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QSD236:CONSTRUCTION ECONOMICS I [ ]
PERAK, KAMPUS SERI ISKANDAR
ASSIGNMENT 1 : DEVELOPMENT PROCESS
QSD 236 : CONSTRUCTION OF ECONOMICS I
GROUP : AAP1143A
DATE OF SUBMISSION : 01 JULY 2013
LECTURER : PN WAN NORIZAN BINTI WAN ISMAIL
MEMBER’S NAME MATRIC NUMBER
1) MUHAMAD AZRI BIN NAWI 2012483274
2) HAZWANI IZZATI BINTI ZAIDIN 2012601888
3) NAJIHAH BINTI SALMAN 2012839724
4) NUR AMILA BINTI SHMSURI 2012828384
5) AHMAD FAZLIN BIN AZMI 2012282074
6) SITI MAISARAH BINTI ZAKARIA 2012416918
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QSD236:CONSTRUCTION ECONOMICS I [ ]
CONTENT
no Contents page
1 Acknowledgement 3
2 Introduction 4
3 Project background 9
4 Modern approach 11
5 Steps in development process 18
6 Analysis of developer expenditure 29
7 Conclusion 30
8 References 31
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QSD236:CONSTRUCTION ECONOMICS I [ ]
ACKNOWLEDGEMENT
Assalamualaikum w.b.t. First of all, Alhamdulillah we praise and thank to
Allah S.W.T with our deepest gratitude for giving us the strength to complete this report in a
given of time although we face some difficulties in completing this assignment.
Besides that, a billion thanks and appreciations we dedicate to our beloved
Construction Economics lecturer, Puan Wan Norizan binti Wan Ismail for all her support and
guidance in helping us to finish our report that really challenged our mentally .Without her help,
we could not finish our report.
Not to forget, a lot of thanks we to Puncak Iskandar Developer of MRCB of
the project, En Badri bin Abian that helps us a lot in this assignment. Our family especially our
parents who always support us physically and mentally during doing this assignment. They also
always support us in studies in order to be a successful quantity surveyor, Insya Allah.
Last but not least, a plenty of thanks we dedicate to all fellow friends
especially this group members Najihah binti Salman, Hazwani Izzati binti Zaidin, Siti Maisarah
binti Zakaria, Nur Amila binti Shmsuri, Muhamad Azri Nawi and Ahmad Fazlin bin Azmi that
always support and share their ideas in order to complete this report. Thanks you very much to
all of you and we love you all.
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QSD236:CONSTRUCTION ECONOMICS I [ ]
INTRODUCTION
Development process is the most important aspects of effectively. The development involves
assessing customer needs, developing offerings that meet these needs, testing these products
to make sure they are effective and appealing, and then introducing them to target markets in
interesting and attention-worthy ways.
Research
Marketing research is the first step in the product planning and development process. A
company can do formal marketing research by conducting surveys and polls in person, over the
telephone or online; asking customers what they want in a new product and how a company's
new offerings can most effectively meet their needs. A company also can conduct informal
marketing research simply by speaking to customers through day-to-day interactions and
observing their purchasing behavior. These observations can provide invaluable information
about the features and functionalities that should be integrated into new products.
Budgeting
Planning and developing new products costs money, and a company should embark on this
process with a budget that provides a clear idea of how much money is available for
researching, developing and marketing. Creating a budget for new product development
involves deciding whether this process will be financed via ongoing company activities, such as
ongoing sales of an existing product line, or whether it is worth taking out a loan, or approaching
investors for additional funds.
Prototypes
The heart of the new product planning and development process involves creating prototypes,
which are sample products that provide real data about how these offerings work and whether
they meet customer needs. The process of creating prototypes involves experimenting with
materials in order to develop a product that can be created within the company's budget. The
prototype phase of product development involves interaction between product developers and
the company's manufacturing department in order to design a product that can be produced on
a larger scale.
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QSD236:CONSTRUCTION ECONOMICS I [ ]
DEVELOPER
Definition
An entrepreneur who provides the organization and capital required making building available
in anticipation of requirement of market in return for profit.
He is the one who responsible to carrying out of building engineering, mining or other
operation in, on, over, or under land, or making of any material change in the use of any building
or other.
As for our developer for this case study is MRCB. This company is the one that organize and
provide the capital cost for this construction.
