The government of South African has stated its intentions to enforce a policy which will compel developers of upmarket residential properties to set aside 20 percent of their upmarket residential developments to accommodate affordable housing. The developers on the other hand, have expressed concerns about this approach. The principal aim of this study and of the research was to investigate the desirability of the concept of multi-income-level investment approach to the development of golf estates. A phenomenological strand of qualitative research method was used in the research. The following formed the focal point of the research: • An investigation into the perceptions of the stakeholders, especially the buyers of up-market properties, about mixed-income-level investments in golf estates. • The potential effect of the implementation of including affordable housing in the development of golf estates • An investigation of the perceived effect on the profitability of investments by the inclusion of affordable housing in golf estate properties. • The extent of the contribution of including affordable housing in golf estate developments to the reduction of the current backlog

Purpose of this treatise: The aim of this treatise is to identify the challenges facing emerging entrepreneurs in accessing funding for property development initiatives which results in high levels of declined loans thereby limiting participation in the property market as well as the interventions necessary to improve access to finance. Design / methodology / approach: The questionnaires were emailed to funding institutions and emerging property developers. The questionnaire investigates the respondents‟ perception of importance and evidence of questions on property development, finance and managerial skills drawn from the literature. Findings: The findings of this study are consistent with and support the findings of previous local and international literature on constraints that SME‟s have in accessing finance for various initiatives. The findings indicate that the emerging property developers in South Africa are characterised by insufficient number in representation in the property sector, high risk averse financial institutions that requires collateral to lend. The findings of the study indicate that broader and bolder initiatives aimed at improving the emerging property developer's representation in the market needs a holistic and collaborative approach from the various institutions to aide these entrepreneurs. Value of paper: The research is of importance to all stakeholders involved in the property sector, financial institutions and economic development of the SME sector. The results of the study will contribute to the understanding of the current financing limitations facing SMEs and will assist funding institutions to better understand the role and importance of effective collaboration in improving access to finance to emerging property developers.

The business of real estate is one of the largest suppliers of employment, and contributes significantly to the gross domestic product of numerous countries worldwide. It is, therefore, imperative that new real estate development entrepreneurs entering the market identify key competitiveness indicators in order to survive and ensure their success within an ever-changing market. However, property development is a complex process and considered to be 'too risky' Consequently, property development entrepreneurs lack the skills and expertise to effectively manage their business enterprises and the associated risks from project inception to completion, and commissioning. The study was conducted by means of a review of the related literature and by conducting an empirical study. The empirical study was conducted using a quantitative statistical approach by distributing research questionnaires to members falling within the sample population. The primary objective of the study was to develop an entrepreneurial framework for perceived success of new venture property development projects. A descriptive survey was conducted among professionals registered with the South African Property Owners Association (SAPOA) and property development practitioners within South Africa. The salient findings suggest that the following variables positively influence the perceived success of new venture property development projects: Entrepreneurial vision; Strategic management; Stakeholders‘ interests; Professional feasibility and viability reporting; Procurement; Communication; Consumer confidence; Risk management; Governance structures; Specialist advice; The entrepreneurial framework, and The project management body of knowledge (PMBOK). Furthermore, the following variables were identified in the empirical framework affecting the perceived success of new venture property development projects: Entrepreneurial Vision; Strategic Management; Stakeholders‘ Interest; Professional Feasibility and Viability Reporting; Procurement; Communication; Consumer Confidence; Risk Management; Governance Structures; Specialist Advice, and The Project Management Body of Knowledge (PMBOK). This study contributed to the South African property development body of knowledge by addressing the challenges faced by inexperienced entrepreneurs entering the property development market. Furthermore, this study aimed to improve the framework utilised by emerging property developers.

The purpose of this thesis is to analyze the significance of waterfront redevelopment in the post-industrial city. The context for this analysis is the advent of post-industrial society - as evidenced by the economic, social and physical restructuring of cities. My objectives in undertaking this research are to gain a better understanding of planning issues in waterfront redevelopment; to examine the use of waterfront redevelopment as a policy tool for achieving community objectives; and to ascertain the broader implications of waterfront redevelopment in post-industrial society. My research is based on an extensive literature review, several interviews, and more in-depth study of selected waterfront projects. The significance of urban waterfront redevelopment is studied from three different perspectives: (i) the physical restructuring of cities in the post-industrial period; (ii) the experiences of various waterfront communities; and (iii) the case study of New Westminster, British Columbia. Waterfront redevelopment is significant in the post-industrial city as a public policy tool for achieving broader social and economic development objectives. Through the redevelopment of their waterfronts, communities have an opportunity to redress a range of social and economic issues. The social development potential is seldom realized, however, because redevelopment is primarily commercially-motivated. In theory, the urban waterfront has been reclaimed for all residents of the post-industrial city. The notion of public access and the creation of public amenities are fundamental principles of waterfront development. In practice, however, the benefits of a revitalized waterfront are not shared equally. As the waterfront profiles demonstrate, the nature of the waterfront land-use mix is generally biased towards high-end commercial development and luxury housing. The nature and form of new waterfront developments raises questions about elitism and equity in the post-industrial city. If some level of economic integration is not achieved, the waterfront will not have been reclaimed for all residents of the post-industrial city, but, rather - for the post-industrial urban elite. / Applied Science, Faculty of / Community and Regional Planning (SCARP), School of / Graduate

This thesis describes the impacts of the current economic crisis on the real estate markets in USA, EU and Czech republic.

