SUBJECT OVERVIEW

This final year Bachelor of Environments capstone subject for the property major builds and consolidates understanding of property markets, property valuation and urban planning concepts.

Using an integrated project involving a series of studio-based exercises, students will investigate an urban development site and propose a suitable project that allows them to experience property development from concept to completion including the operational and investment phases. Details of supply and demand, market value and construction and finance costs will be explored and a property development proposal will be developed (given various resource constraints) with the assistance of softwares such as Estate Master™.

STUDIO EXERCISES WILL:

• define and manage project parameters;
• translate urban planning requirements into a commercial proposal;
• develop project plans within resource constraints;
• model property appraisals that integrate time, cost, quality, introductory risk assessment, and property performance evaluation.

ASSESSMENT

• develop a complete property development plan for a given development site considering all the basic aspects of property markets.
• demonstrate an understanding of issues involved in commercial property development and property development processes. (market analysis for selecting property development proposals; stakeholders and their requirements; property development concepts and underlying considerations; the developer’s equation and residual analysis; alternative development options; cost estimating and planning; management of consultant teams and communication requirements; introductory knowledge of property development and investment analysis techniques; and preparation of a systematic property development proposal in a competitive market environment).
• understand the studio-based learning environment, working as groups, applying skills and communication in real case exercises. The teams will also able to evaluate the longer term investment performance of the completed project from the sustainable development perspective.
• evaluate, organise, exchange and bring together associatedissues that are related to market, valuation and propertydevelopment appraisal.

GENERIC SKILLS

• analytical skills: analysing property project criteria and parameters.
• communication skills: an enhanced ability to communicate complex property projects through written and oral presentations.
• problem solving skills: an increased body of knowledge associated with resolution of contemporary issues and practices in complex property projects. Team working skills: an enhanced ability to generate and communicate a range of relevant property project practices and procedures at an appropriate academic and professional standard.