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<!DOCTYPE html> <html > <head> <meta charset="utf-8"> <meta rel="search" type="application/opensearchdescription+xml" href="/open_search.xml" title="Academia.edu"> <meta content="width=device-width, initial-scale=1" name="viewport"> <meta name="google-site-verification" content="bKJMBZA7E43xhDOopFZkssMMkBRjvYERV-NaN4R6mrs"> <meta name="csrf-param" content="authenticity_token" /> <meta name="csrf-token" content="4azjcPP0Mb1PhP59VwGY75bT0AF6O2JkDj4PgN90Xmu4U1KKZcIMfQyQIeQkL+jAXrf6wRt/upq5uxAsNgjLRA==" /> <meta name="citation_title" content="Conceptualising real options analysis for risk and uncertainty management in Australian property developments" /> <meta name="citation_publication_date" content="2019/01/03" /> <meta name="citation_author" content="Kwabena Mintah" /> <meta name="twitter:card" content="summary" /> <meta name="twitter:url" content="https://www.academia.edu/83893559/Conceptualising_real_options_analysis_for_risk_and_uncertainty_management_in_Australian_property_developments" /> <meta name="twitter:title" content="Conceptualising real options analysis for risk and uncertainty management in Australian property developments" /> <meta name="twitter:description" content="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," /> <meta name="twitter:image" content="https://0.academia-photos.com/224630173/81914745/70513757/s200_kwabena.mintah.jpeg" /> <meta property="fb:app_id" content="2369844204" /> <meta property="og:type" content="article" /> <meta property="og:url" content="https://www.academia.edu/83893559/Conceptualising_real_options_analysis_for_risk_and_uncertainty_management_in_Australian_property_developments" /> <meta property="og:title" content="Conceptualising real options analysis for risk and uncertainty management in Australian property developments" /> <meta property="og:image" content="http://a.academia-assets.com/images/open-graph-icons/fb-paper.gif" /> <meta property="og:description" content="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," /> <meta property="article:author" content="https://independent.academia.edu/MintahKwabena" /> <meta name="description" content="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," /> <title>(PDF) Conceptualising real options analysis for risk and uncertainty management in Australian property developments | Kwabena Mintah - Academia.edu</title> <link rel="canonical" href="https://www.academia.edu/83893559/Conceptualising_real_options_analysis_for_risk_and_uncertainty_management_in_Australian_property_developments" /> <script async src="https://www.googletagmanager.com/gtag/js?id=G-5VKX33P2DS"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-5VKX33P2DS', { cookie_domain: 'academia.edu', send_page_view: false, }); gtag('event', 'page_view', { 'controller': "single_work", 'action': "show", 'controller_action': 'single_work#show', 'logged_in': 'false', 'edge': 'unknown', // Send nil if there is no A/B test bucket, in case some records get logged // with missing data - that way we can distinguish between the two cases. // ab_test_bucket should be of the form <ab_test_name>:<bucket> 'ab_test_bucket': null, }) </script> <script> var $controller_name = 'single_work'; var $action_name = "show"; var $rails_env = 'production'; var $app_rev = '49879c2402910372f4abc62630a427bbe033d190'; var $domain = 'academia.edu'; var $app_host = "academia.edu"; var $asset_host = "academia-assets.com"; var $start_time = new Date().getTime(); var $recaptcha_key = "6LdxlRMTAAAAADnu_zyLhLg0YF9uACwz78shpjJB"; var $recaptcha_invisible_key = "6Lf3KHUUAAAAACggoMpmGJdQDtiyrjVlvGJ6BbAj"; var $disableClientRecordHit = false; </script> <script> window.require = { config: function() { return function() {} } } </script> <script> window.Aedu = window.Aedu || {}; window.Aedu.hit_data = null; window.Aedu.serverRenderTime = new Date(1732436660000); window.Aedu.timeDifference = new Date().getTime() - 1732436660000; </script> <script type="application/ld+json">{"@context":"https://schema.org","@type":"ScholarlyArticle","abstract":"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....","author":[{"@context":"https://schema.org","@type":"Person","name":"Kwabena Mintah"}],"contributor":[],"dateCreated":"2022-07-28","dateModified":null,"datePublished":"2019-01-03","headline":"Conceptualising real options analysis for risk and uncertainty management in Australian property developments","inLanguage":"en","keywords":["Computer Science","Risk Management"],"locationCreated":null,"publication":null,"publisher":{"@context":"https://schema.org","@type":"Organization","name":"RELAND: International Journal of Real Estate \u0026 Land Planning"},"image":null,"thumbnailUrl":null,"url":"https://www.academia.edu/83893559/Conceptualising_real_options_analysis_for_risk_and_uncertainty_management_in_Australian_property_developments","sourceOrganization":[{"@context":"https://schema.org","@type":"EducationalOrganization","name":null}]}</script><link rel="stylesheet" media="all" href="//a.academia-assets.com/assets/single_work_page/loswp-352e32ba4e89304dc0b4fa5b3952eef2198174c54cdb79066bc62e91c68a1a91.css" /><link rel="stylesheet" media="all" href="//a.academia-assets.com/assets/design_system/body-8d679e925718b5e8e4b18e9a4fab37f7eaa99e43386459376559080ac8f2856a.css" /><link rel="stylesheet" media="all" href="//a.academia-assets.com/assets/design_system/button-3cea6e0ad4715ed965c49bfb15dedfc632787b32ff6d8c3a474182b231146ab7.css" /><link rel="stylesheet" media="all" href="//a.academia-assets.com/assets/design_system/text_button-73590134e40cdb49f9abdc8e796cc00dc362693f3f0f6137d6cf9bb78c318ce7.css" /><link crossorigin="" 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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....","publisher":"RELAND: International Journal of Real Estate \u0026 Land Planning","publication_date":"2019,1,3"},"document_type":"paper","pre_hit_view_count_baseline":null,"quality":"high","language":"en","title":"Conceptualising real options analysis for risk and uncertainty management in Australian property developments","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 = "control"; window.loswp.useOptimizedScribd4genScript = false; window.loswp.appleClientId = 'edu.academia.applesignon';</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":89094258,"attachmentType":"pdf"}"><img alt="First page of “Conceptualising real options analysis for risk and uncertainty management in Australian property developments”" class="ds-work-cover--cover-thumbnail" src="https://0.academia-photos.com/attachment_thumbnails/89094258/mini_magick20220729-1-b2o2du.png?1659076981" /><img alt="PDF Icon" class="ds-work-cover--file-icon" src="//a.academia-assets.com/assets/single_work_splash/adobe.icon-574afd46eb6b03a77a153a647fb47e30546f9215c0ee6a25df597a779717f9ef.