| Code | Faculty | Department |
|---|---|---|
| 12252034 | Faculty of Engineering, Built Environment and Information Technology | Department: Construction Economics |
| Credits | Duration | NQF level |
|---|---|---|
| Minimum duration of study: 2 years | Total credits: 180 | NQF level: 09 |
The degree can be obtained by successfully completing a curriculum with coursework and a mini-dissertation.
The modules are presented in block weeks. The attendance of block weeks is compulsory. All examinations are conducted at the Department of Construction Economics, South Campus, University of Pretoria.
The curriculum is compiled in consultation with the Head of Department. In order to be considered for the MSc Real Estate degree by coursework to be awarded, a candidate should have obtained a minimum of 120 credits for modules and in addition, have submitted and passed an applicable mini-dissertation (60 credits), i.e. a total of 180 credits.
The Head of Department may, at own discretion, allow for any other module that is deemed appropriate for an individual student’s circumstances, to be taken elsewhere as elective in lieu of the abovementioned elective modules.
Module content:
An introduction to property management which aims to develop an understanding of the role of the property manager, functions of property management, the management contract, the owner/manager relationship. Maintenance of the long-term property acquisitions/lease programmes; purchase of land and buildings; leasing and insurance; law of leases, leasing non-owned premises; marketing and leasing of owned premises; lease management; management of residential, group housing, sectional title, office, shopping centre and industrial developments. Marketing of management services. The property cycle. Operational property/asset management. Financial control and budgets. Tenant relations. Risk management. Maintenance management.
Module content:
This module aims to develop an understanding of the Valuation Profession and includes concepts of value, classification of value and accuracy of valuations, the Surveyor-General; the Registrar of Deeds; and records of the valuer. Factors affecting the value of different types of properties; appreciation and depreciation, different approaches to valuation, the value of improvement, and the valuation report. An introduction to the statutes and ordinances (relevant sections) affecting valuation, including the Property Valuers Profession Act. Case law relating to the valuation of fixed property; property valuation, highest and best use of property; influence of the “wrong” development on market value; influences of leases on values; leases and rentals; theory of the income, residual, cost and accounts methods of valuation.
Module content:
Introduction to property development, including what property development and property investment is. Phases and participants in the property development process and evaluation of development opportunities. Contracting and managing professional consultants. Construction cost management for efficient property development, including an overview of the construction business, contracting approaches, cost estimates and price adjustments. Principles of urban and property economics. Land use planning, development and building control. Township establishment and development. Green property development, including principles of sustainability and regulatory aspects. Types of development include residential, commercial and industrial property development. Traffic and parking. Refurbishment and conversion (adaptive reuse) of buildings and complexes.
Module content:
An introduction to feasibility studies and the objectives of investors and developers. Factors affecting the feasibility of proposed property developments; socio-economic feasibility, environmental impact, sociological desirability, physical feasibility; marketing feasibility including market trends and drivers, market area identification, target market and competition profile, performance benchmarking. Financial feasibility: types of financial feasibility reports, structure of reports, capital cost and escalation of cost, income projections and operating costs, cash flow analysis, including examples of such studies. Pre- and post-contract escalation, cash flow calculation, cash flow factor, return on investment. Measures of return include traditional approaches, payback period, return on investment, modern approaches and residual land value, including examples of such methods.
Module content:
Introduction to scientific research. Planning and preparation of a research proposal with implementation of research methodologies. The research proposal is prepared and submitted in anticipation of the mini-dissertation, which must be submitted in the second year of study.
Module content:
Valuation of income-producing properties, valuation of leasehold interests, valuation for insurance purposes, land with development potential, mass valuations and the valuation report. Expropriation: the legislation; the process; compensation; and methods of valuation. Influence of re-zoning on value; valuation of farmland; usually non-negotiable properties; large shopping centres; air space; interest in time-share; leasehold interests; retirement villages; mining rights. Valuation of properties classified as “special” in terms of function, design, construction, or location: market/non-market properties; market and marketability analysis, the influence of location on the marketability and cost of ownership of property; different location modules. Compiling and writing a valuation report.
Module content:
A mini-dissertation on a subject approved by the Head of Department has to be completed during the final year of study.
Module content:
An introduction to facilities management including the following: management of different types of facilities and portfolios of assets. Principles of outsourcing and the outsourcing decision. Contractual relationships in facilities- and asset management; management of building operations; operation of building operating systems; building maintenance and repairs; cleaning services; cost control and financial reporting. The service level agreement. Office facility planning: determining workplace area standards; specifying common facilities; programming short- and long-term office space needs; maintaining the office space inventory; and space allocation to individuals and user groups. Strategic property/asset management. Relocation, maintenance management and life cycle costing, energy management, environmental issues. Outsourcing.
Module content:
The principles of investment analysis and its application in national and international property investment. Investment principles, including the nature of the investment decision process and decision-making approaches in investment in fixed property. An overview of property economics. Investment finance and tax, including financing and re-financing decisions, gearing and hedging, ownership entities, listed vehicles and REIT’s and tax implications of the ownership entity. International property investment, including the international market and investment standards, international investment strategy and risk in international investments. Green building and investment.
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