Property Economic and Valuation

Throughout the lecture which taught by Sam Moorwood, I had learnt that how to apply those techniques to appraise a project viability. I found out that the modern techniques of net present value (NPV) and internal rate of return (IRR) is more practical and accurate for appraising when we are comparing the payback period of average annual rate of return. As this techniques will be involving the consideration to the financial interest, a serious impact on the economic viability of project could be occur. In the past of my study, I do study about this techniques but never have the chance to apply it. This module had gave me the chance to apply it in the assignment and I understand that the importance of the NPV and IRR which if the project has positive NPV and IRR which mean that the project is worth to be invest as it showing the confirmation of profitability of the development and able to cover the capital and budget.

This will be new knowledge for me as it assisting me in accessing the economic viability of project. It could help me and I could apply this techniques and knowledge in the future workplace. Besides that, it also help to enhance my cost management skills which CIOB professional competencies framework is requiring. 

Please feel free visit my padlet wall about proposal development of MATILDA STREET =D
http://padlet.com/yeewen92/matildastreet

Sustainable Development

Source:(Jeanjean.com,2014)

Sustainable development is defined as “Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.” (Liew, 2004) Many people will confuse about sustainable development and green building which I am always though that green building is a sustainable development. Throughout the lecturer which given by Ms.San Liew, I understand that sustainable development is covering wider scopes than the green building which green building is just one of the aspects of the sustainable development. As had mentioned in above, sustainable development is to fulfilling the people needs without compromising the need of the future generation. To achieve this objective, it shall balance the aspects of environment, economic and social.

Nowadays, sustainable development is getting popular in the construction industry because it able to improve the aspects of environment, economic and social in the country. Moreover, to achieve these aspects, we need to consider the various factors in the development together to balance with the aspects. After this lesson, the factors of sustainable development can be included in the proposal of the redevelopment of Matilda Street as it may improve the environment and produce a better building in the area. 

Please feel free visit my padlet wall about proposal development of MATILDA STREET =D
http://padlet.com/yeewen92/matildastreet

Marketing Analysis

Market analysis is the process of determining factors, conditions and the characteristics of a market. (Dictionary.com, 2014) A complete feasibility study shall be done for a development and it should be included the market appraisal, site and location analysis and the fulfilment of policy. Policy, site and location analysis need to be initiated first to determine a suitable development on the proposed site then the market appraisal will be carried out to identify the viability of the development. There are two types of analysis which can be carry out for the market appraisal which are SWOT (Strength, Weakness, Opportunities and Threats) and PESTEL (Political, Economic, Social, Technology, Environment and Legal). PESTEL is originally known as PEST analysis, this is a macro environmental framework used to understand the impact of the external factors on the organization and is used as strategic analytical technique. (BPMgeek, 2011) This could help to identify the key aspects which needed to be consider by the developer in a development. Once the type of development has been decided, then SWOT analysis will be take in to place to identify the viability of the development. SWOT analysis is a framework for identifying and analysing the internal and external factors that can have an impact on the viability of a project, product, place or person. (TevhTarget, 2014) This could analyse the advantages of the development which are Strength and Opportunities and also the disadvantages of the development which are Weakness and Threats.

Figure 1: SWOT (cerasis, 2013)

Figure 2: PEST (projectsmart.co.uk, 2014)

Through this lecture, I have more understand and have the knowledge in the implementation of the market appraisal for a development. This lecture had help me in improving the decision making skill and also accessing the environmental risk factor which associated with a development. 

Please feel free visit my padlet wall about proposal development of MATILDA STREET =D
http://padlet.com/yeewen92/matildastreet

The Planning System

The lecture in week 4 which taught by Sam Moorwood was about the planning system in United Kingdom. Throughout the lecture, I am able to understand about the planning system and the related acts and regulations to be apply in the development of a construction project. The planning system is different compare with the planning system in Malaysia. The regulation that used in United Kingdom is Town and Country Planning Act 1990 and Malaysia is using Town and Country Planning Act 1976 (Malaysia). Both of these acts are imposed in the legal planning framework. (Please refer to Figure 1 and Figure 2)

Figure 1: The planning system – United Kingdom (MILT, 2014)

Figure 2: The planning system – Malaysia (academia.edu, 2014)

During the lecture, Sam Moorwood had taught us that how to obtain information from the Sheffield City Council website. This able to help me on finding information for the assignment and the information will be more accurate. The information that I can find in the website are proposal map, Sheffield City Policies and Sheffield Core Strategy. Moreover, the information that I can obtained from the website such as the zone and usage of land, requirement for the planning permission, conservation regulatory framework and restriction on development. All of these information had help me in finalizing the type of development to be constructed for the proposed land and also the regulations and requirements to be imposed for the development.

