General Information
This subject provides students with an understanding of the property development process and the importance of the property development industry in a modern economy. Additionally, the subject introduces the processes involved in property development in market economies in the context of government regulation and approval requirements, as well as providing an introduction to the financial analysis and the determination of the viability of potential projects. The emphasis is on the private sector and the roles of the various stakeholders.
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Details
Academic unit: Faculty of Society & Design Subject code: SSUD71-124 Subject title: Property Development Subject level: Postgraduate Semester/Year: January 2025 Credit points: 10.000 -
Delivery & attendance
Timetable: https://bond.edu.au/timetable Delivery mode: Intensive Workload items: - Workshop: x2 (Total hours: 12) - Workshop 1
- Workshop: x2 (Total hours: 12) - Workshop 2
- Workshop: x2 (Total hours: 12) - Workshop 3
- Personal Study Hours: x12 (Total hours: 84) - Recommended Study Hours
Attendance and learning activities: As successful completion of this subject is heavily dependent on participation during all scheduled sessions, attendance will be monitored. Most sessions build on the content of the previous one. It is difficult for a student to recover if a session is missed. It is the responsibility of the student to catch up on any content missed and to complete set work outside class. It is also necessary for students to engage proactively and contribute positively in discussions, analyses and case studies. The assessments are an important part of developing the knowledge and understanding required to fulfil the minimum requirements of this subject. In addition to contact hours, students should plan to spend a minimum of 84 hours undertaking preparation/out of class work/personal study for this subject. This is intended as a general guide only for workload planning. More time may be required depending on the student's comprehension of the content delivered in class and aptitude for the subject. Please note that subsequent subjects assume the student has a full understanding of this subject - this content will not be repeated. -
Resources
Prescribed resources: Books
- Richard Reed (2021). Property Development. 7th, London Routledge
Journals
- Moorhead M., Armitage L., Skitmore M (2022). Feasibility practices of types of property developers. Journal of Property Investment & Finance Available at: https://doi.org/10.1108/JPIF-03-2022-0022
- Moorhead M., Armitage L., Skitmore M (2021). Risk management processes used in determining project feasibility in the property development process early stages by Australia/New Zealand property developers. Journal of Property Investment & Finance Available at: https://doi.org/10.1108/JPIF-08-2021-0071
- Moorhead M., Armitage L., Skitmore M (2024). Real Estate Development Feasibility and Hurdle Rate Selection. Buildings 21 Available at: https://doi.org/10.3390/buildings14041045
iLearn@Bond & Email: iLearn@Bond is the Learning Management System at Bond University and is used to provide access to subject materials, class recordings and detailed subject information regarding the subject curriculum, assessment, and timing. Both iLearn and the Student Email facility are used to provide important subject notifications.
Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student.
To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au
Academic unit: | Faculty of Society & Design |
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Subject code: | SSUD71-124 |
Subject title: | Property Development |
Subject level: | Postgraduate |
Semester/Year: | January 2025 |
Credit points: | 10.000 |
Timetable: | https://bond.edu.au/timetable |
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Delivery mode: | Intensive |
Workload items: |
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Attendance and learning activities: | As successful completion of this subject is heavily dependent on participation during all scheduled sessions, attendance will be monitored. Most sessions build on the content of the previous one. It is difficult for a student to recover if a session is missed. It is the responsibility of the student to catch up on any content missed and to complete set work outside class. It is also necessary for students to engage proactively and contribute positively in discussions, analyses and case studies. The assessments are an important part of developing the knowledge and understanding required to fulfil the minimum requirements of this subject. In addition to contact hours, students should plan to spend a minimum of 84 hours undertaking preparation/out of class work/personal study for this subject. This is intended as a general guide only for workload planning. More time may be required depending on the student's comprehension of the content delivered in class and aptitude for the subject. Please note that subsequent subjects assume the student has a full understanding of this subject - this content will not be repeated. |
Prescribed resources: | Books
Journals
|
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iLearn@Bond & Email: | iLearn@Bond is the Learning Management System at Bond University and is used to provide access to subject materials, class recordings and detailed subject information regarding the subject curriculum, assessment, and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student. To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au |
Enrolment requirements
Requisites: |
Nil |
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Assumed knowledge: |
Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge.
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Restrictions: |
Nil |
Assurance of learning
Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.
At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.
Program Learning Outcomes (PLOs)
Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.
