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window.loswp.showSignupCaptcha = false window.loswp.willEdgeCache = false; window.loswp.work = {"work":{"id":83893562,"created_at":"2022-07-28T23:42:17.015-07:00","from_world_paper_id":211498049,"updated_at":"2024-11-28T13:42:35.954-08:00","_data":{"publisher":"Global Social Science Institute","ai_title_tag":"Real Options Analysis in Australian Residential Property Development","grobid_abstract":"Studies have demonstrated the potential of real options analysis (ROA) in property development decision-making. However, practitioners have yet to accept, adopt and integrate ROA in property development decision-making in Australia. This paper therefore investigates how Australian residential property developers manage uncertainties and risks, examines flexibility as a risk management tool, and evaluates the receptiveness and acceptance of ROA for decision making. Data are collected through face-to-face semi-structured interviews with twelve participants, and analysed by using thematic analysis. The results indicate that a discount rate is insufficient for managing uncertainties and risks; rather, contingency is used. Receptiveness and acceptance of the RO theory are mixed due to lack of unanimity among responses. Some participants are positive about flexibility, while others are dismissive. Beyond quantitative ROA models, the findings suggest that practitioners are receptive to ROA, but concerns remain over adoption. Flexibility cases executed by some participants in practice indicate that practitioners are subconsciously using ROA. Therefore, it is possible that acceptance and adoption could be achieved in the future. Evidence of the use of contingency as a risk management tool challenges the long-held notions of risk-return relationships in property development and investment. This is initial evidence of qualitative research on ROA in practice within Australian property developments.","publication_date":"2018,12,31","publication_name":"International Real Estate Review","grobid_abstract_attachment_id":"89094264"},"document_type":"paper","pre_hit_view_count_baseline":null,"quality":"high","language":"en","title":"Real Options Analysis in Residential Property Development Decision-Making in Australia: Perspective of Executives","broadcastable":true,"draft":null,"has_indexable_attachment":true,"indexable":true}}["work"]; window.loswp.workCoauthors = [224630173]; window.loswp.locale = "en"; window.loswp.countryCode = "SG"; window.loswp.cwvAbTestBucket = ""; window.loswp.designVariant = "ds_vanilla"; window.loswp.fullPageMobileSutdModalVariant = "full_page_mobile_sutd_modal"; window.loswp.useOptimizedScribd4genScript = false; window.loginModal = {}; window.loginModal.appleClientId = 'edu.academia.applesignon'; window.userInChina = "false";</script><script defer="" src="https://accounts.google.com/gsi/client"></script><div class="ds-loswp-container"><div class="ds-work-card--grid-container"><div class="ds-work-card--container js-loswp-work-card"><div class="ds-work-card--cover"><div class="ds-work-cover--wrapper"><div class="ds-work-cover--container"><button class="ds-work-cover--clickable js-swp-download-button" data-signup-modal="{"location":"swp-splash-paper-cover","attachmentId":89094264,"attachmentType":"pdf"}"><img alt="First page of “Real Options Analysis in Residential Property Development Decision-Making in Australia: Perspective of Executives”" class="ds-work-cover--cover-thumbnail" src="https://0.academia-photos.com/attachment_thumbnails/89094264/mini_magick20220729-1-1uhvpyf.png?1659077007" /><img alt="PDF Icon" class="ds-work-cover--file-icon" src="//a.academia-assets.com/images/single_work_splash/adobe_icon.svg" /><div class="ds-work-cover--hover-container"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span><p>Download Free PDF</p></div><div class="ds-work-cover--ribbon-container">Download Free PDF</div><div class="ds-work-cover--ribbon-triangle"></div></button></div></div></div><div class="ds-work-card--work-information"><h1 class="ds-work-card--work-title">Real Options Analysis in Residential Property Development Decision-Making in Australia: Perspective of Executives</h1><div class="ds-work-card--work-authors ds-work-card--detail"><a class="ds-work-card--author js-wsj-grid-card-author ds2-5-body-md ds2-5-body-link" data-author-id="224630173" href="https://independent.academia.edu/MintahKwabena"><img alt="Profile image of Kwabena Mintah" class="ds-work-card--author-avatar" src="https://0.academia-photos.com/224630173/81914745/70513757/s65_kwabena.mintah.jpeg" />Kwabena Mintah</a></div><div class="ds-work-card--detail"><p class="ds-work-card--detail ds2-5-body-sm">2018, International Real Estate Review</p><div class="ds-work-card--work-metadata"><div class="ds-work-card--work-metadata__stat"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">visibility</span><p class="ds2-5-body-sm" id="work-metadata-view-count">…</p></div><div class="ds-work-card--work-metadata__stat"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">description</span><p class="ds2-5-body-sm">48 pages</p></div><div