practice:
- Key marketing objectives
- Differentiating Marketing Between Types of Real Estate Development
- The role of advertising
- Costing marketing and cost-effective marketing
CASE STUDY: Group exercise on developing a marketing and press release programme for a local development
On-site & in-house training
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