REMF07-Real Estate Development

Module Provider: Real Estate and Planning
Number of credits: 20 [10 ECTS credits]
Terms in which taught: Spring term module
Non-modular pre-requisites:
Modules excluded:
Module version for: 2016/7

Module Convenor: Prof Pat McAllister


Summary module description:
The module aims to provide students with an understanding of: the nature of the development process including the activities, agencies, events, relationships, skills and tasks involved; the factors which influence the process and its outcomes; and the types, characteristics utility and quality of buildings and schemes. The module also explores the methodologies involved in the appraisal of development projects.

The module aims to provide students with a practical understanding of:
- The nature of the development process, including the activities, agencies, events, relationships, skills and tasks involved
- The importance of the different actors in the property development process and the means by which they achieve their goals
- The factors which influence the process and its outcomes
- The balance between competing demands of developers and the planning system
- The types, characteristics, utility and quality of buildings and schemes
- The diversity of approaches in property development, development appraisal and their inherent value systems
- The methodologies involved in the appraisal of development projects, their relative strengths and their application to different stages of the development process

Assessable learning outcomes:
By the end of this module students should:
- Understand the nature of and influences on real estate development
- Recognise the varied facets of the real estate development process including the activities, elements, skills and participants involved
- Appreciate the nature and role of development finance, construction and projection management and public-private interactions in real estate development
- Understand a range of approaches to development appraisal techniques and use them to assess the viability of development projects
- In addition students will develop their business awareness, written communication and numeracy skills.

Additional outcomes:

Outline content:
The module consists of two subject areas: (a) development process and activity, and (b) development appraisal and finance

Development Process and Activity
- What is development, the development process, who undertakes it, how and why?
- Land acquisition and evaluation, buying and selling development opportunities.
- Development finance
- Construction - contract procurement and risk management
- Development case studies

Development Appraisal and Finance
- Residual valuations
- Development viability appraisals
- Development cash-flows
- The impact of finance & funding of development, including feasibility & viability
- Profit share appraisals

The module includes significant case study content.

Brief description of teaching and learning methods:
The course will comprise lecture, class tutorial and problem solving workshops with an individual project assignment acting as a consolidating and integrating vehicle for the taught material. It will be supported by a range of online resources.

Contact hours:
  Autumn Spring Summer
Lectures 15
Tutorials 5 1
Guided independent study 134 50
Total hours by term 154.00 51.00
Total hours for module 205.00

Summative Assessment Methods:
Method Percentage
Written exam 100

Other information on summative assessment:
Exam: A written examination at the end of the module in the summer term. You will answer three questions from a selection of questions.

Formative assessment methods:

Penalties for late submission:

Not applicable
Penalties for late submission on this module are in accordance with the University policy. Please refer to page 5 of the Postgraduate Guide to Assessment for further information:

Length of examination:
Three hours

Requirements for a pass:
The pass-mark for this module is 50%.

Reassessment arrangements:
Reassessment will be by the same method as for the module’s original assessment requirements, subject to variation by the Examination Board where appropriate.

Additional Costs (specified where applicable):
1) Required text books:
2) Specialist equipment or materials:
3) Specialist clothing, footwear or headgear:
4) Printing and binding:
5) Computers and devices with a particular specification:
6) Travel, accommodation and subsistence:

Last updated: 21 December 2016

Things to do now