Analisa Investasi Proyek

RealEstateDevelopment:Principlesand
Process,5thEd
Miles,M.E,etal

Stage One of the Development

Process : Idea Inception

KELOMPOK 2:

Achmad Saifuddin (9116202301)

Jeffry Dwi (9116202303)
Ade Rochmanu (9116202316)
Novrizal Putra (9116202318)

DOSEN PENGAMPU

Ir. Rianto B. Adiharjo. MSc, PhD

Ir. Aditya Sutantio, MMT

PROGRAM MAGISTER MANAJEMEN TEKNOLOGI

BIDANG KEAHLIAN MANAJEMEN PROYEK
PROGRAM PASCASARJANA
INSTITUT TEKNOLOGI SEPULUH NOPEMBER
SURABAYA
2017

 AchmadSaifuddin AdeRochmanu

(9116202301) (9116202316)
JeffryDwiSaputra NovrizalPutra
(9116202303) (9116202318)

Stage One of the Development

Process : Idea Inception

The role of the participant in the development process and the historical evolution of the
relationship between tyhe public and private sectors, it is time to move forward with stage one of the
development process idea inception. Success is predicated on finding the right idea it is difficult, if not
impossible, to manage ones way out of a bad development idea. Formula exists for generating good
development ideas because everyone receives different data and processes that data into information
differently.

The developer, members of the development team, investors, regulators, and policy makers can
be more effective and successfull if they look at all the data (history, current conditions, and forecasts).
The basics of marketing and market research are highlighted at four points in the development process:

Idea inception,
Idea refinement,
Feasibility analysis and
Project marketing.

This point chapter covers the following topics:

1. Motivations Behind Ideas

Developers are constantly involved in informal brainstorming, always searching their knowledge
and experience for an idea that offers potential. In the development process, ideas may emerge in
many ways.
Sometimes the site is already developed and the existing structure needs to be redeveloped.
Alternatively, developers sometimes encounter a use looking for a site, which is frequently the case
when corporations want to expand, introduce a new product, or restructure their operations. Finally,
powerfull forces of the capital to looking for a development opportunity. Sucessful developers also
have extensive contacts who function as a sounding board for new ideas and who can suggest
potential members of the development team.

MMTITS 1

 AchmadSaifuddin AdeRochmanu

(9116202301) (9116202316)
JeffryDwiSaputra NovrizalPutra
(9116202303) (9116202318)

Although an initial idea may be rough, the key concern at this early stage are all the ways that
a project affects its surronding environment on the project. When fit and reshaping are being
considered, it is important not to lose sight of ethical obligations. As the pressures of the
development process intensify, the developer must remain alert to any moral hazards lurking in the
substructure.

2. The Back-Of-The-Envelope pro forma

The development process ends when the developer tests the new idea with a back-of-the-envelope
pro forma-a simple comparison of value and cost. At this stage, ideas are not sufficiently refined to
subjected to the type of detailed analysis that incorporates the computerized discounted cash flow
models.
To prepare a quick pro forma for an income property, the developer typically uses his concept
of the target tenant to estimate how much rent a tenant might be willing to pay for a perticular type
of space with appropriate services in a perticular location. The developer then substracts the
projected operating expenses to obtain an estimate of operating income, which can than be
translated into an estimate of value. If cost exceeds value, it is back to the drawing board.
Like most research-driven activities, the vast majority of development ideas are not financilly
viable. Thus, most of the time, stage one ends with recognition that the smart decision is to stop.
The prospect of a no-go decision is a fact of life for developers and a natural pert of the
development process.
Developers are part dreamers, and everything to this point is a rough estimate. Once other
players become more involved which occurs upon getting a positive value from the back-of the-
envelope pro forma-they may temper the dream with realities and improved information the make
it impossible to go ahead with the project.

MMTITS 2

 AchmadSaifuddin AdeRochmanu

(9116202301) (9116202316)
JeffryDwiSaputra NovrizalPutra
(9116202303) (9116202318)

3. Techniques for Generating Ideas

Ideas often appear to arise intuitively; however, certain formal techniques can be used to stimulate
creativity, brainstorming, the nominal group process, the Delphi method, environmental scanning,
focus groups, and surveys (or a combination of these types) are the techniques used most frequently
to generate and test development ideas.
Surveys are another tool that developers use to generate ideas for new products and projects
and to modify projects that are underway. Successful developers have coped with too little relevant
information, too much data, inaccurate data, and rapidly changing conditions, while managing to
synthesize successful new ideas from insights gained from imperfect sources.

4. Risk Control During Stage One of the Real Estate Development Process
Developer can follow several principles to reduce risk in stage one of the development process:
Know yourself
Know your image
Know your team
Coordinate
Keep current
Behave ethically
Pay attention to global financial cycles

SUMMARY

Stage one is clearly the most important stage of the development process. Several techniques are
availablefor generating ideas, but no matter the source, any idea must be tested with a quick, back-of-
the-envolep pro forma. The best risk control technique is dont. Advice to stay within the
boundaries of the market is good; however, the boundaries should not be those of the current market
but those of where the market will be upon completion of the project.

MMTITS 3