class="ds-work-card--work-metadata__stat"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">link</span><p class="ds2-5-body-sm">1 file</p></div></div><script>(async () => { const workId = 83893562; const worksViewsPath = "/v0/works/views?subdomain_param=api&work_ids%5B%5D=83893562"; const getWorkViews = async (workId) => { const response = await fetch(worksViewsPath); if (!response.ok) { throw new Error('Failed to load work views'); } const data = await response.json(); return data.views[workId]; }; // Get the view count for the work - we send this immediately rather than waiting for // the DOM to load, so it can be available as soon as possible (but without holding up // the backend or other resource requests, because it's a bit expensive and not critical). const viewCount = await getWorkViews(workId); const updateViewCount = (viewCount) => { try { const viewCountNumber = parseInt(viewCount, 10); if (viewCountNumber === 0) { // Remove the whole views element if there are zero views. document.getElementById('work-metadata-view-count')?.parentNode?.remove(); return; } const commaizedViewCount = viewCountNumber.toLocaleString(); const viewCountBody = document.getElementById('work-metadata-view-count'); if (!viewCountBody) { throw new Error('Failed to find work views element'); } viewCountBody.textContent = `${commaizedViewCount} views`; } catch (error) { // Remove the whole views element if there was some issue parsing. document.getElementById('work-metadata-view-count')?.parentNode?.remove(); throw new Error(`Failed to parse view count: ${viewCount}`, error); } }; // If the DOM is still loading, wait for it to be ready before updating the view count. if (document.readyState === "loading") { document.addEventListener('DOMContentLoaded', () => { updateViewCount(viewCount); }); // Otherwise, just update it immediately. } else { updateViewCount(viewCount); } })();</script></div><p class="ds-work-card--work-abstract ds-work-card--detail ds2-5-body-md">Studies have demonstrated the potential of real options analysis (ROA) in property development decision-making. However, practitioners have yet to accept, adopt and integrate ROA in property development decision-making in Australia. This paper therefore investigates how Australian residential property developers manage uncertainties and risks, examines flexibility as a risk management tool, and evaluates the receptiveness and acceptance of ROA for decision making. Data are collected through face-to-face semi-structured interviews with twelve participants, and analysed by using thematic analysis. The results indicate that a discount rate is insufficient for managing uncertainties and risks; rather, contingency is used. Receptiveness and acceptance of the RO theory are mixed due to lack of unanimity among responses. Some participants are positive about flexibility, while others are dismissive. Beyond quantitative ROA models, the findings suggest that practitioners are receptive to ROA, but concerns remain over adoption. Flexibility cases executed by some participants in practice indicate that practitioners are subconsciously using ROA. Therefore, it is possible that acceptance and adoption could be achieved in the future. Evidence of the use of contingency as a risk management tool challenges the long-held notions of risk-return relationships in property development and investment. This is initial evidence of qualitative research on ROA in practice within Australian property developments.</p><div class="ds-work-card--button-container"><button class="ds2-5-button js-swp-download-button" data-signup-modal="{"location":"continue-reading-button--work-card","attachmentId":89094264,"attachmentType":"pdf","workUrl":"https://www.academia.edu/83893562/Real_Options_Analysis_in_Residential_Property_Development_Decision_Making_in_Australia_Perspective_of_Executives"}">See full PDF</button><button class="ds2-5-button ds2-5-button--secondary js-swp-download-button" data-signup-modal="{"location":"download-pdf-button--work-card","attachmentId":89094264,"attachmentType":"pdf","workUrl":"https://www.academia.edu/83893562/Real_Options_Analysis_in_Residential_Property_Development_Decision_Making_in_Australia_Perspective_of_Executives"}"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span>Download PDF</button></div><div class="ds-signup-banner-trigger-container"><div class="ds-signup-banner-trigger ds-signup-banner-trigger-control"></div></div><div class="ds-signup-banner ds-signup-banner-control"><div id="ds-signup-banner-close-button"><button class="ds2-5-button ds2-5-button--secondary ds2-5-button--inverse"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">close</span></button></div><div class="ds-signup-banner-ctas"><img src="//a.academia-assets.com/images/academia-logo-capital-white.svg" /><h4 class="ds2-5-heading-serif-sm">Sign up for access to the world's latest research</h4><button class="ds2-5-button ds2-5-button--inverse ds2-5-button--full-width js-swp-download-button" data-signup-modal="{"location":"signup-banner"}">Sign up for free<span class="material-symbols-outlined" style="font-size: 