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">Conceptualising real options analysis for risk and uncertainty management in Australian property developments</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><p class="ds-work-card--detail ds2-5-body-sm">2019</p><p class="ds-work-card--work-abstract ds-work-card--detail ds2-5-body-md">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-work-card--button-container"><button class="ds2-5-button js-swp-download-button" data-signup-modal="{"location":"continue-reading-button--work-card","attachmentId":89094258,"attachmentType":"pdf","workUrl":"https://www.academia.edu/83893559/Conceptualising_real_options_analysis_for_risk_and_uncertainty_management_in_Australian_property_developments"}">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":89094258,"attachmentType":"pdf","workUrl":"https://www.academia.edu/83893559/Conceptualising_real_options_analysis_for_risk_and_uncertainty_management_in_Australian_property_developments"}"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span>Download PDF</button></div></div></div></div><div data-auto_select="false" data-client_id="331998490334-rsn3chp12mbkiqhl6e7lu2q0mlbu0f1b" data-doc_id="89094258" data-landing_url="https://www.academia.edu/83893559/Conceptualising_real_options_analysis_for_risk_and_uncertainty_management_in_Australian_property_developments" data-login_uri="https://www.academia.edu/registrations/google_one_tap" data-moment_callback="onGoogleOneTapEvent" id="g_id_onload"></div><div class="ds-top-related-works--grid-container"><div class="ds-related-content--container ds-top-related-works--container"><h2 class="ds-related-content--heading">Related papers</h2><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="0" data-entity-id="83893562" 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/83893562/Real_Options_Analysis_in_Residential_Property_Development_Decision_Making_in_Australia_Perspective_of_Executives">Real Options Analysis in Residential Property Development Decision-Making in Australia: Perspective of Executives</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><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 Analysis in Residential Property Development Decision-Making in Australia: Perspective of Executives","attachmentId":89094264,"attachmentType":"pdf","work_url":"https://www.academia.edu/83893562/Real_Options_Analysis_in_Residential_Property_Development_Decision_Making_in_Australia_Perspective_of_Executives","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/83893562/Real_Options_Analysis_in_Residential_Property_Development_Decision_Making_in_Australia_Perspective_of_Executives"><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="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="2" 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><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="3" data-entity-id="83893526" 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/83893526/Integrating_real_options_analysis_into_practical_property_development_decision_making_practitioners_receptiveness_and_acceptance">Integrating real options analysis into practical property development decision-making; practitioners’ receptiveness and acceptance</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">Studies have demonstrated the potential of RO/ROV in the property development decision making. 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="4" 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><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="5" 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="6" 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 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="83893545" 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/83893545/A_real_option_approach_for_the_valuation_of_switching_output_flexibility_in_residential_property_investment">A real option approach for the valuation of switching output flexibility in residential property investment</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">Journal of Financial Management of Property and Construction, 2018</p><p class="ds-related-work--abstract ds2-5-body-sm">Purpose Uncertainties in residential property investment performance require that real estate assets are designed in a flexible manner to respond to impacts of market dynamics. Though estimating the cost of flexibility is straightforward, assessing the economic value of flexibility is not. The purpose of this study is to explore the potential practical application of real option analysis to determine the economic value of a switching output flexibility embedded in a residential property investment in Australia. The study involves the exploration of an optimal strategy for investment in a residential development through real option analysis and valuation of a mixed use investment. Design/methodology/approach The real option valuation model developed by McDonald and Siegel (1986) is adopted for the evaluation because the switching output flexibility is likened to a perpetual American call option with dividend payout. Findings Through real option analysis, the economic value of switchi...