Factors to be consider in every construction
Population and age trends
Each construction depends on the population and age trends near the construction place. Such
an example if the age trends are range between 50 and above, it is not suitable to build gym
there.
For this construction, the majority of population that lives here is university student. So the
residential construction will build are suitable for the population here.
Change in pattern of lifestyle.
Every construction will change in pattern of lifestyle of that area.
The implication for new technology
To conduct a construction, the implication of new technology is necessary. Technology is
needed as it made it easier for the building construction. New invention had been introduced.
The selection of appropriate site
Site should be chooses appropriately. This is because, once the project starts, there is no way
can stop the construction or will experiences big loss.
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QSD236:CONSTRUCTION ECONOMICS I [ ]
The choice of appropriate consultant
Consultant board should be chooses carefully to ensure the construction process is going
smooth.
Determine the source of finance
Each construction must have a stable financing cost. This cost must be provided continuously
and the source must be recognized and verify by the local authorities.
Development process use two plan which are :
1. Traditional or RIBA plan :
The RIBA plan of works, is basically a set of guidelines and sets out the process by which a
construction project should be run. It is set out in stages that are feasibility, design and
construction. The step in RIBA planning :
Figure 1
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QSD236:CONSTRUCTION ECONOMICS I [ ]
2. Modern Approach :
It considers the development in more holistic context which commences from inception and at
demolition of the project for rebuilding purposes. Besides that, it to cost control considers all
cost involved in project lifecycle. The stage in it which is :
Figure 2
The types of construction process that apply in our case study is modern approach. Modern
approach is being used in the construction of semi-d house project. All the process need to be
plan earlier and do an early planning. This construction takes time until 15 months. Each
process needs to be handle carefully and smartly.
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INCEPTION
DESIGN AND COSTING
CONSTRUCTION
IN USE
DEMOLITION
QSD236:CONSTRUCTION ECONOMICS I [ ]
Step in development process :
1) Initiation / site identification
2) Evaluation
3) Acquisition
4) Design and Costing
5) Implementation and Construction
6) Sales and Promotion
7) Development Permission and Approval
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QSD236:CONSTRUCTION ECONOMICS I [ ]
PROJECT BACKGROUND
The project that we found to do for our assignment is ‘Cadangan Membina 16 Unit Rumah
Berkembar Satu Tingkat Jenis B-T Di Atas Lot 762-77, 20 Unit Rumah Berkembar Satu Tingkat
Jenis B-M Di Atas Lot 778-797, 12 Unit Rumah Berkembar Satu Tingkat Di Atas Lot 716-827’.
This project is for the development phase 2A at half of scheme combination development at
government land which size 53.05 acres at Seri Iskandar City. Besides that, it also for Tetuan
Seri Iskandar Development Sdn. Bhd.
The main contractor companies that is involved in this construction project is Pembinaan
Khuang Seng Sdn. Bhd which address at No 51-A Laluan Pinji Seni 4, Taman Pinji Seni, 31650
Ipoh, Perak .Next for this project the contract sum is RM 6122 330.00. Date of commencement
this project is 28 January 2010 and for date of completion is 27 April 2011. The project took 15
months to finish.