20px" translate="no">arrow_forward</span></button></div><div class="ds-signup-banner-divider"></div><div class="ds-signup-banner-reasons"><div class="ds-signup-banner-reasons-item"><span class="material-symbols-outlined" style="font-size: 24px" translate="no">check</span><span>Get notified about relevant papers</span></div><div class="ds-signup-banner-reasons-item"><span class="material-symbols-outlined" style="font-size: 24px" translate="no">check</span><span>Save papers to use in your research</span></div><div class="ds-signup-banner-reasons-item"><span class="material-symbols-outlined" style="font-size: 24px" translate="no">check</span><span>Join the discussion with peers</span></div><div class="ds-signup-banner-reasons-item"><span class="material-symbols-outlined" style="font-size: 24px" translate="no">check</span><span>Track your impact</span></div></div></div><script>(() => { // Set up signup banner show/hide behavior: // 1. 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However, practitioners are yet to accept, adopt and integrate real options analysis in Australian property development decision making process. The paper examines the receptiveness and acceptance of RO/ROV in the Australian residential property development market with the aim of determining the preparedness of practitioners to use RO in practical property development decision making. Through face to face semi-structured interviews with twelve participants selected from the Australian property development sector, data is collected and analysed using thematic analysis to determine the requirements necessary before adoption of real option analysis/flexibility in property development decision making. Acceptance and receptiveness of RO/ROV was unclear as participants were not unanimous in their response. Some stakeholders were quite positive about the potential of flexibility, but others were d...</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Integrating real options analysis into practical property development decision-making; practitioners’ receptiveness and acceptance","attachmentId":89094247,"attachmentType":"pdf","work_url":"https://www.academia.edu/83893526/Integrating_real_options_analysis_into_practical_property_development_decision_making_practitioners_receptiveness_and_acceptance","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/83893526/Integrating_real_options_analysis_into_practical_property_development_decision_making_practitioners_receptiveness_and_acceptance"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="1" data-entity-id="83893559" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/83893559/Conceptualising_real_options_analysis_for_risk_and_uncertainty_management_in_Australian_property_developments">Conceptualising real options analysis for risk and uncertainty management in Australian property developments</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="224630173" href="https://independent.academia.edu/MintahKwabena">Kwabena Mintah</a></div><p class="ds-related-work--metadata ds2-5-body-xs">2019</p><p class="ds-related-work--abstract ds2-5-body-sm">Property developments are inherently uncertain and risky. As a result, several risk management techniques are adopted by property developers in the Australian property development sector to mitigate the impact of potential downside risks. However, uncertainty can create potential upside opportunities for property developers during the property development process which can be explored through flexibility/real options analysis. Several quantitative models and applications have been executed in the literature on flexibility/real options analysis, but practical adoption is still lacking because practitioners are yet to fully understand the theory and its potential benefits. In this paper, a conceptual model is developed to capture flexibilities/real options and linked to the property development process to determine the exact stages within the property development process where real options could be embedded to retain the potential for capturing future upside benefits from uncertainty....</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Conceptualising real options analysis for risk and uncertainty management in Australian property developments","attachmentId":89094258,"attachmentType":"pdf","work_url":"https://www.academia.edu/83893559/Conceptualising_real_options_analysis_for_risk_and_uncertainty_management_in_Australian_property_developments","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/83893559/Conceptualising_real_options_analysis_for_risk_and_uncertainty_management_in_Australian_property_developments"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="2" data-entity-id="41842536" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/41842536/Risk_Analysis_in_Property_Development_Appraisal_An_Examination_Through_the_Lens_of_Real_Options_Analysis">Risk Analysis in Property Development Appraisal: An Examination Through the Lens of Real Options Analysis</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="683016" href="https://wits.academia.edu/TimothyAyodelePhD">Timothy O . Ayodele (PhD)</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Journal of Environmental Design and Management (JEDM), 2019</p><p class="ds-related-work--abstract ds2-5-body-sm">The purpose of this paper is to demonstrate the application of real options analysis in the appraisal of commercial real estate development using a case study project. The study compared the appraisal outputs of the traditional DCF(NPV) under three scenarios of most optimistic, most likely and most pessimistic, against the results obtained from the ROA, using the Samuelson McKean formula. The findings revealed that uncertainties and risks are better predicted and analysed in development projects with the use of real options analysis, as opposed to relying solely on traditional DCF (NPV) appraisal method. Also, the ROA provides in vestors with a better context in which to make informed decisions about the development project. The paper emphasized the relevance of real options analysis and the analysis of investment risk in project decisions with the aim of enhancing investment decision making. The paper is one of the few attempts that seek to demonstrate the practical application of ROA.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Risk Analysis in Property Development Appraisal: An Examination Through the Lens of Real Options Analysis","attachmentId":61978412,"attachmentType":"pdf","work_url":"https://www.academia.edu/41842536/Risk_Analysis_in_Property_Development_Appraisal_An_Examination_Through_the_Lens_of_Real_Options_Analysis","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/41842536/Risk_Analysis_in_Property_Development_Appraisal_An_Examination_Through_the_Lens_of_Real_Options_Analysis"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="3" data-entity-id="83893554" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/83893554/International_Real_Estate_Review">International Real Estate Review</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="224630173" href="https://independent.academia.edu/MintahKwabena">Kwabena Mintah</a></div><p class="ds-related-work--metadata ds2-5-body-xs">International Real Estate Review, 2018</p><p class="ds-related-work--abstract ds2-5-body-sm">Studies have demonstrated the potential of real options analysis (ROA) in property development decision-making. However, practitioners have yet to accept, adopt and integrate ROA in property development decision-making in Australia. This paper therefore investigates how Australian residential property developers manage uncertainties and risks, examines flexibility as a risk management tool, and evaluates the receptiveness and acceptance of ROA for decision making. Data are collected through face-to-face semi-structured interviews with twelve participants, and analysed by using thematic analysis. The results indicate that a discount rate is insufficient for managing uncertainties and risks; rather, contingency is used. Receptiveness and acceptance of the RO theory are mixed due to lack of unanimity among responses. Some participants are positive about flexibility, while others are dismissive. Beyond quantitative ROA models, the findings suggest that practitioners are receptive to ROA...</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"International Real Estate Review","attachmentId":89094293,"attachmentType":"pdf","work_url":"https://www.academia.edu/83893554/International_Real_Estate_Review","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/83893554/International_Real_Estate_Review"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="4" data-entity-id="125364940" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/125364940/Risk_management_processes_used_in_determining_project_feasibility_in_the_property_development_process_early_stages_by_Australia_New_Zealand_property_developers">Risk management processes used in determining project feasibility in the property development process early stages by Australia/New Zealand property developers</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="314040614" href="https://independent.academia.edu/MartinSkitmore">Martin Skitmore</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Journal of Property Investment & Finance, 2021</p><p class="ds-related-work--abstract ds2-5-body-sm">Purpose. The purpose is to examine the risk management processes and methods used in determining project feasibility in the early stages of the property development process by Australia/New Zealand property developers, including Monte Carlo simulation, Bayesian models and real option theory embedded in long-term property development and investment decision making as instruments for providing flexibility and managing risk, uncertainty and change. Design/methodology/approach. A questionnaire survey of 225 Australian and New Zealand trader developers, development managers, investors, valuers, fund managers and government/charities/other relating to Australia/New Zealand property development companies' decision-making processes in the early stages of the development process prior to site acquisition or project commencement -the methods used and