REMP62: Development 2: Process and Viability

Module code: REMP62

Module provider: Real Estate and Planning; Henley Business School

Credits: 20

Level: Postgraduate Masters

When you'll be taught: Semester 2

Module convenor: Dr Claudia Beatriz Murray, email: c.b.murray@henley.reading.ac.uk

Module co-convenor: Professor Angelique Chettiparambil Rajan, email: a.chettiparamb@henley.reading.ac.uk

Pre-requisite module(s):

Co-requisite module(s): IN THE SAME YEAR AS TAKING THIS MODULE YOU MUST TAKE REMP61 (Compulsory)

Pre-requisite or Co-requisite module(s):

Module(s) excluded:

Placement information: NA

Academic year: 2024/5

Available to visiting students: No

Talis reading list: Yes

Last updated: 28 May 2024

Overview

Module aims and purpose

This module takes students through the process of appraising a development proposal, in the context of real estate development theories and processes. The module aims to instil core knowledges for real estate development, including theories of real estate development, integrated with key skills for professional practice, including appraising the viability of a development proposal and reflecting on the influence of financial considerations alongside issues such as sustainability and high-quality design. Additionally, the module introduces students to the principles of working with a client.

Taking the module will enable students to further develop the knowledges, skills and attitudes necessary to respond creatively to a client brief, to prepare development proposals that balance contemporary concerns around sustainability and well-designed places with development viability and the structure of the real estate sector.

The module continues from the module ‘Development 1: Urban Design and Sustainability’, and students will further develop the proposals prepared for this module. 

Module learning outcomes

By the end of the module, it is expected that students will be able to:

• Comprehensively asess the key concepts and theories used to analyse the real estate development process and their relevance to a development proposal.
• Demonstrate a practical understanding of a range of real estate development appraisal techniques and use them to construct financial viability assessment of a development proposal.
• Systematically nalyse land and property markets to inform appraisal of a development appraisal.
• Critically evaluate how a proposal balances a range of considerations including sustainability, real estate development cycles and risk.

Module content

Core Knowledges 

• Models of the development process
• Types of developer and stakeholders in real estate development
• Residential and commercial real estate development
• Real estate development cycles
• Operation of land markets
• Risk in real estate development
• Contemporary issues in real estate development
• Financial Appraisal

Skills Development 

• Working with clients
• Assessing financial viability

Structure

Teaching and learning methods

The module is taught using a mix of lectures, tutorials and practical classes. The lectures introduce students to core knowledges around real estate sectors and development processes. The practical skills classes focus on giving students skills in financial appraisal. Simultaneously, tutorial sessions will introduce continue to support students in further developing and evaluating the proposal prepared in the module ‘Development 1: Urban Design and Sustainability’.

Study hours

At least 30 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.

Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.

Semester 1 The hours in this column may include hours during the Christmas holiday period.

Semester 2 The hours in this column may include hours during the Easter holiday period.

Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.

Assessment

Requirements for a pass

Students need to achieve an overall module mark of 50% to pass this module.

Summative assessment

Penalties for late submission of summative assessment

The Support Centres will apply the following penalties for work submitted late:

Assessments with numerical marks

• where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of three working days;
• the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
• where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three working days after the original deadline (or any formally agreed extension to the deadline), no penalty shall be imposed;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

Assessments marked Pass/Fail

• where the piece of work is submitted within three working days of the deadline (or any formally agreed extension of the deadline): no penalty will be applied;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension of the deadline): a grade of Fail will be awarded.

The University policy statement on penalties for late submission can be found at: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/qap/penaltiesforlatesubmission.pdf

You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Formative assessment

Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.

Tutorial sessions will include opportunities for students to discuss the development and appraisal of their proposals with the module tutor and receive informal feedback and guidance. 

Reassessment

Additional costs