SITE ORGANIZATION CHART
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PROJECT MANEGER: TAN CHOR HENG
SITE AGENT: KEW KEIN HONG
SITE SUPERVISOR: NG TIE HUA
SAFTY OFFICER: NG TIE HUA
STRUCTURAL
ARCHITECTURAL CIVIL
MECHANICAL &
ELECTRICAL
Figure 3
QSD236:CONSTRUCTION ECONOMICS I [ ]
Figure 4
CLIENT AND LIST OF CONSULTANT
CLIENT: SERI ISKANDAR COPARATION SDN. BHD.ADRESS: KM 36, JALAN IPOH – LUMUT, BANDAR SERI ISKANDAR 32600, BOTA PERAK DARUL RIDZUANPHONE: 605-3712188EMAIL: [email protected]
ARCHITECT: AHMAD FADZLI MOHAMAD ARCHITECTADRESS; NO. 13B, JALAN BRP 1/4 , BUKIT RAHMAN PUTRA 47000 SG. BULOH, SELANGOR DARUL EHSANPHONE: 603-61409953MOBILE: 012-2972355
CIVIL ENGINEER: KHAIRI CONSULTANTADRESS: 93A, JALAN WIRA JAYA, TAMAN IPOH JAYA, TIMUR 1, 31350, IPOH PERAK DARUL RIDZUANPHONE: 605-3114020FAX: 605-3114020
STRUCTURAL ENG: PERUNDING AMARBINA SDN. BHD.ADRESS: NO. 4 LALUAN MERU INDAH C4, TAMAN MERU INDAH BANDAR MERU RAYA, 30020 IPOHPHONE: 605-5261208FAX: 605-5261461
M & E: THAM ZAMIN BERSEKUTUADRESS: 53-A, JALAN KLEDANG 21, TAMAN ALKAFF SILIBIN, 30100, IPOH PERAKPHONE: 605-5268366FAX: 605-5264767
QS: KAS JURU UKUR BAHAN SDN. BHD.ADRESS: 16A, JALAN DESA AMPANG TAMAN RASI AMPANG, 31400 IPOHPHONE: 605-3113950MOBILE: 019-5100083
Figure 5
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QSD236:CONSTRUCTION ECONOMICS I [ ]
MODERN APPROACH
Stage 1 – Inception
The project construct 48 unit of semi-d house at the Bandar Seri Iskandar, Perak.
First the developer appoint land survey to do Feasibility Study.
The site is suitable for construct residential building because near with;
i. Town and village.
The site is near with the town of Bandar Universiti, Seri Iskandar and near with
Kampung Bota
ii. Educational building.
Educational building that near with the site which are UITM Seri Iskandar, UTP
Teronoh and SK Seri Iskandar.
iii. Commercial Building
The commercial building that near with the site which are Tesco, Billion, Aeon
Manjung and others.
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Stage 1
Inception
Stage 2
Design & Costing
Stage 3
Construction
Stage 4
In-use
Stage 5
Demolition
QSD236:CONSTRUCTION ECONOMICS I [ ]
The objective for the projects established is to provide the rental house for students, to
provide house for who working at near Seri Iskandar because the job opportunities at
here is high.
The duration of inception take 1 years to make sure the site is suitable for the
construction.
Figure 6
Figure 7
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QSD236:CONSTRUCTION ECONOMICS I [ ]
Stage 2 – Design & Costing
The client, Seri Iskandar Development Corporation SDN.BHD appoint the design team
of the project which are :
i. Architect – Ahmad Fadzil Mohamad Architect
ii. Civil Engineer – Kahiri Consult
iii. Structure Engineer – Perunding Amarbina Sdn. Bhd
iv. Mechanical & Electrical – Tham Zamin Bersekutu
v. Quantity Survey – Kas Juruukur Bahan Sdn. Bhd
vi. Main Contractor – Pembina Khuan Heng Sdn. Bhd
The lump sum cost for this construction is RM 6, 122, 330.00
The client will send the Certificate of Completion and Compliance letter to the Building
Control and Public Safety to make sure the construction is safe.
The Architect will agree with the quality and standard of construction and it will proceed
with construction process.
The duration taken for design and costing the project is 5month.
Figure 8
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QSD236:CONSTRUCTION ECONOMICS I [ ]
Stage 3 : Construction
The phase of the project are project planning, installation and commissioning
The duration of the project is 2 1/2 years
Date of commencement 28th January 2010
Date of completion 27th April 2011
Completion period 15 month
Figure 9
Task of the project: project was completed on time within budget and specified quantity.
Period ->1 June 2010 – 22 June 2010
1) 16 units B-T
a) Block 3a
- Gred Beam R.C. Works is completed.
- Underground soil pipe and piping works is in progress, will be completed by end of
this month.
- Gred floor slab backfill and concreting works will be start by first of July and complete
by middle of July.
- Gred column R.C works will be start after completion floor slab.
b) Block 3b
- Gred beam R.C. works is in progress, will be complete by middle of July.
- Underground piping works will be start by middle of July.
2) 20 units B-M
a) Block 2a
- Ground beam R.C. Works is in progress, will be complete by first of July.
- Underground piping works will be start on July and complete by week of July.
- Ground floor slab backfill and concreting works will be starts by second week of July.
- Ground beam R.C. Works will be start after completion floor slab.
b) Block 2b
- Pipe cap R.C. Works is in in progress, will be completed.
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QSD236:CONSTRUCTION ECONOMICS I [ ]
- Ground beam R.C. Works is in progress, will be complete by middle of July.