Subject Learning Outcomes (SLOs)
On successful completion of this subject the learner will be able to:
- Describe the nature and role of property development within a modern economy.
- Understand the property development process, including the investigation of initial development concepts, site acquisition and site assembly.
- Explain the role of planning and the planning process in property development and how development controls impact on urban areas and specifically on development site values.
- Prepare a feasibility report for a potential residential property development project to determine project viability.
- Understand the risk management process for a property development project as well as sensitivity analysis for key variables.
- Research and calculate key revenue and expenditure input variables for a potential property development project including comparable sales, rental revenues, construction costs, infrastructure charges and other applicable government taxes and charges.
- Recognise the importance of sustainability in the urban environment.
Generative Artificial Intelligence in Assessment
The University acknowledges that Generative Artificial Intelligence (Gen-AI) tools are an important facet of contemporary life. Their use in assessment is considered in line with students’ development of the skills and knowledge which demonstrate learning outcomes and underpin study and career success. Instructions on the use of Gen-AI are given for each assessment task; it is your responsibility to adhere to these instructions.
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Assessment details
Type Task % Timing* Outcomes assessed Activity Interview - evaluate three development options for a potential project 10.00% Week 5 1,2,3,4,5,6,7 Computer-Aided Examination (Open) iLearn open book exam 40.00% Week 9 1,2,3,4,5,6 Analysis Critically analyse a potential project stie and formulate a feasibility report for a property development project. 50.00% Week 12 1,2,3,4,5,6,7 - * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
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Assessment criteria
Assessment criteria
High Distinction 85-100 Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking. Distinction 75-84 Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas. Credit 65-74 Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above. Pass 50-64 Usually awarded to students whose performance meets the requirements set for work provided for assessment. Fail 0-49 Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines. Quality assurance
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Type | Task | % | Timing* | Outcomes assessed |
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Activity | Interview - evaluate three development options for a potential project | 10.00% | Week 5 | 1,2,3,4,5,6,7 |
Computer-Aided Examination (Open) | iLearn open book exam | 40.00% | Week 9 | 1,2,3,4,5,6 |
Analysis | Critically analyse a potential project stie and formulate a feasibility report for a property development project. | 50.00% | Week 12 | 1,2,3,4,5,6,7 |
- * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
Assessment criteria
High Distinction | 85-100 | Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking. |
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Distinction | 75-84 | Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas. |
Credit | 65-74 | Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above. |
Pass | 50-64 | Usually awarded to students whose performance meets the requirements set for work provided for assessment. |
Fail | 0-49 | Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines. |
Quality assurance
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Study Information
Submission procedures
Students must check the iLearn@Bond subject site for detailed assessment information and submission procedures.
Policy on late submission and extensions
A student who has not established a basis for an extension in compliance with University and Faculty policy either by 1) not applying before the assessment due date or 2) by having an application rejected due to failure to show a justifiable cause for an extension, will receive a penalty on assessment submitted after its due date. The penalty will be 10% of marks awarded to that assessment for every day late, with the first day counted after the required submission time has passed. No assessment will be accepted for consideration seven calendar days after the due date. Where a student has been granted an extension, the late penalty starts from the new due date and time set out in the extension.
Academic Integrity
Bond University‘s Student Code of Conduct Policy , Student Charter, Academic Integrity Policy and our Graduate Attributes guide expectations regarding student behaviour, their rights and responsibilities. Information on these topics can be found on our Academic Integrity webpage recognising that academic integrity involves demonstrating the principles of integrity (honesty, fairness, trust, professionalism, courage, responsibility, and respect) in words and actions across all aspects of academic endeavour.
Staff are required to report suspected misconduct. This includes all types of plagiarism, cheating, collusion, fabrication or falsification of data/content or other misconduct relating to assessment such as the falsification of medical certificates for assessment extensions. The longer term personal, social and financial consequences of misconduct can be severe, so please ask for help if you are unsure.
If your work is subject to an inquiry, you will be given an opportunity to respond and appropriate support will be provided. Academic work under inquiry will not be marked until the process has concluded. Penalties for misconduct include a warning, reduced grade, a requirement to repeat the assessment, suspension or expulsion from the University.
Feedback on assessment
Feedback on assessment will be provided to students according to the requirements of the Assessment Procedure Schedule A - Assessment Communication Procedure.