Figure 3: Sheffield City Council (Sheffield City Council, 2014)

Through this lecture, I had learn on how to manage the information and decision making as stipulated under the CIOB competencies frameworks. As there are some information which available in the Sheffield City Council website are not relevant to the development. Therefore, I had learn that we shall eliminate some unrelated information so that we can make a correct decision by understanding and utilize all the information adequately. 

Please feel free visit my padlet wall about proposal development of MATILDA STREET =D
http://padlet.com/yeewen92/matildastreet

Site and Location Analysis

Throughout the lecture in week 3 which taught by Tim Jones, I have learned that what factors that needed to be considered for the development. In addition, such task have been done before in the previous college which I need to propose a development and think what factors that should be included and considered in the development. The challenging part of this task is that it is different compare with the previous one as we need to redevelop a building and relate it with the construction regulations and culture in United Kingdom. There are some new factors that needed to be considered which I had learned during the lecture are referring to the old maps to consider the past uses of the buildings and the presence of wildlife as there is strict enforcement in the actions to be carried out. The new knowledge may improve my experience for the involvement in the initiation stage of the development through the consideration the factors.

In addition, Tim Jones mentioned that we shall focus on the intended final building that we had plan to complete for the assignment then think about what problems will be associated during the development to complete the intended final building. This principle will be useful and it can be apply in the future when there are any problems associated in the work and life. Moreover, it can prevent me from too focus on the existing problems of the building such as the defects of the building and the problems that I will be face in the process of completing the final intended building. 

Please feel free visit my padlet wall about proposal development of MATILDA STREET =D
http://padlet.com/yeewen92/matildastreet

Site Inspection - Matilda Street

Matilda Street 

On 10th June 2014, I have assigned to carry out a site visit to Matilda Street in order to prepare a proposal of development. This inspection was carried out with my group-mates and it was lead by Mr. Dave Weatherall. It just needed 5 minutes walking distance from Sheffield Hallam University Main Campus. The usage of the subject property is for storage and it was unoccupied during the inspection. Mr. Dave Weatherall had distribute equipment (measuring tape and laser tape measure) in order to help us for the inspection. The building consist of 3 levels which the ground floor is used for storage, first floor is empty and second floor is more like for office usage when we having our inspection on that day. The shape of the site is more likely a rectangular shape and there are some spaces around the building which is for car parking.

The exterior condition and environment of the building was acceptable and didn't found out much problem on it. During the inspection, we found out that the entrance of the building was narrow which was inconvenient to access and the interior of the building was placed with many furniture which caused the spaces of the ground floor pack and difficult to walk around for inspection. The interior of the building was found that in a bad condition which there are visible cracking on the wall and ceiling. In addition, in the building also found out that the fire escape staircase was made by wood and the staircase in the building was cover with carpet which were inappropriate used of materials. Moreover, the carpet of the staircase found that was tear off which is very dangerous if fire disaster happen. Photos below shown that the condition of the ground floor.

Ground Floor 

Staircase - Carpet tear off

The second floor of the building was empty and found out that there are some visible crack on the wall. There are also some mould and fungus found on the brick wall and the wiring was placed disorderly. Photos below shown that the condition of the first floor.

Cracking - Wall

Mould and Fungus on brick wall

Wiring placed disorderly

The third floor of the building is more likely for the office spaces. The condition of third floor was bad because we found out that there were a lot of mould on the ceiling and wall, ceiling fallen, deterioration of ceiling and wall cracking. Photos below shown that the condition of the third floor. 

Ceiling fallen

Mould on the ceiling

Deterioration of ceiling

Wall cracking

ceiling fallen - causes cement fall all over the floor

mould and fungus found on the ceiling and wall

The inspection was carried out by observing and investigating the current condition of the building. Besides that, we also measured the size of the building and determine the usage of the building in order to prepare the proposal of development in the future.