- Underground piping works and floor slab backfill works will be start by middle of July
and complete by end of July.
3) 12 units B-T
a) Block 1a & b
- Pile cap R.C. Works is in progress, will be complete by end of this month.
- Ground beam R.C. Works will be start by first of July and complete by end of July.
The project does not have any delayed time because the project is on the time.
The project is within the budget that is RM 6,122 330.00.
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QSD236:CONSTRUCTION ECONOMICS I [ ]
Stage 4 : In-use
The project have maintenance for about 1 to 1 ½ years period.
Also have repair and modification within the period of warranty.
The period of maintenance is 18 months.
The defect that will required maintenance such as :
i) Cracks
ii) Broken tile or glasses
iii) Piping leakage
iv) Electrical problem
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QSD236:CONSTRUCTION ECONOMICS I [ ]
Feedback from project appraisal in practice will help to reduce possible defects.
Stage 5 : Demolition
Demolition is the tearing-down of buildings and other structures. Demolition contrasts
with deconstruction, which involves taking a building apart while carefully preserving
valuable elements for re-use.
Figure 10
A wrecking ball in action at the demolition of the Rockwell Gardens
But our project have a long life span between 80 to 100 years.
So, no need demolition until there are any worst condition.
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QSD236:CONSTRUCTION ECONOMICS I [ ]
Figure 11
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2. Evaluation
3. Acquisition
4. Design and costing
5. Development permission &
approval
6. Implementation & construction
7. Sales and promotion
1. Site identification
STEPS IN DEVELOPMENT PROCESS
QSD236:CONSTRUCTION ECONOMICS I [ ]
1. Site identification
o The location of the site is being identify. Place to build the building should be concern
as after the building constructed, it is difficult to change another site. This could lead
to demolition that can waste the money that being invested.
o For this project, it took time to identify the suitable site until they decide to conduct a
construction lot 778-797 and Lot 716-827
2. Evaluation
Research is being conducted during this step. Evaluations on market research. This means
about the age and population of the people who live nearby the area. The feasibility study is
been studied on the profit that will be gain from the building. The cost of the development is
reasonable and the economic viability of the project can be attained.
o As an example: our construction building study is located in Puncak Seri Iskandar.
The type of building that constructed is residential building as this area had a large
population of university student. Such as students from Universiti Teknologi Mara
(UiTM) and there is also University Teknologi Petronas (UTP). The kind of land is
hilly land.
Figure 12 figure 13
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QSD236:CONSTRUCTION ECONOMICS I [ ]
3. Acquisition
o There is several types of acquisition:
Private treaty
This kind of sale comprise of individual assets, production lines or entire
facilities. Discussion and negotiation between the buyer and seller takes
place in this kind of acquisition. This private treaty is conducted in long term.
Besides that, estates agents also prepare for descriptive information and
quoting the prices. Later, the information will be viewed by the potential buyer
and decide. In short explain, this private treaty is a sale of property at a price
agreed on by the seller and buyer without intervening agency.
Figure 14 figure 15
Formal tender
Formal tender is any formal letter that set out in writing. The advantages of
formal tender are it is more certainty than private treaty, and it is more
flexibility and discretion than selling by public auction.
Public auction
There are ways to conduct public auction
i. All leasing by public auction shall be by oral or by sealed bid.
ii. The auction is conducted under the direction of the department or by
the auditor of the land to be leased is located.
iii. A person who conducting this auction is called an auctioneer.
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QSD236:CONSTRUCTION ECONOMICS I [ ]
iv. An auctioneer is someone that had a certificate than he qualify to be
an auctioneer and not everyone can be an auctioneer.
Figure 16 figure 17
Joint venture
A contractual agreement joining together two or more parties for the purpose
of executing a particular business undertaking. All parties agree to share in
the profit and losses of the enterprise
Some of the advantages of joint venture:
i. Sharing the economic risk with co- venture. It means it pays to have
someone sharing the responsibility with you in case you end up in
deep troubles. When sharing assets, the risk of losing a great deal of
money is divided into both parties.
ii. Widening economics scope fast. Building reputation is often difficult,
not to mention time consuming and expansive. In this joint venture,
you are able to widen your economic scope without spending to much
money and waiting for a long time.
iii. Accessing additional financial resources. Asset sharing is one of the
benefits in joint venture. Since the need to use larger funds to in the
construction, this joint venture will increase the profit margin and
increase the revenue potential.
