Pre-Contract Studies : Development Econimics, Tendering and Estimating

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  • Edition: 3rd
  • Format: Paperback
  • Copyright: 2008-06-23
  • Publisher: Wiley-Blackwell

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Supplemental Materials

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Pre-contract Studies: Development Economics, Tendering and Estimatingprovides a comprehensive introduction to the property development process, with an emphasis on the financial analysis of projects in the context of development values and construction costs. The book covers capital investment, funding sources, the economics of development, evaluation of financial data, whole life costing and tendering, estimating and cash flow considerations. The process of getting a project from inception to completion is examined in detail, while the different methods of development appraisal, and the way developers' budgets are calculated, are explored with worked examples. The third edition has been extensively revised to reinforce aspects of valuations and more information has been added on the major property companies and who owns the land in Britain, as well as on conservation, PFI and value management. A large number of charts and graphs are new. The book is used on a wide range of undergraduate programmes in building, surveying and associated disciplines.

Author Biography

Allan Ashworth D.Univ (Hon), MSc, MRICS is a Visiting Professor at the University of Salford and the Adjunct Professor in Quantity Surveying at Unitec in New Zealand. He is a former HMI (Her Majesty’s Inspector) in the Department for Education and Employment and is currently the Senior Academic Advisor to the Centre for Education in the Built Environment based at the universities of Cardiff and Salford.

Table of Contents

Prefacep. x
Acknowledgementsp. xii
The Development Processp. 1
Introductionp. 1
Demand for developmentp. 1
Customer satisfactionp. 2
Site identificationp. 3
The development processp. 4
Environmental impact assessmentp. 11
Sustainable developmentp. 12
Listed buildingsp. 13
Conservation areasp. 15
Property investment companiesp. 16
Developersp. 19
Parties involvedp. 23
Planning and controlp. 28
Marketingp. 29
Property Investment Economicsp. 32
Introductionp. 32
Principles of investmentp. 33
Functions and features of the investment marketp. 35
Investment in propertyp. 37
Valuep. 39
Major factors affecting property valuesp. 40
The nature of property investmentsp. 43
Distinguishing features of propertyp. 45
Institutional investment in propertyp. 50
Relationship between income and valuep. 55
Property investment and equitiesp. 56
Real Estate Investment Trust (REIT)p. 57
Strategy of property investmentp. 58
The property cyclep. 62
Capital Investmentp. 65
Capital budgetingp. 65
Leasingp. 67
Strategic managementp. 68
Company financep. 68
The cost of capitalp. 73
Mergers and takeoversp. 74
The case for investment in propertyp. 76
House pricesp. 79
HM Land Registryp. 82
New build or refurbish?p. 83
Evaluation of Financial Datap. 86
Accounting standardsp. 86
Accounting conventionsp. 88
Interpreting company accountsp. 89
Analysis of investmentsp. 91
Financial ratiosp. 92
Capital gearingp. 94
Interest coverp. 97
Depreciation of assetsp. 97
Share analysisp. 100
Auditp. 104
Taxation and propertyp. 105
Capital allowancesp. 108
Risk and uncertaintyp. 110
Development Appraisalp. 114
Introductionp. 114
Development valuep. 114
General determinants of valuep. 115
Price, value and worthp. 116
RICS Red Bookp. 117
Valuation Office Agencyp. 119
Investment appraisalp. 119
Methods of valuationp. 121
Valuation tablesp. 124
Developers' budgetsp. 130
Conventional and discounting methods of valuationp. 142
Optimal investment criteriap. 145
Cost-benefit analysisp. 146
Urban Land Economicsp. 151
Introductionp. 151
Site identificationp. 156
Land use patternsp. 157
Environmental and social factorsp. 160
Planning controlsp. 162
Going greenp. 163
Site characteristicsp. 164
Sites for different usesp. 168
Legal aspectsp. 178
Government intervention and assistancep. 180
Property Development Economicsp. 188
Development since 1945p. 188
Land ownershipp. 194
Office development permitsp. 195
Development land taxp. 195
Urban regenerationp. 195
Commercial developmentp. 196
Industrial developmentp. 199
Housingp. 199
New townsp. 200
City centre redevelopmentsp. 201
Out-of-town shopping mallsp. 201
The Big Bang of 1986 and the crashp. 203
Regional developmentp. 206
Repair and renovationp. 206
Environmental aspects of building developmentp. 207
Future demandp. 209
Indicatorsp. 210
The European Unionp. 214
The European Union versus the USAp. 216
Sources of Financep. 218
Introductionp. 218
Investmentp. 218
Debt and equity financep. 219
Duration of fundingp. 222
Sources of financep. 223
Types of sharesp. 225
Sale and leasebackp. 227
Joint venturesp. 228
Concession contractingp. 228
Needs of the institutionsp. 229
Principal sources of development financep. 231
Public sector developmentsp. 244
Financial assistance for developmentp. 245
Interactive financial assistance websitesp. 248
Investment from overseasp. 248
Project Construction Costsp. 250
Early price forecastingp. 250
Cost planningp. 252
Whole life costingp. 258
Least cost solutionsp. 265
Budgeting, Costing and Cash Flowsp. 266
Introduction: business plansp. 266
Budgetary controlp. 266
Costingp. 269
Types of costsp. 270
Cost centresp. 271
The purpose of costingp. 274
Costing methodsp. 277
Break-even analysisp. 280
The recording of costsp. 281
Contractor's cost comparisonp. 282
Estimated, target and actual costsp. 285
Choosing a cost control systemp. 286
Cash flowp. 286
Procurementp. 293
Introductionp. 293
Reportsp. 294
Major considerationsp. 294
Procurement strategyp. 297
Price determinationp. 298
Procurement optionsp. 300
Contractor selectionp. 301
Contractual optionsp. 303
Construction Industry Board (CIB) Code of Procedurep. 310
Coordinating Committee for Project Information (CCPI)p. 311
Procurement managementp. 312
Conclusionp. 312
Estimating and Tenderingp. 314
Introductionp. 314
Organisation and administration of estimatingp. 314
Tenderingp. 315
Calculation of unit ratesp. 321
Operational estimatingp. 326
Estimator's reportp. 327
Tender adjudicationp. 328
Bidding strategyp. 328
Information and communication technologyp. 329
Reporting on tendersp. 329
Developments and Trendsp. 333
Changep. 333
Private Finance Initiativep. 336
Benchmarkingp. 339
Best valuep. 342
Partneringp. 343
Value managementp. 346
Lean constructionp. 348
Facilities managementp. 350
Conclusionp. 353
Bibliographyp. 354
Indexp. 359
Table of Contents provided by Ingram. All Rights Reserved.

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