confidence in their organisations' ability to both identify and manage the risks involved. Findings. Few of the organisations sampled use sophisticated methods; those organisations who are more likely to use such methods for conducting risk analysis include development organisations that undertake large projects, use more risk analysis methods and have more layers in their project approval process. Decision makers have a high level of confidence in their organisation's ability to both identify and manage the risks involved, although this is not mirrored in their actual risk management processes. Although the majority of property developers have a risk management plan, less than half have implemented it, and a third need improvement. Originality. First study to examine the risk management processes utilised in determining project feasibility by Australia/New Zealand property developers in the pre-acquisition stage of the development process.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Risk management processes used in determining project feasibility in the property development process early stages by Australia/New Zealand property developers","attachmentId":119422181,"attachmentType":"pdf","work_url":"https://www.academia.edu/125364940/Risk_management_processes_used_in_determining_project_feasibility_in_the_property_development_process_early_stages_by_Australia_New_Zealand_property_developers","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/125364940/Risk_management_processes_used_in_determining_project_feasibility_in_the_property_development_process_early_stages_by_Australia_New_Zealand_property_developers"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="5" data-entity-id="66892925" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/66892925/A_streamlined_real_options_model_for_real_estate_development">A streamlined real options model for real estate development</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="125443198" href="https://independent.academia.edu/BarnalyBarman">Barnaly Barman</a></div><p class="ds-related-work--metadata ds2-5-body-xs">2007</p><p class="ds-related-work--abstract ds2-5-body-sm">This thesis introduces a streamlined model that incorporates the value of the real options that exist in real estate development projects. 1 Real options add value to a project by providing developers with flexibility to minimize downside risk or take advantage of upside potential as conditions change from deterministic expectations. Though developers currently incorporate this value into their decision making using intuition and judgment, the model presented here provides a tool with which developers can value options in a rigorous and quantitative fashion. Though the model should not be used as a comprehensive land residual model, it serves as a powerful proof of concept for real options analysis in the field of real estate. Further, it can be used to measure the relative value and risk of projects with and without real options.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"A streamlined real options model for real estate development","attachmentId":77914400,"attachmentType":"pdf","work_url":"https://www.academia.edu/66892925/A_streamlined_real_options_model_for_real_estate_development","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/66892925/A_streamlined_real_options_model_for_real_estate_development"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="6" data-entity-id="80693900" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/80693900/Methodology_for_the_Evaluation_of_Real_Options_in_Real_Estate_Development_in_Areas_Characterized_by_Uncertain_Scenarios">Methodology for the Evaluation of Real Options in Real Estate Development in Areas Characterized by Uncertain Scenarios</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="37142579" href="https://polito.academia.edu/MBRAVI">MARINA BRAVI</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Proceedings of the 20th Annual European Real Estate Society Conference - Vienna, Austria, 2013</p><p class="ds-related-work--abstract ds2-5-body-sm">The recovery of brownfield sites has been in the past, and still is today, at the centre of urban policies which have established and, in some cases, completed key urban transformation projects. In this regard, it should be noted that a preliminary remediation is often required for large transformation areas before urban functions can be established. Among other things, the recovery of these areas represents a matter of public interest in connection with environmental protection and public health goals. Investment decisions in relation to the development of brownfields are affected, primarily, by two critical variables: the remediation costs and market value of the area after the environmental recovery has been completed. This is in fact a complex process, which cannot be estimated with certainty, and which is influenced by a large number of variables. These include, for example, the characteristics of the project, the timing, the technology and the level of uncertainty in achieving the urban revitalization