WEEK 8- INVESTMENT APPRAISAL TECHNIQUE

Topic taught in this week’s lecture is Property Economics and Valuation. Mr. Sam Moorwood had explained few techniques use for capital investment appraisal for a development which may define the development viability based on economical factor.

Those techniques are not new for me as I’d learnt in previous academic session. However, I’ve difficulties in obtaining the accurate answers in the homework practice although I’ve good understanding on the formula for each technique. I’ve reflected myself on this problem. This has due to insufficient and non-continuous practice done. I’ve not mastered the application of those techniques in different situation.

Further discussion had been done during the seminar later. Sam had showed us more examples to ensure we have full understanding on both traditional and modern methods. I found these calculation activities interesting as it stimulates my mind to solve different problems with different methods.

 Figure: Evidence of Practices Done During Seminar

Figure: Personal Findings and Understandings After Lecture and Seminar

Those investment appraisal techniques had been useful and I’ve applied them to appraise the economics for my development. For my development proposal, it assists better decision making on fund investment and the monetary issues are known earlier. From there, I can define proposed development viability and satisfy my client’s requirement.

WEEK 7- BUILDING ADAPTATION/REFURBISHMENT

Beforehand, I’ve decided to demolish and rebuild the existing building in Matilda Street for my module coursework because it’s easier and might be less costly. However, after the lecture and seminar, I’ve changed my mind because refurbishment is a quicker and suitable means on restoring existing building to new specification. Refurbishment can help in retaining the existing building appearance to ensure I’ve contributed in retaining a sense of local identity and location. Therefore, investigation on the condition of the building and site surroundings shall be done to mitigate unforeseen risks affecting the refurbishment works.

In the seminar, group discussion had been conducted to discuss the potential risk in development. It’s an interesting activity as we have the chance to exchange ideas with others and reinforce own thoughts through discussion. I’d learnt that detailed risk analysis is essential in a development to avoid any destructive factors affecting the development progress. 

Figures: Evidence of Potential Risk Assessment Discussion 

WEEK 6- SUSTAINABLE DEVELOPMENT

At the beginning of the lecture, a question: “What is sustainable development?” was asked. At that moment, green technology and sustainable development have got me confused as I’ve incautiously linked green technology with sustainable development. After the lecture, I’ve done some reflective thinking. I’m can clearly explain that sustainable development is development that capable to satisfy the present needs without affecting the ability of future generation to meet their need. Sustainable development attempts to balance different needs against an awareness of environmental, social and economic limitations appeared in a particular area. 

Figure: Elaboration on Each Sustainable Development Factor

I’ve tried to apply this understanding accurately in my module coursework to ensure a sustainable development has been proposed to make improvement in Matilda Street. By doing so, I’ve achieved another competency for Assessment of Professional Competence requirements for RICS to demonstrate my understanding in how sustainability applied in the construction industry.

I hope that the knowledge I gained on sustainable development can be applied in my future working life to improve construction industry. 

WEEK 5- MARKET ANALYSIS

Market analysis has been another essential element highlighted in this module. Two areas of analysis components namely SWOT and PESTLE have been explained in the lecture. SWOT analysis has been familiar for me as it was carried few times in previous academic session. The new thing I learnt is PESTLE analysis. However, after attending the lecture, I’ve realised SWOT and PESTEL analyses are essential in feasibility studies stage for any development but there was only a brief understanding as I’ve not attempt to assess the development information with both SWOT and PESTLE analyses.

In the seminar, group discussion has been conducted and I was given a chance to discuss the PEST considerations for our development. This activity is challenging and exciting as I didn’t have any idea on how to elaborate for each factor. I’m more confident in elaborating SWOT analysis. However, I’ve consulted the lecturer and searched information online to assist me in understanding the PEST analysis clearer. I also compare course mates’ elaborated points for PESTLE analysis to ensure my understanding.  

After the lesson, I’ve done some reflective thinking. The reason causing me to have lack understanding in marketing appraisal technique is insufficient practical experience. Now, I’ve improved my knowledge in market appraisal technique and will apply appropriately in my module coursework to analysis my development’s viability. 

WEEK 4- PLANNING FRAMEWORK AND REGULATIONS

Throughout the lecture and seminar, I’ve gained basic knowledge on the construction development planning system and related acts and regulations applicable in Sheffield. This information is useful as it can be applied accurately in the module coursework to describe the planning system of my proposed development.

For my module coursework, I’ve planned to propose a redevelopment (either refurbishment or demolition) on the existing building into a retail building to facilitate catering industry. However, this is an early idea which is not confirmed due to various unknown conditions. After understanding the local planning system by exploring information online from Sheffield City Council website, some policies have helped in ascertaining the possibility of my proposed development. I’ve understood that the existing building is located within the Conservation Area and is under flexible use area. This activity excites me because each time I read through the website I will gain more knowledge for the construction industry. I’ve also understood extra planning relevant policies and system those are different from Malaysia and clarify the specialty of Sheffield’s building requirements. 

Figure: GREAT BRITAIN, Sheffield City Council (2014) at: https://www.sheffield.gov.uk/planning-and-city-development.html

Figure: Sheffield Proposal Map – Online Version (Map of Matilda Street, Sheffield, United Kingdom 2014). Showing The Proposal Site Is Located Within Conservation Area And Flexible Use Area

Figure: Table H1 Characteristics and Land Uses in the Policy Areas (Great Britain, Sheffield City Council 2013a) - Matilda Street