M.Ing. / As the title of the dissertation implies, 'control' and 'risk' are the core issues regarding the dissertation. The approach by which a property development company manages these two issues are the focal points. The primary research objective was to draw conclusions from feedback obtained via a property developer and compare the findings to its literature counterpart. Expanding on the primary objective one aimed to determine commonalties and differences (case study and literature) and derive logical explanations for those differences. The second research objective was a by-product from the first. That being if the property developer is controlling his risk in the best manner possible given the inherent restrictions, in other words is the system efficient. It was evident that control measures and ways to identify and manage risk were put in place by the developer. Most of the literature theory corresponds with that of the property developer. Elements of risk were noted via analysis of the results. One way of increasing the efficiency of the system would be to increase the focus/resources in the evaluation/planning phase. In turn by improving the control mechanisms it may be possible to improve the systems efficiency. Risk can not be eliminated in its entirety - it is part and parcel of any business, particularly that of property development. Risk and control are therefore critical elements in any business. Understanding the core issues surrounding those elements can only prove beneficial to a company's success. Furthermore, the dissertation raised important issues that may be addressed in future research. Issues that may be followed up on in future research include and are not limited to the following: • Analysis of control and risk management' methods on a broader scale, in terms of a larger survey population. • Investigate and analyze the efficiency of a property development company/companies. • Expand on various risk issues: - return on investment, the market, project site, the project, the process, the organization and contingency. • Expand on various control measures: - tools (charts, schedules etc.), communication.

Thesis: M.C.P., Massachusetts Institute of Technology, Department of Urban Studies and Planning, September, 2020 / Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, September, 2020 / Cataloged from student-submitted PDF of thesis. / Includes bibliographical references (pages 98-102). / In May 2019, New York City (under Mayor Bill De Blasio) enacted its own version of the Green New Deal called the Climate Mobilization Act, a local law to amend its charter and administrative code to achieve certain reductions in greenhouse gas emissions by 2050. The Act comprises a series of ten bills passed by the New York City Council including a tax on paper bags, a green roof mandate, and a process to close oil and gas plants around the city, amongst others. One major portion of this Act is a bill to limit greenhouse gas emissions, caps, on tens of thousands of buildings in the City. This mandate, called Local Law 97 (LL97), is the first of its kind in any large city in the world. This thesis focuses specifically on LL97, which limits carbon emissions on buildings over 25,000 square feet on real estate product types such as, commercial office spaces, healthcare facilities, residential co-ops, condos, and rental apartment buildings. It examines the characteristics and impacts of the law on real estate owners, as well as the city. It diagnoses how owners are responding to the law and where improvements can be made as this model becomes replicated globally through industry surveys. Since its approval in the Spring of 2019, a number of cities have expressed interest in promulgating similar regulations, though little research analysis has been undertaken to fully evaluate the implications of LL97, whether or not the policy falls short of our goals, or if it's even achievable. It finds and later recommends, that amendments to the law, such as carbon credit portfolio trading, the incorporation of additional asset types, and green leases, amongst others, can help to achieve Local Law 97 goals with enhanced success and mitigated burdens on New York City real estate owners. / by Kristopher Stephen Steele. / M.C.P. / S.M. in Real Estate Development / M.C.P. Massachusetts Institute of Technology, Department of Urban Studies and Planning / S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate

