Firstly, this module is slightly alike the module we had in our Semester 5 which is Building Economics. However, in this semester, Development Economics provided more focus on property development. This module introduced me to the development, roles and contribution of construction industry to national economy.
The subject starts off with the introduction of the process in a property development and factors that influence the development process. The subject also covers various techniques of development appraisal and source of finance available. It is then concluded with the importance of market research to the overall development process and its impact of research to the development.
This subject is interesting as I have learned how to calculate developer's budget (i.e. total development cost and gross development value) during the initial development process. I also am aware of the Cost-Benefit Analysis in the early stage of investment proposal and valuation system to help on
decision making during the feasibility stage. In addition, we were taught to classify various source of finance available in the construction industry and to outline the requirement in a quality market research.
In our assignment, we were required to calculate Gross Development Value (GDV) and Gross Development Cost (GDC). From that, we have to come up with quarterly cash flow statement. The main aim of this group assignment is to help students develop a deeper appreciation of the concepts learnt in the module by applying them in the problems given in the assignment.
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