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Consolidating the roles of financial feasibility studies: Property developers vs quantity surveyors

Rolien Terblanche

Rolien Terblanche

School of Construction Economics and Management, University of Cape TownCape Town, South Africa
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Terblanche, Rolien
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David Stanton Root

David Stanton Root

School of Construction Economics and Management, University of the WitwatersrandJohannesburg, South Africa
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Root, David Stanton
  
08 ago 2024
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Categoria dell'articolo: Research Paper
Pubblicato online: 08 ago 2024
Pagine: 136 - 149
Ricevuto: 09 gen 2024
Accettato: 26 giu 2024
DOI: https://doi.org/10.2478/otmcj-2024-0011
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© 2024 Rolien Terblanche et al., published by Sciendo
This work is licensed under the Creative Commons Attribution 4.0 International License.

Fig. 1:

QS interviews – Pie charts indicating the participant’s roles in a company and experience in years.
QS interviews – Pie charts indicating the participant’s roles in a company and experience in years.

Fig. 2:

Developer interviews: The participant’s roles in the companies.
Developer interviews: The participant’s roles in the companies.

Fig. 3:

Roles of feasibilities.
Roles of feasibilities.

Review of the studies

Study Reference Location Methods Population & sampling Findings
1 Mackenzie and Cusworth (2007) Australia Literature review N/A Methods to improve feasibilities and roles of feasibilities
2 Kwaku Osei (2016) Ghana Literature review and case study One mine Found an average cost overrun of 25% and methods to improve feasibilities to fit some roles
3 Sudhana (2016) Indonesia Semi-systematic literature review and case study One hotel Factors that influence the quality of feasibilities as well as the role of a feasibility from the developer’s perspective
4 Perera et al. (2016) China and the UK Questionnaire survey and business case analysis Three cost and commercial management practices, each from the two countries Comparing the UK and China’s cost management systems (including feasibilities), and proposing a neutral framework for both to use
5 Mukherjee and Roy (2017) India/worldwide Literature review N/A Factors that influence the success of feasibilities and methods to improve feasibilities to fit some roles
6 Heralova (2017) Czech Republic Case study One office building Life cycle costing is seen as part of the role of a feasibility
7 Anees et al. (2018) Pakistan Questionnaire Client, consultants and contractor: 56 responses Roles of feasibilities
8 Syed Alwee et al. (2019) Malaysia Questionnaire QSs, architects and engineers: 52 responses Roles of feasibilities
9 Kgaka (2018) South Africa Interviews Six developers in commercial sector Feasibilities in South Africa are prone to overestimate the forecasted income. Factors influencing the success of feasibilities in terms of roles
10 Kimaru (2018) Kenya Interviews and questionnaires Real estate developers: 5 interviews and 69 questionnaires. Estate agents: 5 interviews and 36 questionnaires within Nairobi City County The effect of off-plan sales (including the use of feasibility studies and the developers’ perspective)
11 Willemse (2019) South Africa Questionnaire and interviews QS, engineers and project managers responded to questionnaires. Three interviews: 2 QS and 1 project manager Complete and thorough studies are not conducted in South Africa. South Africa requires the development of tailored procedures/standards for feasibilities. Feasibilities do not follow best practices. Reported on the roles of feasibilities

Codes, frequency and quotes

Code Freq. Quotes
Secure income 2 ‘…when it comes to securing income’ (Q03)
Tool to advice 3 ‘The feasibility study would be the ultimate tool, to be able to advise the client’ (Q02)
Early involvement 2 ‘QSs are being called in at earlier stages in the projects’ (Q05)
Specialist field 2 ‘I think feasibilities is always a very specialised field’ (Q16)
Company success 2 ‘The feasibility in the QS firm is 90% of your company’s success’ (Q17)
Reputation 7 ‘The feasibility study is also linked to the reputation of the QS’ (Q02)
Acceptable depth 1 ‘… how much debt could one put into that system?’ (D12)
Negotiations with tenants 4 ‘To facilitate deals with tenants’ (D09)
Negotiations for land 3 ‘It’s in pursuit of acquiring land’ (D10)
Progress and performance measurement 2 ‘…to measure our progress’ (D05)
Basis for as-built feasibility 1 ‘I then have to finalise what we call an as built feasibility’ (D17)
Manage risks 1 ‘A feasibility tends to probably guide you on certain risks’ (D07)
Assurance of return 2 ‘A feasibility study for me is to get the proposed return’ (D01)
Business plan 1 ‘… it’s almost like a business plan’ (D03)
Gate keeper 6 ‘The feasibility study is basically the finger on the trigger’ (D05)
Solve problems 1 ‘We focus on the commercial solution…’ (D06)
Sensitivity analysis 2 ‘Another thing that you can develop from a feasibility is what-if situations and sensitivity analysis’ (Q05)
Value engineering 2 ‘And it’s very important from a value engineering perspective’ (D20)
Negotiations of professional fees 3 ‘…that the fees they included is accurate and was negotiated with the professional team’ (D01)
Acquire financing 5 ‘… when you’re looking for finance’ (Q19)
Budget 12 ‘… it becomes my budget’ (D20)
Cost control 9 ‘It’s also the basis of your monthly cost reports that you need to present’ (D01)
Decision-making tool 12 ‘The feasibility study is the basis for making the decision to go ahead with the project’ (D11)
Lingua:
Inglese
Frequenza di pubblicazione:
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