Thesis: M.C.P., Massachusetts Institute of Technology, Department of Urban Studies and Planning, February, 2021 / Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, February, 2021 / Manuscript. / Includes bibliographical references (pages 138-148). / In the past two decades, in China, integrating art components, cultural institutions, and various artistic scenes in commercial real estate has become popular development and management practices in first-nd second-tier cities. The capital flow between the two industries has become increasingly frequent. Real estate companies have evolved from space providers for arts to a more influential stakeholder in the local art ecosystem, facilitating the growth of art industries. Through collaborations with real estate projects artists find alternative ways to sustain art production as well as a widened and closer connection to the general public. Successes in both ends have encouraged the joint venture on art + real estate to continue. This thesis critically investigates forms of symbiosis between art and real estate industries in China. The research aims to reveal and reflect on the two industries' interdependency with a close examination of the artist communities' historical evolution in cities and new endeavors combined art and real estate. It focuses on the following questions: how do real estate and art professionals collaborate and benefit from the joint venture? What are the motivation, idea, and vision? Are the strategies effective? Are there issues under the flourishing market? Who are the winners and losers? Through site visits, interviews with selected real estate and art professionals, artists, and a gathering of secondary sources, the research categorizes and analyzes art + development collaborations into two primary forms: art districts and art placement. It zooms into two representative case studies that are publicly regarded to be successful and innovative: Aranya and K11. The thesis's objective is to remind real estate about the value and power of art in urban developments beyond its function as a commercialized product, suggesting a more ethical business thinking and recommendations to create a favorable art ecosystem around real estate projects. / by Ruichen Ni. / M.C.P. / S.M. in Real Estate Development / M.C.P. Massachusetts Institute of Technology, Department of Urban Studies and Planning / S.M. in Real Estate Development Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate

Thesis (S.M.)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2009. / This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. / Cataloged from student submitted PDF version of thesis. / Includes bibliographical references (p. 121). / The commercial real estate industry is currently in a state of turmoil, as access to capital markets is as constrained as consumer demand. Today many real estate development firms find themselves in difficult positions, with plummeting net operating income and upwardly mobile capitalization rates. Tail events - market events that were believed, based on statistics, to be rare occurrences - seem to be occurring with more and more regularity. With increasing uncertainty and market volatility, the question must be asked: how well can real estate developers predict returns? The purpose of this thesis is threefold: First, to determine whether real estate developers are accurately projecting real estate development returns; second, to determine where input assumption estimation errors are made in the ex ante proforma; and third, we undertake an analysis and application of Monte Carlo Simulation to ascertain whether, by providing practitioners another layer of transaction information, simulation is additive to the development return forecasting process. Through the careful analysis of both ex ante and ex post proformas of real estate development projects, this thesis is one of the first to show how well developers predict the outcomes of their projects. Our findings are rather surprising. We determine that ex ante and ex post real estate returns vary dramatically. On average expected development returns are shown to be 23.2%, while realized returns are only 9.4%. To understand this discrepancy we analyze each project proforma to identify where, during the valuation and development processes, developers made mistakes. / (cont.) Our findings suggest that developers are overly optimistic, especially when estimating hard costs, soft cost, and cashflow timing. The thesis results are consistent with the findings of a study by Dr. James Shilling, who analyzed the discrepancy between ex ante and ex post proforma returns for stabilized institutional properties. Shilling deduced that institutional investors are also misjudging returns, overestimating by an average of nearly 650 basis points. We also seek to augment and improve the valuation process employed by developers by applying Monte Carlo Simulation to discounted cashflow analysis. Applying Monte Carlo Simulation to the ex ante proforma of a real development transaction, we assess whether discounted cashflow analysis coupled with simulation provides an ex ante return that more closely approximates the realized ex post return. Again, our results are surprising. Among our findings, we learn that the simulation preparation process better informs a developer of sensitivities in input assumption variables for the transaction. However, industry data is not comprehensive, transparent, or available for a sufficiently long period of time to apply Monte Carlo Simulation. Despite the additional information provided by simulation, there remains the risk that a simulation proforma using incomplete data will yield inaccurate results. Due to the limited sample size used in our study we acknowledge that our results must be interpreted with some caution. However, we are hopeful that this initial effort to better understand and forecast development returns will encourage further study in this important area. / by Jason J. Foster and Bryan D. Lee. / S.M.

Thesis: M.C.P., Massachusetts Institute of Technology, Department of Urban Studies and Planning, 2016. / Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2014. / Cataloged from PDF version of thesis. / Includes bibliographical references (pages 65-71). / Despite the rising representation of women in management, female managers continue to be devalued compared to male managers, presenting a challenge for gender inequality in organizations. This study helps address a significant gap in the literature by investigating if the devaluation of female managers can be explained by their lower effectiveness in motivating worker performance. We investigate this question by using a methodological framework that combines unique personnel records, ethnographic and field-experimental data in the context of a large Indian garment factory where female supervisors are devalued and paid 15% less than their male counterparts to manage a female workforce. First, we demonstrate that the devaluation of female supervisors cannot be explained by their lower managerial effectiveness. By exploiting within-worker changes in supervisor gender in the personnel data, we find that female supervisors elicit 5% higher worker performance than male supervisors. Second, we ethnographically and experimentally show that female supervisors outperform their male counterparts by adopting a "non-authoritative managerial style," and further suggest that this style could lead to devaluation by upper management. Combined, these results rule out managerial substance as an explanation for the devaluation of female managers, pointing instead to managerial style as a prime determinant of gender inequality in the workplace. / by Ranjitha Shivaram. / M.C.P. / S.M. in Real Estate Development