</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 for the valuation of switching output flexibility in residential property investment","attachmentId":89094292,"attachmentType":"pdf","work_url":"https://www.academia.edu/83893545/A_real_option_approach_for_the_valuation_of_switching_output_flexibility_in_residential_property_investment","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/83893545/A_real_option_approach_for_the_valuation_of_switching_output_flexibility_in_residential_property_investment"><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="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></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":89094258,"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":89094258,"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_89094258" 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="21725146" 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/21725146/Real_Options_and_Game_Theoretical_Approaches_to_Real_Estate_Development_Projects_Multiple_Equilibria_and_the_Implications_of_Different_Tie_Breaking_Rules">Real Options and Game Theoretical Approaches to Real Estate Development Projects: Multiple Equilibria and the Implications of Different Tie-Breaking Rules</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="42914618" 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in Residential Real Estate Development</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="40580885" href="https://independent.academia.edu/huiminyao">huimin yao</a></div><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":"Demand Uncertainty, Development Timing and Leasehold Land Valuation: Empirical Testing of Real Options in Residential Real Estate Development","attachmentId":40863384,"attachmentType":"pdf","work_url":"https://www.academia.edu/19821793/Demand_Uncertainty_Development_Timing_and_Leasehold_Land_Valuation_Empirical_Testing_of_Real_Options_in_Residential_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 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data-author-id="168563799" href="https://independent.academia.edu/LudovitPinda">Ludovit Pinda</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Sustainability</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":"Sustainable Value of Investment in Real Estate: Real Options Approach","attachmentId":66860961,"attachmentType":"pdf","work_url":"https://www.academia.edu/48046038/Sustainable_Value_of_Investment_in_Real_Estate_Real_Options_Approach","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-related-work-grid-card-view-pdf" href="https://www.academia.edu/48046038/Sustainable_Value_of_Investment_in_Real_Estate_Real_Options_Approach"><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-related-work-sidebar-card" data-collection-position="3" data-entity-id="27868537" 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/27868537/Buying_real_options_Valuing_uncertainty_in_infrastructure_planning">Buying real options – Valuing uncertainty in infrastructure planning</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="52240085" href="https://independent.academia.edu/SigridSchenk">Sigrid Schenk</a><span>, </span><a class="js-related-work-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="52242422" href="https://independent.academia.edu/PoonamTaneja">Poonam Taneja</a><span>, </span><a class="js-related-work-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="53022" href="https://tudelft.academia.edu/PaulienHerder">Paulien Herder</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Futures, 2011</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":"Buying real options – Valuing uncertainty in infrastructure planning","attachmentId":48152608,"attachmentType":"pdf","work_url":"https://www.academia.edu/27868537/Buying_real_options_Valuing_uncertainty_in_infrastructure_planning","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-related-work-grid-card-view-pdf" href="https://www.academia.edu/27868537/Buying_real_options_Valuing_uncertainty_in_infrastructure_planning"><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-related-work-sidebar-card" data-collection-position="4" data-entity-id="84789377" 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/84789377/Development_Value_A_Real_Options_Approach_Using_Empirical_Data">Development Value: A Real Options Approach Using Empirical Data</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="42461214" href="https://independent.academia.edu/HenryMunneke">Henry Munneke</a></div><p class="ds-related-work--metadata ds2-5-body-xs">The Journal of Real Estate Finance and Economics, 2010</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":"Development Value: A Real Options Approach Using Empirical Data","attachmentId":89692031,"attachmentType":"pdf","work_url":"https://www.academia.edu/84789377/Development_Value_A_Real_Options_Approach_Using_Empirical_Data","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-related-work-grid-card-view-pdf" href="https://www.academia.edu/84789377/Development_Value_A_Real_Options_Approach_Using_Empirical_Data"><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-related-work-sidebar-card" data-collection-position="5" data-entity-id="8320936" 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/8320936/Assessing_the_value_of_flexibility_in_the_Dutch_office_sector_using_real_option_analysis">Assessing the value of flexibility in the Dutch office sector using real option analysis</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="16615562" href="https://rug.academia.edu/JunHoo">Jun Hoo</a></div><p class="ds-related-work--metadata ds2-5-body-xs">2008</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":"Assessing the value of flexibility in the Dutch office sector using real option 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