CEM335-Real Estate Development: Appraisal and Analysis

Module Provider: School of Construction Management and Engineering, School of Built Environment
Number of credits: 10 [5 ECTS credits]
Terms in which taught: Spring term module
Non-modular pre-requisites:
Modules excluded:
Current from: 2020/1

Module Convenor: Dr Edward Shepherd

Email: edward.shepherd@henley.reading.ac.uk

Type of module:

Summary module description:

This module provides a course of study that focuses on the property development process. The module aims to provide students with an understanding of:

  • the factors which influence the development process and its outcomes;

  • the activities, agents, events, relationships, skills and tasks involved;

  • current trends in UK residential and commercial development; and

  • applied techniques in the financial appraisal of development opportunities.

The content of the module is focused on the practicalities of real estate development, as well as on the broader political context in which development takes place. There is an emphasis on applying and linking concepts from economics, political economy and finance in order to help students to develop their understanding of property development as a multidisciplinary and social process. In addition, students will develop a practical and applied understanding of real estate development appraisal which includes an introduction to basic financial mathematics.

This module is delivered at the University of Reading only.


The module has three overarching aims:

  1. To develop students’ understanding of the practicalities of the development process i.e. the activities, agencies, events, relationships, skills and tasks involved.

  2. To develop students’ capacity to critically analyse real estate development as a social and political process.

  3. To develop students’ skills in the financial appraisal of development opportunities.

Assessable learning outcomes:

By the end of the module it is expected that students will be able to apply appropriate techniques in the financial appraisal of a development opportunity.

Additional outcomes:

In addition, by the end of the module it is expected that students will be able to critically discuss and analyse aspects of the real estate development process.

Outline content:

  • Models of the development process.

  • Types of developer and development.

  • Residential developers and development.

  • Commercial real estate cycles.

  • Land owners, land acquisition and land promotion.

  • Development appraisal.

  • Negotiating the planning system.

Global context:

This module is primarily focused on the UK context, but does draw on case study material from various other countries.

Brief description of teaching and learning methods:

Contact hours:
  Autumn Spring Summer
Lectures 12
Practicals classes and workshops 12
Guided independent study: 76
Total hours by term 100
Total hours for module 100

Summative Assessment Methods:
Method Percentage
Written assignment including essay 100

Summative assessment- Examinations:

Summative assessment- Coursework and in-class tests:

The module will include an assignment comprising a development appraisal and accompanying report with a limit of 1,500 words.

Formative assessment methods:

The module includes appraisal teaching which will have in-class problem solving workshops.

Penalties for late submission:

Penalties for late submission on this module are in accordance with the University policy. Please refer to page 3 of the Postgraduate Guide to Assessment for further information: http://www.reading.ac.uk/internal/exams/student/exa-guidePG.aspx

Assessment requirements for a pass:

A mark of at least 50% overall is required for a pass.

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):



Required text books


Specialist equipment or materials


Specialist clothing, footwear or headgear


Printing and binding


Computers and devices with a particular specification

Casio FX-83GTPLUS or Casio FX-85GTPLUS – approximately £20.00

Travel, accommodation and subsistence


Last updated: 4 April 2020


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