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MGT8070 Property Development

Semester 1, 2012 On-campus Springfield
Units : 1
Faculty or Section : Faculty of Business and Law
School or Department : School of Management and Marketing
Version produced : 30 December 2013

Contents on this page

Staffing

Examiner: Barrie Todhunter
Moderator: Jon Whitty

Other requisites

Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at http://www.usq.edu.au/current-students/support/computing/hardware.

Rationale

Property development represents a significant component of the Australian economy, and the property industry employs a large proportion of the nation's workforce, directly or indirectly. Property development covers the public sector and the private sector, including commercial, retail, industrial, residential, tourism and government. Property development is undertaken by a wide range of stakeholders for diverse reasons and objectives, and the methods of procurement and delivery will vary accordingly. Some property developers will dispose of property assets during or upon completion, while others will retain the assets for long periods of time, and this will significantly affect the issues to be considered prior to, and during, the property development stages. Property development involves many other industries such as real estate agencies, property managers, construction and maintenance, legal practitioners, professional consultants, tenants, landlords, financial institutions, investors, stockbrokers, and an understanding of the potential role of these parties is critical to an understanding of property development.

Synopsis

The course examines the following: (1) an introduction to the concept of property development, (2) land use, the multiple layers of government and their implications for property development, (3) the range of market sectors involved in property development, (4) the wide range of key stakeholders involved in property development, (5) property development models and processes, (6) selection of suitable sites and conceptualisation of the project outcomes, (7) the financial and economic aspects of property development, (8) organisational structures suitable for acquisition of real property assets and property development, (9) principles of property construction processes and management, (10) acquisition, marketing and sale of real property assets, and (11) guidelines for sustainable property development. The course is structured to provide a broad overview of the processes associated with property development, and is not designed to provide a high level of financial and/or construction skills. The course does not require any prior study of property, but does require students to develop basic spreadsheet skills in carrying out simple financial cash flow analyses.

Objectives

On successful completion of this course, students should be able to:

  1. demonstrate how small- to medium-sized development projects fit within the historical framework of property development
  2. demonstrate how small- to medium- development projects fit within the community land use framework
  3. demonstrate how the respective levels of government impact on small- to medium-sized property development projects
  4. demonstrate how small- to medium-sized property development projects align with the respective market sectors
  5. identify, analyse and manage the relevant stakeholders in small- to medium-sized property projects
  6. identify, analyse and manage the project life cycle of small- to medium-sized property projects from inception through to disposal or end of useful life
  7. identify, analyse and manage the critical factors affecting the likely success of small- to medium-sized property projects in a range of market sectors
  8. identify appropriate procedures for site selection and design conceptualisation of small- to medium-sized projects in a range of market sectors
  9. prepare basic financial viability studies for small- to medium-sized property projects in a range of market sectors
  10. define the appropriate legal structure and procurement strategies for small- to medium-sized property projects in a range of market sectors
  11. develop an appropriate strategy for the construction implementation phase of small- to medium-sized property projects in a range of market sectors including documentation, tendering and contracting
  12. develop an appropriate marketing, sales and disposal strategy for the use or sale of small- to medium-sized property projects across a range of market sectors
  13. develop basic parameters to achieve economically sustainable property development practices, and to deliver ecologically sustainable project deliverables.

Topics

Description Weighting(%)
1. Introduction to property development 5.00
2. Land use and the role of government 10.00
3. Property development sectors 10.00
4. Property development professionals and organisations 10.00
5. Property development models and processes 10.00
6. Site selection and conceptualizing the project 10.00
7. Economics of property development 10.00
8. Project acquisition and legal structures 10.00
9. Project management of construction 10.00
10. Property sales and marketing 10.00
11. Sustainable development 5.00

Text and materials required to be purchased or accessed

ALL textbooks and materials available to be purchased can be sourced from USQ's Online Bookshop (unless otherwise stated). (https://bookshop.usq.edu.au/bookweb/subject.cgi?year=2012&sem=01&subject1=MGT8070)

Please contact us for alternative purchase options from USQ Bookshop. (https://bookshop.usq.edu.au/contact/)

  • Summers, J & Smith, B 2010, Communication skills handbook, 3rd edn, John Wiley & Sons, Milton, Queensland.
  • Wilkinson, S & Reed, R 2008, Property development, 5th edn, Routledge, London.

Reference materials

Reference materials are materials that, if accessed by students, may improve their knowledge and understanding of the material in the course and enrich their learning experience.
  • Peiser, R & Frej, A 2003, Professional real estate development - the ULI guide to the business, 2nd edn, The Urban Land Institute, Washington DC.

