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  Programme Agenda

Day 1

  • Property Market and the Economy
    Case Study: Land values in Asia-Pacific and their measurement
    Case Study: The concept of valuer independence
    Case Study: The Multiplier
  • The Building Blocks of Real Estate Analysis
    Exercise: Calculating Net Operating Income
    Exercise: The use of comparables to derive property values
  • Analysing Real Estate Performance
    Case Study: The MSCI Investment Property Databank indices
  • The Crucial Forecasting Factor
    Case Study: How accurate are real estate forecasts in Asia-Pacific?

Day 2

  • Financial Structures in Real Estate Analysis
    Exercise: Calculating and using Net Present Value for real estate
  • Legal and Advanced Value Issues
  • Feasibility Studies
    Examples: Feasibility studies and their evaluation
  • Risk and Return
  • Indirect Property Investment

Day 3

  • Financial Modelling for Real Estate
    Case Study: Evaluating good and bad Excel real estate financial models
  • Structures of real estate models: layout and flow
  • Types of real estate models: Construct and Sell, Buy and Let, etc.
  • Escalation and Inflation
  • The bank perspective: Debt Coverage Radio (DCR) and other ratios
  • SPV accounts for real estate
  • Computer-Based Exercise: Build a Discounted Cash Flow (DCF) model of an office real estate development
  • ESTATEMASTER - An Alternative to Excel real estate model
  • Sensitivity, Scenario and Monte Carlo Analysis

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