1.

A
2. D
3. A
4. C
5. A

Part B

Q1)

Initiation

Evaluation

Acquisition

Design and costing

Permissions

Commitment

Implementation

Let/ manage/ dispose

8 stages may be identified, and they are in certain sequence as shown in the figure above. In
other words, this is the order of a property development process where as one stage completes,
another stage starts. But this is not to say that in every property development, the same set of
stages must go through. For example, one developer may buy a piece of land with all the
approvals from local authority. In that case, he enters straight into the project implementation
stage.

Q2)

 Legal investigation- identify the ownership, planning permission (density, plot ratio), right of
way (easement).

 Ground investigation. Access and drainage, existing services such as electricity, water, gas and
telephone. Site survey must be undertaken to establish the measurement and configuration of
the site.

 Finance. Internal sources such as internal fund. Bank offers short term finance- needed to
cover costs during the development process and long term finance-cover the cost of holding the
completed development as an investment.

Q3)

The service of a professional quantity surveyor (QS) is very much sought after at the initial
project conception before and after the “initial stage”.

Feasibility study. As an example, if the project is huge, say 50 acres of housing development he
needs the QS to work on the project feasibility study where the costing is complex.

Design, specification, and costing. The QS too needs feedback from other consultants on the
design, specifications with respect to buildings and infrastructure.
Cash-flow. Finally, he needs to work out the cash-flow for the developer to determine the
financing requirements, and bank borrowings, etc.

Q4)

Design initiation. The architect is the one who receives the design brief from the developer.

Building design. The architect is the designer of the house. He puts in the specifications for other
team members to work on. For example, the QS can work on the costing, and the structure
engineer can work on the reinforced concrete design. He is officially the submitting person of
building plans.

Site meetings. The architect chairs all site meetings, monitor contractor’s site progress, and
recommends for progress payments, etc.

Quality control. The architect certifies the project completion according to the approved building
plans.

Q5)

To begin, a large –scale, out of town retail development (shopping centre) is very risky if market
research is not conducted properly during the initial stage.

The following consultants are required in addition to the normal consulting team:

Professional marketer. The demand and supply conditions of the shopping complex must be
assessed. Is the location acceptable? What is segmentation marketing?

Experienced valuer. He will advise on the value to be paid for the land.

Urban economist. The pattern of future growth for a town may be known by his study.

Real estate agent. He may have access to the potential retailers and to advice on tenancy mix.

Commercial complex property manager. The property maintenance and security are big issues.