Ashesi University College

Department of business administration

Course Outline – fall Semester ‘22

Course Title: Real Estate Development

Course Code:

Instructor: Naa Adjeley Ashiboe-Mensah Doamekpor (ndoamekpor@ashesi.edu.gh)

Level: 400

Lecture Days/Time@Location: T/TH à3:00pm-4:30pm @ Norton Motulsky 207B

Office Hrs: 11:00-1:00 pm Tuesdays and by Appointment

Office Location: Adjunt Faculty Office, Ashesi Univ. Campus, Berekuso

Faculty Intern (FI) / Discussion time & Location: Queen Lampo / 12:10pm-1:10pm @
RB 115

FI email: Queen.Lampo@ashesi.edu.gh

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COURSE DESCRIPTION: The real estate development course aims to introduce students to what
real estate development (RED) is and what the development process entails. It seeks to provide students
with a good overview of what goes into the various stages of the development process with emphasis
on feasibility studies, financing and management.
The class will undertake a feasibility study for a real-life client. This client needs a feasibility study
conducted for a development they want to embark on. The outputs expected are a feasibility report and
recommendations for financing and property management, post development. Students in the class will
be split into teams to conduct the study, going through the 8-stages of the development process. They
will do this as they are taken through the various stages of development process in the class, visit the
site and also interact with professionals who will help them make development and investment
decisions for the client. The bottom line is a development which is sustainable where its financial model
is concerned, and one that is environmentally considerate.
Students will as well engage with different persons (guest lecturers) on their experiences on different
developments (Public and private). As well, class tasks will have students explore developments across
the continents to learn from their successes and challenges. This task will involve an assessment of the
sustainability of the developments.
It is the hope of the instructors of this class that students will enjoy working on this live case, and in
the process, develop skills to benefit future interest in the industry as well as in conducting marketing
and feasibility studies.

COURSE OBJECTIVES:
At the end of this class, students should be able to:
1. Explain what real estate developments are and the what the development process entails;
2. Undertake a feasibility study considering to aid development decision making;
3. Conduct exploratory research and report on findings;
4. Plan for the financing and management of real estate development projects; and
5. Be equipped with basic skills and the knowledge to enhance students’ employability.

LEARNING OUTCOMES:
After taking this class, students should be able to:
1. Detail what a real estate development is and the process developers go through;
2. Undertake an appropriate feasibility study for any development project;
3. Detail the essential considerations in the financing, construction and the management of real estate
developments in Ghana;
4. Know about interesting real estate developments on the continent; and
5. Write a technical feasibility report for clients

TEXTBOOKS& OTHER REQUIRED COURSE MATERIALS:

• Miles, M., Weis, M. A., Berens, G. L. & Eppli, M. J (2007) Real Estate Development,
Principles and Process 4th Edition, Urban Land Institute
• Laryea, S., Agyepong, S. A., Leiringer, R. and Hughes, W. (2012) Construction in West
Africa, WABER and EPP books (available in the library)
• Additional reading material (TBA)

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REQUIRED COURSE ELEMENTS, ASSESSMENT, AND GRADING:

The final course grade will be assigned based on the following course components:
Category in Focus Assessments Detailed Score Total Score Weight

Attendance & Participation Class attendance 10 40 10%

Class participation 10

Discussion participation 10

Discussion attendance 10

Individual assignments Quizzes 20+20 40 10%

Exciting Development in Africa 10+10 45 10%

Mini team assignments
RED Partners 25

Team Charter 10 135 15%

Project Plan 10

Protocol for ideation 10

Project team assignments Proposal Update versions 25+15+25

Financial & Sustainability 20

report

Stage 4/5/6/7 Considerations 20

Individual reflection 50 100 15%

Mid-semester assessment
Test 50

Feasibility report Presentation () 60 240 40%

Feasibility report 60
Final assessment Marketing plan 60

Marketing plan 60
(presentation)

Total 600 100%

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Details of Assignments
Quizzes (3 in number)
There will be 3 pop quizzes with 2 counting towards the final grade point. Do not worry however, you
will find them easy if you read and are engaged in class, discussion and in your project. It will usually
be based on material from the previous two lectures or in-between quizzes.

RED Partners:

This assignment will have students research on the development partners who work together in the real
estate industry. It is structured to help the students appreciate the need for teamwork in the development
process, as well as know the various professionals and the role they play. Students will work in teams
of 3 to produce a report on the role of the professions, their training and any additional important
information they find. This will also be presented to peers and instructors.

Professionals:

Development partners to be researched on include:

1. Private and Public sector developers

2. Quantity Surveyors
3. Architects and Landscape architects
4. Contract Managers
5. Engineers and Contractors
6. Construction and Project Managers
7. Appraisers/ Valuers
8. Urban designers and Land planners
9. Environmental Consultants
10. Transportation Consultants
11. Lawyers and Accountants
12. Real Estate Leasing Agents
13. Real Estate Sales Brokers
14. Financial Players
15. Property Managers
16. Marketing Consultants

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Exciting Developments in Africa (EDA)
Students will sign on to a schedule, which will have them, in pairs, research on a development on the continent
they find interesting. In 5 minutes, they will present their findings, which should cover the name of the
development, a description of the development (with visual representation), the developer, the development
partners who were involved, and link their presentation to the class content by focusing on the content for the
day/week, to share with the class. Students can produce slides, use videos, and include a lot of images.
Creativity in the presentation to make it professional yet exciting will be rewarded. To be submitted for grading
will be a 1-page brief addressing the prompts mentioned above, and the presentation.

