Property development: a framework for on-time delivery
- Authors: Mkhwe, Tandokazi Lerato
- Date: 2019
- Subjects: Real estate development -- South Africa , Project management -- South Africa Time management Financial statements -- Standards -- South Africa
- Language: English
- Type: Thesis , Masters , MSc
- Identifier: http://hdl.handle.net/10948/41084 , vital:36294
- Description: Property development is a complex process and is considered to be highly risky. The Global Financial Crisis (GFC) in 2009 had a negative impact on property due to various factors such as: increased interest rates; increase of stricter mortgage bond approvals; the recession and other possible financial regulatory factors. Property development plays a major role in the Gross Domestic Product (GFC)) of global economies worldwide, as well as in South Africa and changes in the supply and demand value of property impacts the performance of the property market. Thus, property development and real estate are one of the largest suppliers of employment. Property development entrepreneurs lack the project management skills to manage projects. In this study the related literature was reviewed and an empirical study was conducted. 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 a framework for perceived on-time delivery of property development projects. A descriptive survey was conducted among professionals in the property industry, and property development practitioners within South Africa. The findings suggest that the following variables influence the perceived ontime delivery of property development projects: Delays and disruptions, poor workmanship, PESTEL (political, economic, social, technological, legal and environmental) factors, shortfalls in full mortgage bond approval, town planning regulations, and the prevalence of a project management, framework amongst property developers, real-estate agencies and conveyancers. Furthermore, the following variables were identified in the empirical framework affecting the perceived on-time delivery of property development projects: PESTEL namely; Political Factors, Economical Factors, Social Factors, Technological Factors, Environmental Factors and Legal Factors. This study contributed to the South African property development body of knowledge, by determining the factors influencing the completion of property development projects, and on developing a framework for successful implementation of property development projects.
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- Date Issued: 2019
An entrepreneurial framework for new venture property development projects
- Authors: Abrey, Mark Henry Shaw
- Date: 2015
- Subjects: Real estate development -- South Africa , Entrepreneurship -- South Africa , Land subdivision -- South Africa
- Language: English
- Type: Thesis , Masters , MSc
- Identifier: vital:9709 , http://hdl.handle.net/10948/d1020162
- Description: 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.
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- Date Issued: 2015