CORPFIN 7049NA - Real Estate Valuation and Investment (M)
Ngee Ann Academy - Trimester 3 - 2015
General Course Information
Course Code CORPFIN 7049NA Course Real Estate Valuation and Investment (M) Coordinating Unit Business School Term Trimester 3 Level Postgraduate Coursework Location/s Ngee Ann Academy Units 3 Available for Study Abroad and Exchange N Prerequisites CORPFIN 7005/7005NA Course Description Real estate is a significant investment focus in managing investor portfolios. This course looks at the issues in financing and investing in real estate with an emphasis on commercial real estate. It covers the general context of real estate as an investment, including the role and contribution of property trusts versus direct investment, and discusses what differentiates real estate from other assets. Valuation models are investigated (including cash flow models, and comparative valuation and the influence of real options value). Real estate investment financing is investigated, looking at project financing as well as general investment. Lastly issues in project development are considered. Building on the Business Schools existing links with the American Real Estate and Urban Economics Association, the course covers the tools for direct investors and advisors to make better decisions with respect to real estate investment, using case studies of Singaporean, Australian and international projects and investment outcomes to illustrate the issues involved.
Course Coordinator: Associate Professor Chee Cheong
The full timetable of all activities for this course can be accessed from Course Planner.
Course Learning OutcomesCOURSE Learning Objectives
By the end of this course students should be able to:
1. Understand the core drivers of real estate market values, and market performance particularly in the Asia Pacific area.
2. Understand the models by which real estate assets are financed and the ways in which investors participate.
3. Understand the positioning of real estate within a portfolio and the opportunities it presents for investors.
4. Apply models for the assessment of real estate development projects.
University Graduate Attributes
This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:
University Graduate Attribute Course Learning Outcome(s) Knowledge and understanding of the content and techniques of a chosen discipline at advanced levels that are internationally recognised. 1-4 The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. 1-4 An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. 2 & 4 Skills of a high order in interpersonal understanding, teamwork and communication. 4 A proficiency in the appropriate use of contemporary technologies. 1 & 4 An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities. 1
Required ResourcesThis course is developed around a text book, and this will provide much of the reading you require.
The text is widely used internationally for such courses, and is:
Geltner, Miller, Clayton and Eihholtz, Commercial Real Estate, Analysis and Investments, OnCourse Learning, 3edition, 2014
Learning & Teaching Activities
Learning & Teaching ModesThe course is taught via intensive seminar-based classes, reinforced through class participation in problem solving.
The information below is provided as a guide to assist students in engaging appropriately with the course requirements.The University expects full-time students (i.e. those taking 12 units per semester) to devote a total of 48 hours per week (over 12 weeks) to their studies. This means that you are expected to commit approximately 108 hours (9 hours x 12 week) for a three-unit course of private study outside of your intensive seminars. Students are expected to attend both intensive seminars.
Learning Activities SummaryThe course material consists of 8 topics. The topics are listed below:
Topic 1: Introduction to Real Estate Valuation
Real Estate Space and Asset Markets
Real Estate System
Real Estate Market Analysis
Topic 2: Basic Financial Economic Concepts and Tools
Real Estate as an Investment
Present Value Mathematics for Real Estate
Measuring Investment Performance: The Concept of Returns
Topic 3: Real Estate Valuation and Investment Analysis
The Basic Idea: DCF and NPV
Nuts and Bolts for Real Estate Valuation
Advanced Micro-level Valuation
Topic 4: Financing and Investment Analysis
Use of Debt in Real Estate Investment
After-Tax Investment Analysis and Corporate Real Estate
Real Estate Investment Capital Structure
Topic 5: Real Estate Investment
Real Estate and Portfolio Theory
Equilibrium Asset Valuation and Real
Estate’s Price of Risk in the Capital Market
Real Estate Investment Trust (REITs)
Topic 6: International Real Estate Markets
The University's policy on Assessment for Coursework Programs is based on the following four principles:
- Assessment must encourage and reinforce learning.
- Assessment must enable robust and fair judgements about student performance.
- Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
- Assessment must maintain academic standards.
Assessment SummaryThe assessment components are:
1. One group assignment (worth 25% towards your final grade) that will be distributed during the first intensive seminar – date of submission to be agreed.
2. Group presentations and participations during the second intensive seminar - worth a total of 25%.
3. One closed-book final exam worth 50% to your final grade.
Assessment Related RequirementsStatutory obligations in Singapore are such that attendance in person is a compulsory condition of passing a course. Our specific requirements are that students must attend at least 80% of class sessions to be graded for that course. For these purposes each intensive weekend is defined as comprising 5 sessions with 1 on Friday evening and 2 on each of Saturday and Sunday. Each course in total comprises 10 sessions; Students must attend a minimum of 8 sessions to be eligible to be given a grade for the course. Students failing to meet these requirements will be automatically graded 0% Fail (F) on their transcripts.
Besides meeting the statutory obligations in Singapore, to gain a pass for this course, a mark of at least 40% (out of 100%) must be obtained for the final examination as well as a total of at least 50% overall. Students not achieving the minimum exam mark will be awarded no more than 49%.
Legible hand-writing and the quality of English expression are considered to be integral parts of the assessment process. Marks may be deducted in all assessments because of poor hand-writing or English expression.
Students in this course are not permitted to take a DICTIONARY (English or English-Foreign) into the examination. The use of calculators in the examination is permitted in this course.
Academic Honesty Policy: http://www.adelaide.edu.au/policies/230/
No information currently available.
No information currently available.
Grades for your performance in this course will be awarded in accordance with the following scheme:
M10 (Coursework Mark Scheme) Grade Mark Description FNS Fail No Submission F 1-49 Fail P 50-64 Pass C 65-74 Credit D 75-84 Distinction HD 85-100 High Distinction CN Continuing NFE No Formal Examination RP Result Pending
Further details of the grades/results can be obtained from Examinations.
Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.
Final results for this course will be made available through Access Adelaide.
The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.
SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.
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- Reasonable Adjustments to Teaching & Assessment for Students with a Disability Policy
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Policies & Guidelines
This section contains links to relevant assessment-related policies and guidelines - all university policies.
- Academic Credit Arrangement Policy
- Academic Honesty Policy
- Academic Progress by Coursework Students Policy
- Assessment for Coursework Programs
- Copyright Compliance Policy
- Coursework Academic Programs Policy
- Elder Conservatorium of Music Noise Management Plan
- Intellectual Property Policy
- IT Acceptable Use and Security Policy
- Modified Arrangements for Coursework Assessment
- Student Experience of Learning and Teaching Policy
- Student Grievance Resolution Process
Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student’s disciplinary procedures.
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