There is also some disadvantages in this joint venture:
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QSD236:CONSTRUCTION ECONOMICS I [ ]
i. Shared profit. Since the sharing of assets, the profit also being
shared. The profit will divided based on the size of the share to the
venture or based on the agreement.
ii. Diminished control over some important matter. In joint venture, the
operational control and decision making are sometimes compromised
in it. Since there is an agreement between both parties, for the one
who take control over particular thing the other may not satisfied with
how the thing.
iii. Uncontrolled or unmonitored increase in operating cost. Defined the
control over the operation
- For our development process, the types of acquisition are joint venture. The joint
venture is between the government and MRCB Company. The MRCB Company
had a larger share in the building.
Figure 18 figure 19
4. Design and Costing
The next step is to do the design and costing of this construction. These jobs are the
responsibilities of many sectors who are the developer , consultant ( architect, engineers,
quantity surveyors, land surveyor, town planner ) and project manager. Every sector has their
own works and responsibilities in this step.
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QSD236:CONSTRUCTION ECONOMICS I [ ]
Owner/Developer The person who wishes to have a
development project constructed on a
piece of land.
They employ various consultants,
contactors and supplies the necessary
fund to implement the project.
Consultant Architect
Engineer
Quantity Surveyor
Among other things, he usually submits
the application on behalf of the
owner/developer to obtain
development order and designs and
submits building plans for approval by
the various approving authorities and
supervises the execution and
completion of the projects and
administers the contract between the
employer and the contactor.
A person who practices the profesion
of either civil, structural, mechanical or
electrical engineering.
Usually designs and submits plans for
approval by the approving authorities
of his specific area of specialization
and supersizes the
execution/installation and completion of
the works under his care.
A person who practices the profession
of quantity surveying and building
economics.
He prepares bills of quantities , tender
and contract documents, normally calls
and processes tenders , evaluates
interim/progress payment and prepares
24 | P a g e
QSD236:CONSTRUCTION ECONOMICS I [ ]
Land Surveyor
Town planner
Project Manager
final accounts of the project.
A person who practices land surveying.
He carries out boundary and contour
surveys and other surveys on land ,
submit surveys plans for amalgamation
and sub-division f land , applies on
behalf of owner for qualified titles and
final titles from the land office.
A person who practices the profession
of country planning covering land use,
zoning ,density, the type , mode and
form of development traffic
pattern ,infra-structural requirement,
impact of development with other
development in the vicinity.
A person or a group of persons
practicing the profesion of project
management functions.
The work involved ranges from
feasibility report, financial projection ,
design of management system ,
evaluation designs, prepared by
consultants, co-coordinating work of
consultants , acting as owner’s
knowledgeable agent, planning and
monitoring implementation of a
development project.
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QSD236:CONSTRUCTION ECONOMICS I [ ]
5. Development Permission and Approval
Application and approval by Securities Commissioner
Application and approval for the conversion and subdivision of land.
Application and approval for developer license and advertising permit
Application and approval for bridging and end financing.
The application approval for this project made by Jabatan Kerja Raya (JKR) , Indah Water , Fire
Fighter , Tenaga Nasional Berhad (TNB) , Majlis Daerah, Pejabat Tanah and Lembaga Air.
Approval Authorities Approving Section
Jabatan Kerja Raya
Jabatan Kerja Raya Perak Tengah
maintain public infrastructure :
federal and state routes, government
buildings, electricity, water
Indah Water
Indah Water Konsortium Sdn. Bhd.
Application on sewerage system
Fire Fighter
Balai Bomba dan Penyelamat Sri
Iskandar
Application on fire resistance of the building
Tenaga Nasional Berhad
TNB Sri Iskandar
Application on generation,
transmission and distribution of electricity.
Majlis Daerah
Majlis Daerah Perak Tengah
Application on the building development
Pejabat Tanah
Pejabat Tanah Daerah Perak Tengah
Application on the land use to construct the
building
Lembaga Air
Lembaga Air Sri Iskandar, Perak
Application on administration, management
and supervision of all work in the area of water
supply pumping.
However, for this project , the architect is responsible for the development permission and
approval. The architect will check the form and determine the approval whether it is approved or
denied.