Whilst in most cases feedback should be provided within two weeks of the assessment submission due date, the Procedure should be checked if the assessment is linked to others or if the subject is a non-standard (e.g., intensive) subject.
Accessibility and Inclusion Support
Support is available to students where a physical, mental or neurological condition exists that would impact the student’s capacity to complete studies, exams or assessment tasks. For effective support, special requirement needs should be arranged with the University in advance of or at the start of each semester, or, for acute conditions, as soon as practicable after the condition arises. Reasonable adjustments are not guaranteed where applications are submitted late in the semester (for example, when lodged just prior to critical assessment and examination dates).
As outlined in the Accessibility and Inclusion Policy, to qualify for support, students must meet certain criteria. Students are also required to meet with the Accessibility and Inclusion Advisor who will ensure that reasonable adjustments are afforded to qualifying students.
For more information and to apply online, visit BondAbility.
Additional subject information
Subject curriculum
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The property development process
Introduction to the subject, assignment specification and introduction to the property development process.
SLOs included
- Describe the nature and role of property development within a modern economy.
- Understand the property development process, including the investigation of initial development concepts, site acquisition and site assembly.
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Development control and planning regulations
Discussion of development control and permissions and the impact of planning schemes on land values.
SLOs included
- Describe the nature and role of property development within a modern economy.
- Understand the property development process, including the investigation of initial development concepts, site acquisition and site assembly.
- Explain the role of planning and the planning process in property development and how development controls impact on urban areas and specifically on development site values.
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Marketing of development projects
Discussion of project marketing, market analysis and research methods.
SLOs included
- Describe the nature and role of property development within a modern economy.
- Understand the property development process, including the investigation of initial development concepts, site acquisition and site assembly.
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Property economics
An overview of property economics, housing affordability and construction estimating. Also, exploring the relationship between the property, credit and general economic cycles.
SLOs included
- Describe the nature and role of property development within a modern economy.
- Understand the property development process, including the investigation of initial development concepts, site acquisition and site assembly.
- Research and calculate key revenue and expenditure input variables for a potential property development project including comparable sales, rental revenues, construction costs, infrastructure charges and other applicable government taxes and charges.
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Sustainability in property development projects
Sustainability in property development projects.
SLOs included
- Research and calculate key revenue and expenditure input variables for a potential property development project including comparable sales, rental revenues, construction costs, infrastructure charges and other applicable government taxes and charges.
- Recognise the importance of sustainability in the urban environment.
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Introduction to feasibility analysis for property development projects
Introduction to the residual land value method of determining property development site value.
SLOs included
- Describe the nature and role of property development within a modern economy.
- Understand the property development process, including the investigation of initial development concepts, site acquisition and site assembly.
- Explain the role of planning and the planning process in property development and how development controls impact on urban areas and specifically on development site values.
- Prepare a feasibility report for a potential residential property development project to determine project viability.
- Understand the risk management process for a property development project as well as sensitivity analysis for key variables.
- Research and calculate key revenue and expenditure input variables for a potential property development project including comparable sales, rental revenues, construction costs, infrastructure charges and other applicable government taxes and charges.
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Decision making during site acquisition
Discussion of key hurdle rates and determining input variables.
SLOs included
- Prepare a feasibility report for a potential residential property development project to determine project viability.
- Understand the risk management process for a property development project as well as sensitivity analysis for key variables.
- Research and calculate key revenue and expenditure input variables for a potential property development project including comparable sales, rental revenues, construction costs, infrastructure charges and other applicable government taxes and charges.
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Introduction to risk management for property development projects
Discussion of risk identification and mitigation. Analysis of risk and sensitivity and scenario analysis of key variables.
SLOs included
- Prepare a feasibility report for a potential residential property development project to determine project viability.
- Understand the risk management process for a property development project as well as sensitivity analysis for key variables.
- Research and calculate key revenue and expenditure input variables for a potential property development project including comparable sales, rental revenues, construction costs, infrastructure charges and other applicable government taxes and charges.
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Determining project viability and the time value of money
Discounting future cashflows and incorporating time value of money sensitive hurdle rates into determining project feasibility.
SLOs included
- Prepare a feasibility report for a potential residential property development project to determine project viability.
- Understand the risk management process for a property development project as well as sensitivity analysis for key variables.
- Research and calculate key revenue and expenditure input variables for a potential property development project including comparable sales, rental revenues, construction costs, infrastructure charges and other applicable government taxes and charges.