Student workload requirements

Activity Hours
Assignments 60.00
Private Study 63.00
Tutorials or Workshops in Block Intensive Mode 42.00

Assessment details

Description Marks out of Wtg (%) Due Date Notes
ASSIGNMENT 1 100 5 21 Mar 2012 (see note 1)
ASSIGNMENT 2 100 30 09 Apr 2012 (see note 2)
ASSIGNMENT 3 100 65 04 Jun 2012

NOTES
  1. Assignment 1 requires students to select an appropriate project for analysis and is a small case study report. Students are encouraged to complete the activity to ensure they understand the nature of the studies in the course and the scope of assignments 2 and 3.
  2. Assignments 2 and 3 are major project-based case studies and require students to obtain sufficient information on a project of their choice to carry out a critical analysis of nominated aspects of that project. Students should choose a project as early as possible after reading the requirements of assignment 2 and 3. The same project can be used for assignments 2 and 3.

Important assessment information

  1. Attendance requirements:
    It is the students' responsibility to attend and participate appropriately in all activities (such as lectures, tutorials, laboratories and practical work) scheduled for them, and to study all material provided to them or required to be accessed by them to maximise their chance of meeting the objectives of the course and to be informed of course-related activities and administration. Courses delivered at Springfield campus are run in block intensive mode as two 3-day workshops during the semester, and NOT as weekly lectures. Teaching blocks will include weekdays and weekend days. Check timetables for workshop dates at http://www.usq.edu.au/springfield/timetable.

  2. Requirements for students to complete each assessment item satisfactorily:
    To satisfactorily complete an individual assessment item a student must achieve at least 50% of the marks. (Depending upon the requirements in Statement 4 below, students may not have to satisfactorily complete each assessment item to receive a passing grade in this course.)

  3. Penalties for late submission of required work:
    If students submit assignments after the due date without prior approval of the examiner, then a penalty of 5% of the total marks gained by the student for the assignment may apply for each working day late up to ten working days at which time a mark of zero may be recorded. See item 1 below.

  4. Requirements for student to be awarded a passing grade in the course:
    To be assured of receiving a passing grade a student must achieve at least 50% of the total weighted marks available for the course.

  5. Method used to combine assessment results to attain final grade:
    The final grades for students will be assigned on the basis of the weighted aggregate of the marks obtained for each of the summative assessment items in the course.

  6. Examination information:
    There is no examination in this course.

  7. Examination period when Deferred/Supplementary examinations will be held:
    Not applicable.

  8. University Student Policies:
    Students should read the USQ policies: Definitions, Assessment and Student Academic Misconduct to avoid actions which might contravene University policies and practices. These policies can be found at http://policy.usq.edu.au.

Assessment notes

  1. Assignments: (i) Assignments must be submitted electronically by 11.59pm (AEST) on the due date through the USQ Electronic Assignment Submission Environment (EASE). (ii) Students must retain a copy of each assignment submitted for assessment. This must be produced within 24 hours if required by the examiner. (iii) The examiner may grant an extension of the due date of an assignment in extenuating circumstances. If the required extension is less than seven days, there is no need to obtain prior approval. In such cases, submit your assignment as soon as possible after the due date together with any supporting documentation that might be required. The authority for granting extensions rests with the relevant examiner. (iv) The examiner will normally only accept assessments that have been prepared using electronic media. (v) The examiner will not accept submission of assignments by facsimile. (vi) Students who are disadvantaged by these regulations may be given special consideration. They should contact the examiner to negotiate such special arrangements. (vii) In the event that a due date for an assignment falls on a local public holiday in their area, such as a show holiday, the due date for the assignment will be the next day. Students are to note on the assignment cover the date of the public holiday for the examiner's convenience. (viii) Note that assignments may have to be accompanied by a ‘Turnitin’ Originality Report which the student has to download from the Turnitin website at http://www.turnitin.com after submitting their assignment to the Turnitin database online. Details will be provided with the assignment requirements. Failure to attach the Originality Report may result in loss of marks.

  2. Course weightings: Course weightings of topics should not be interpreted as applying to the number of marks allocated to assessment.

  3. Referencing in assignments: Harvard (AGPS) is the referencing system required in this course. Students should use Harvard (AGPS) style in their assignments to format details of the information sources they have cited in their work. The Harvard (AGPS) style to be used is defined by the USQ Library's referencing guide at http://www.usq.edu.au/library/referencing.

  4. Make-up work: Students who have undertaken all of the required assessments in a course but who have failed to meet some of the specified objectives of a course within the normally prescribed time may be awarded the temporary grade: IM (Incomplete - Make up). An IM grade will only be awarded when, in the opinion of the examiner, a student will be able to achieve the remaining objectives of the course after a period of non directed personal study.

  5. Deferred work: Students who, for medical, family/personal, or employment-related reasons, are unable to complete an assignment may apply to defer an assessment in a course. Such a request must be accompanied by appropriate supporting documentation. A temporary grade of IDM (Incomplete Deferred Make-up) may be awarded.

Other requirements

  1. Computer, e-mail and Internet access: Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at http://www.usq.edu.au/current-students/support/computing/hardware.