goals. In the past and in many countries, the use of public resources was the preferred means of encouraging the development of urban transformation projects of contaminated lands. On the contrary, the current economic scenario requires a new insight. One possibility would be to involve private developers from the early stages of the transformation. In this regard, given the uncertainty surrounding the remediation costs, some studies have aimed to define the financial and economic feasibility of the recovery of brownfields through the Real Options Theory (ROT). In this light, this study attempts to argue and support the application of the ROT. It focuses on a contaminated area intended for transformation from an industrial to a residential and commercial use, but for which remediation costs are unavoidable, although their impact is low. By changing the future scenarios, the application of the Black & Scholes formula compares and makes evident the points of view of the landowner, the real estate developer, and the public sector.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Methodology for the Evaluation of Real Options in Real Estate Development in Areas Characterized by Uncertain Scenarios","attachmentId":86991707,"attachmentType":"pdf","work_url":"https://www.academia.edu/80693900/Methodology_for_the_Evaluation_of_Real_Options_in_Real_Estate_Development_in_Areas_Characterized_by_Uncertain_Scenarios","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/80693900/Methodology_for_the_Evaluation_of_Real_Options_in_Real_Estate_Development_in_Areas_Characterized_by_Uncertain_Scenarios"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="7" data-entity-id="80974544" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/80974544/A_Real_Option_Approach_to_Valuing_the_Option_to_Defer_in_a_Residential_Project_in_Melbourne_Australia">A Real Option Approach to Valuing the Option to Defer in a Residential Project in Melbourne, Australia</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="58703298" href="https://rmit.academia.edu/JudithCallanan">Judith Callanan</a></div><p class="ds-related-work--metadata ds2-5-body-xs">2017</p><p class="ds-related-work--abstract ds2-5-body-sm">Property development feasibility evaluation is a precursor to any real estate development activity. The evaluation is predominantly calculated via the use of discounted cash flow (DCF) technique to quantify the future benefits to determine viability of the development. The DCF has been criticised on grounds of inflexibility and that it fails to evaluate real estate projects properly, leading to bias in the results. Real options theory has been proposed as a solution to the deficiencies in the DCF and to complement it. However, the real options theory has lacked practical adoption by industry due to the unavailability of comprehensive evidence to support its application in practice. The purpose of this paper is to examine a practical application of real option to a residential real estate project and compare the results with DCF to determine which of the methods deliver superior results. Dynamic programming, specifically the certainty equivalence approach of the binomial real options...</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"A Real Option Approach to Valuing the Option to Defer in a Residential Project in Melbourne, Australia","attachmentId":87178376,"attachmentType":"pdf","work_url":"https://www.academia.edu/80974544/A_Real_Option_Approach_to_Valuing_the_Option_to_Defer_in_a_Residential_Project_in_Melbourne_Australia","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/80974544/A_Real_Option_Approach_to_Valuing_the_Option_to_Defer_in_a_Residential_Project_in_Melbourne_Australia"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="8" data-entity-id="83893558" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/83893558/Real_options_and_application_to_Australian_proeprty_development_A_conceptual_analysis">Real options and application to Australian proeprty development: A conceptual analysis</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="224630173" href="https://independent.academia.edu/MintahKwabena">Kwabena Mintah</a></div><p class="ds-related-work--metadata ds2-5-body-xs">2016</p><p class="ds-related-work--abstract ds2-5-body-sm">Problem/Purpose - The paper thoroughly reviews the major dissimilarities in the suppositions underlying the DCF and the real options approach, and develops a conceptual framework of real options for the entire real estate development process. Design/methodology/approach - Extensive literature review of journal publications on DCF valuation and real options valuation with critical analysis to result in the development of the conceptual framework for real options. Findings - The findings provide the evidence needed to support the practical appeal of the method to practitioners in the industry. This will enable property practitioners to capture the upside potentials and limit downside losses for investment projects. Research limitations/implications - In Australia according to KPMG (2013), property practitioners and stakeholders are applying discounted cash flow to evaluate the viability of development projects. Standard property development appraisal centred on DCF method discards the...