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QSD236:CONSTRUCTION ECONOMICS I [ ]
The process of the application is shown below :
Figure 20
6. Implementation and Construction
Deals with the physical aspects of the development.
The infrastructures and building construction are began.
The contractor who is appointed by the client starts his works. They interpreted the
building from the drawing to the real building. They are divided into 3 categories :
Type of contractors Responsibilities
Main Contractor Specializes either in building or civil
engineering works or both , enters
into a main contract with the owner
for the execution and completion of
the construction project.
Enters into contracts with nominated
sub-contractors and nominated
suppliers and be responsible for due
performances of such –contracts.
Nominated Sub-Contractor Piling
Plumbing
Air-conditioning
27 | P a g e
The form report of the project is submitted.
The approval authorities will
check and observe the form report.
The application result :
Approved or Denied
QSD236:CONSTRUCTION ECONOMICS I [ ]
Lift and escalator
Firefighting and fire prevention
Electrical
Generator and high tension
Road work and drain work
Pre-stressing and post-tensioning
Other sub-contractors Main contractors usually have their
own sub-contractors to execute
work of a minor nature or of certain
limited trades.
It is also normal that the main
contractors employ labour sub-
contractor to supply the necessary
workers to site.
7. Sales and Promotion
It is an essential and integral part of the development process. The disposal whether
through sales or letting.
The promotion is made based on the market research undertaken during the evaluation
process.
For this project , the developer decides to make banners to promote the development of
the building. The banners are hang in the middle of the town so that people could see
there is a development of houses to sale. Figure shows an example of banner to
promote the house that need to be sold.
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QSD236:CONSTRUCTION ECONOMICS I [ ]
Figure 21
Besides that , radio , internet (blog & website ) also have been used in as an alternative
to promote the residential building. Next, they also open their booth at the Tesco nearby
to promote this project. So the customers who want to buy the house can discuss with
the promoters of the project . Figure 2 shows an example of booth open to promote the
residential project development.
Figure 22
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QSD236:CONSTRUCTION ECONOMICS I [ ]
Analysis of Developer Expenditures
Types of Cost Calculation & Explanation
A) Land Cost 53.03 acre x RM120 000.00 = RM6 366 000.00
B) Construction Cost
It includes the cost for machineries,
labour and material.
For 1 unit Semi-D house
= RM 127 548.54
For 48 unit Semi-D house
= RM 127 548.54 x 48 unit
= RM 6122330.00
C) Professional Fees
Architect ( 10% from construction cost)
Engineer ( 5% from construction cost)
QS ( 2% from construction cost)
12% x RM 6122 330.00 = RM 612233.00
5% x RM 6122330.00 = RM 918 349.50
2% x RM 6122330.00 = RM 12446.60
D) Management Cost
(Usually 2%- 5% from construction cost)
This project : 5% from construction cost
5% x RM 6122330.00
= RM 918 349.50
E) Financing Cost
Interest Rate
Connection with the borrowing of funds
Known as borrowing cost
This project financing cost is private &
confidential
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QSD236:CONSTRUCTION ECONOMICS I [ ]
CONCLUSION
In conclusion, our group choose the project of Cadangan Membina Rumah Berkembar 1
Tingkat Jenis B-T di Atas Lot 762-777, 20 unit Rumah Berkembar 1 Tingkat Jenis B-M di Atas
Lot 778-798 and 12 Unit Rumah Berkembar 1 Tingkat Jenis B-T di Atas Lot 716-827.
This project is modern approach type. There are 5 stages in this type which are
inception , design and costing, construction , in-use and demolition. Besides that , there are 7
steps of development process for this construction which are site identification , evaluation,
acquisition , design and costing, development approval and construction , implementation and
construction and sales and promotion. Every stages and steps have their own function.
Besides that, there are an analysis of development expenditures. There are 4
development expenditures which are land cost , construction cost, professional fees ( architect,
engineer and quantity surveyor fees) , management cost and financing cost basically. Every
cost has their own rate/per cent from the construction cost obviously.
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QSD236:CONSTRUCTION ECONOMICS I [ ]
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july 2013
http://answers.yahoo.com/question/what is RIBA plan/ index?
qid=20061025053601AAQ73ve/27 july 2013
http://www.ask.com/question/what-is-sale-by-private-treaty/ 28 JULY 2013
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