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Property Development Principles and Process – An Industry Analysis

Author/s: Greg Costello, Ferdinand Preller

Date Published: 1/01/2010

Published in: Volume 16 - 2010 Issue 2 (pages 171 - 189)

Abstract

Property development is widely regarded as an integrated process revolving around numerous components that link distinct phases in the development cycle. This paper explores industry participants ‘ perceptions of important components of the property development process. We focus upon the development of commercial property in Queensland Australia. Utilising a sample of major Queensland-based developer, we use a questionnaire to survey industry perceptions of the important concepts in the property development industry. The main emphasis of the survey is to identify common principles and characteristics of the property development process as they occur prior to the commencement of construction activities. Our results confirm that in general, developers apply many pre-construction development principles within a structured framework. We conclude by identifying and discussing several key performance areas identified in our survey responses: (i) location and site selection, (ii) market research/analysis, and (iii) feasibility principles incorporating design development and financial analysis.

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Keywords

Feasibility Studies - Pre-Construction - Property Development - Queensland

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