CORPFIN 7049NA - Real Estate Valuation and Investment (M)
Ngee Ann Academy - Trimester 3 - 2016
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General Course Information
Course Details
Course Code CORPFIN 7049NA Course Real Estate Valuation and Investment (M) Coordinating Unit Adelaide Business School Term Trimester 3 Level Postgraduate Coursework Location/s Ngee Ann Academy Units 3 Contact Up to 8 hours per week Available for Study Abroad and Exchange N Prerequisites CORPFIN 7005NA Course Staff
Course Coordinator: Dr Limin Xu
Name: Dr Limin Xu Location: Room 12.24, 10 Pulteney St Telephone: 8313 0735 (work) Email: limin.xu@adelaide.edu.auCourse Timetable
The full timetable of all activities for this course can be accessed from Course Planner.
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Learning Outcomes
Course Learning Outcomes
COURSE 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) Deep discipline knowledge
- informed and infused by cutting edge research, scaffolded throughout their program of studies
- acquired from personal interaction with research active educators, from year 1
- accredited or validated against national or international standards (for relevant programs)
1-4 Critical thinking and problem solving
- steeped in research methods and rigor
- based on empirical evidence and the scientific approach to knowledge development
- demonstrated through appropriate and relevant assessment
1-4 Teamwork and communication skills
- developed from, with, and via the SGDE
- honed through assessment and practice throughout the program of studies
- encouraged and valued in all aspects of learning
4 Career and leadership readiness
- technology savvy
- professional and, where relevant, fully accredited
- forward thinking and well informed
- tested and validated by work based experiences
4 Intercultural and ethical competency
- adept at operating in other cultures
- comfortable with different nationalities and social contexts
- able to determine and contribute to desirable social outcomes
- demonstrated by study abroad or with an understanding of indigenous knowledges
1-4 Self-awareness and emotional intelligence
- a capacity for self-reflection and a willingness to engage in self-appraisal
- open to objective and constructive feedback from supervisors and peers
- able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate
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Learning Resources
Required Resources
This 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 Modes
The course is taught via intensive seminar-based classes, reinforced through class participation in problem solving.Workload
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 Summary
The course material consists of 6 topics. The topics are listed below:
Topic 1: Introduction to Real Estate Valuation (1, 2, 4 & 6)
Real Estate Space and Asset Markets
Real Estate System
Some Basic Urban Economics
Real Estate Market Analysis
Topic 2: Basic Financial Economic Concepts and Tools (7, 8 & 9)
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 (10, 11 & 12)
The Basic Idea: DCF and NPV
Nuts and Bolts for Real Estate Valuation
Advanced Micro-level Valuation
Topic 4: Financing and Investment Analysis (13, 14 & 15)
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 (21,22 & 23)
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: Real Estate Development (27, 28, & 29)
Real Options and Land Value
Investment Analysis of Real Estate Development Project
Note: Reading may be varied during the semester. All .pdf files are uploaded to MyUni. -
Assessment
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 Summary
The 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 Requirements
Statutory 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/
Assessment Detail
No information currently available.
Submission
No information currently available.
Course Grading
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.
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Student Feedback
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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Student Support
- Academic Integrity for Students
- Academic Support with Maths
- Academic Support with writing and study skills
- Careers Services
- International Student Support
- Library Services for Students
- LinkedIn Learning
- Student Life Counselling Support - Personal counselling for issues affecting study
- Students with a Disability - Alternative academic arrangements
- YouX Student Care - Advocacy, confidential counselling, welfare support and advice
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Policies & Guidelines
This section contains links to relevant assessment-related policies and guidelines - all university policies.
- Academic Credit Arrangements Policy
- Academic Integrity Policy
- Academic Progress by Coursework Students Policy
- Assessment for Coursework Programs Policy
- 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 Policy
- Reasonable Adjustments to Learning, Teaching & Assessment for Students with a Disability Policy
- Student Experience of Learning and Teaching Policy
- Student Grievance Resolution Process
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Fraud Awareness
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.
The University of Adelaide is committed to regular reviews of the courses and programs it offers to students. The University of Adelaide therefore reserves the right to discontinue or vary programs and courses without notice. Please read the important information contained in the disclaimer.