</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Real options and application to Australian proeprty development: A conceptual analysis","attachmentId":89094257,"attachmentType":"pdf","work_url":"https://www.academia.edu/83893558/Real_options_and_application_to_Australian_proeprty_development_A_conceptual_analysis","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/83893558/Real_options_and_application_to_Australian_proeprty_development_A_conceptual_analysis"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="9" data-entity-id="70639595" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/70639595/An_application_of_Real_Option_Analysis_for_the_assessment_of_operative_flexibility_in_the_urban_redevelopment">An application of Real Option Analysis for the assessment of operative flexibility in the urban redevelopment</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="32285453" href="https://independent.academia.edu/BenedettoManganelli">Benedetto Manganelli</a></div><p class="ds-related-work--metadata ds2-5-body-xs">2014</p><p class="ds-related-work--abstract ds2-5-body-sm">The high variability of market prices and the uncertainty that, even in restrained timeframes, is characterizing the general economic situation, have led real estate operators to a prudent attitude, who tend to postpone or at least stagger the start of the initiatives on hold of more stable conditions. In this context it is appropriate to use evaluation tools enable to enhance the investment capacity to be adapted to possible changes of the conditions initially hypothesized. In the present research Real Options Analysis (ROA) is applied to the evaluation of an investment in urban redevelopment of a former industrial complex. The result obtained shows the efficacy of the instrument. Assuming that the entrepreneur considers affordable the implementation of the initiative if the outcome of the discounted cash flow analysis is at least equal to a threshold value calculated as a percentage of revenues, the application of ROA returns an extended NPV that meets this constraint, whereas the...</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"An application of Real Option Analysis for the assessment of operative flexibility in the urban redevelopment","attachmentId":80307246,"attachmentType":"pdf","work_url":"https://www.academia.edu/70639595/An_application_of_Real_Option_Analysis_for_the_assessment_of_operative_flexibility_in_the_urban_redevelopment","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/70639595/An_application_of_Real_Option_Analysis_for_the_assessment_of_operative_flexibility_in_the_urban_redevelopment"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div></div></div><div class="ds-sticky-ctas--wrapper js-loswp-sticky-ctas hidden"><div class="ds-sticky-ctas--grid-container"><div class="ds-sticky-ctas--container"><button class="ds2-5-button js-swp-download-button" data-signup-modal="{"location":"continue-reading-button--sticky-ctas","attachmentId":89094264,"attachmentType":"pdf","workUrl":null}">See full PDF</button><button class="ds2-5-button ds2-5-button--secondary js-swp-download-button" data-signup-modal="{"location":"download-pdf-button--sticky-ctas","attachmentId":89094264,"attachmentType":"pdf","workUrl":null}"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span>Download PDF</button></div></div></div><div class="ds-below-fold--grid-container"><div class="ds-work--container js-loswp-embedded-document"><div class="attachment_preview" data-attachment="Attachment_89094264" style="display: none"><div class="js-scribd-document-container"><div class="scribd--document-loading js-scribd-document-loader" style="display: block;"><img alt="Loading..." src="//a.academia-assets.com/images/loaders/paper-load.gif" /><p>Loading Preview</p></div></div><div style="text-align: center;"><div class="scribd--no-preview-alert js-preview-unavailable"><p>Sorry, preview is currently unavailable. You can download the paper by clicking the button above.</p></div></div></div></div><div class="ds-sidebar--container js-work-sidebar"><div class="ds-related-content--container"><h2 class="ds-related-content--heading">Related papers</h2><div class="ds-related-work--container js-related-work-sidebar-card" data-collection-position="0" data-entity-id="83893543" data-sort-order="default"><a class="ds-related-work--title js-related-work-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/83893543/Staging_option_application_to_residential_development_real_options_approach">Staging option application to residential development: real options approach</a><div class="ds-related-work--metadata"><a class="js-related-work-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="224630173" href="https://independent.academia.edu/MintahKwabena">Kwabena Mintah</a></div><p class="ds-related-work--metadata ds2-5-body-xs">International Journal of Housing Markets and 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