Mid-Semester Evaluation
The mid-semester evaluation for this class will be in 2 forms. First will be a written examination which will
assess their understanding of the theories and concepts taught in class. This will be hosted on courseware. The
second will be an individual report reflecting on the expectations that students had, coming into the real estate
class and juxtaposing this with how the in-class activities, sessions with guest lecturers and the feasibility
project is helping them achieve these or not. Students will be expected to also detail what they will do and
recommendations to the instructors of the class to help them achieve these objectives.

Final Evaluation

The final evaluations for this class will be in both group and individual assignments. First will be a final team
project (feasibility report and presentation on the feasibility to a panel which will comprise of the client, and 2
RED industry professionals). Second will be an individual project (marketing plan for a project development).

Feasibility Study Project

The purpose of this project is to give students the opportunity to undertake a feasibility study for a real-life
client who will be available for consultation, as well as will attend the final presentations. It is important that
students appreciate and realize the degree of responsibility this introduces and the need for teams to give it
their all.

The study will have students visit the client site and undertake a series of market research based on the client
brief:

(1) define and validate the user of the development;

(2) propose a design for the development, making at least, a floor plan, available;
(3) detailing the financial viability of the development by determining the cost of their proposed
development and revenue streams. This will require that they show a simple breakeven analysis for the
client’s consideration;
(4) make recommendations for construction procurement, building technological choices and detail out all
the sustainability (green) considerations made; and
(5) detail out the property management and maintenance practices the developer will need to adopt to
achieve the full potential of their development.

For students interested in marketing, investment, entrepreneurship, finance and the likes, this project presents
them with an opportunity to hone career essential skills. It is hoped that students will find this opportunity

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useful, and work hard at coming up with outputs that the client can use as they will be supported to undertake
the needed field work

Marketing Plan

This assignment involves the development of a digital marketing plan for a selected real estate development.
Following the Covid pandemic, digital marketing is no longer a new or different way to market. It has become
imperative that businesses have integrated digital marketing strategies. How then can this new development
be applied to the marketing of a real estate development? The students will be provided an initial brief and
expected to work independently to develop a digital marketing plan.

Note: The only constant in the grade table is the final assessment.

TOPICS COVERED:
• The real estate development process
• The eight-stage model of Real Estate Development
• The Ghanaian real estate industry
• Land administration in Ghana
• Developers and partners
• Raw materials in Real Estate Development
• Sustainability in Real Estate Development

ASHESI LEARNING GOALS ADDRESSED IN THIS COURSE:

1. Ethics and Civic Engagement: An Ashesi student is an ethical, responsible and engaged member of
his/her community.
We will undertake in and out of class activities which will aid in testing your ethical standards, as
well as think through ways in which you will engage with civic society, especially in undertaking
your feasibility study. There will also be conversations about going green to ensure sustainability in
your proposed designs.
2. Critical thinking and Quantitative Reasoning: An Ashesi student can apply critical thinking and
quantitative reasoning to approach complex problems.
Thinking, reading and analyzing critically, comes from a lot of practice. The feasibility study will
help you further hone these skills by critically analysing both primary and secondary data, to make
sound project decisions.
3. Communication: An Ashesi student is an excellent communicator in a variety of forms
There will be a lot of both oral and written communication in this class. This will range from
presentations, papers, technical reports and the opportunity to communicate with professionals who
will visit class. Papers and reports will be submitted through www.turnitin.com to ensure proper
referencing. These will help students hone their communication skills.
4. Leadership and Teamwork: An Ashesi student is adept at leading and functioning in teams.
Students will have the opportunity to lead themselves and peers in a lot of the tasks and in the
feasibility project. The project will be a team effort, as will 2 other assignments in the class. Students
will hone their leadership and teamwork/ building skills.
5. Innovation and Action: An Ashesi student takes intellectual risks and demonstrates an
entrepreneurial spirit.
Through the class project, students will have the opportunity to design a development which will
serve as an opportunity to innovate. The entire development process will have students apply what is

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 studied, as well as have them make decisions on behalf of the developer. The extensive market
research will help them come up with a user centric design.
6. Curiosity and Skill: An Ashesi student is inquisitive and confident, has breadth of knowledge, and
has attained a high level of mastery in his/her chosen field.
Students will have the opportunity to build on their confidence in conducting intellectual inquiries
through research activities that they will undertake in this class.
7. Technological Competence: An Ashesi student is an effective and flexible user of technology.
Students will have the opportunity to use technology including courseware, hone their online
research skills as well as use software in the design of their developments to aid in model
development.
8. Professionalism
Students will have the opportunity to engage with a real-life client in the feasibility project. This will
afford them the opportunity to know how to manage stakeholders external to their organization.
Working in teams will also aid them in developing good work ethics as they will be working as a
development team with tight deadlines.

COURSE SCHEDULE:
Below is the tentative schedule for the course. Note that the schedule is subject to change.

Week Topics Tasks Due Reading

Week 1 The Real Estate Development Process Miles et al
(2007) Chapter
1
Week 2 The Ghanaian Real Estate Industry • EDA Presentations Laryea et al
Land Administration in Ghana (2012) Chapter
1&2
Week 3 Developers and their Partners • EDA Presentations Miles et al
• RED partners (2007) Chapter
3
Laryea et al
(2012) Chapter
9
Week 4 Raw Materials in RED • Team charter Laryea et al
Site visit • Project plan (2012) Chapter
• Protocol for site visit 5&8
• EDA Presentations
Week 5 The Eight-Stage Model of RED: Stage • Design considerations Miles et al
One Inception of an Idea • Market research (2007) Chapter
protocol 10 & 11
• High level design Laryea et al
considerations (2012) Chapter
• EDA Presentations 3
Week 6 The Eight-Stage Model of RED: Stage • Presentation of Design Miles et al
Two Refinement of an Idea Idea (Version 1) (2007) Chapter
• EDA Presentations 12

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 Week Topics Tasks Due Reading
Week 7 The Eight-Stage Model of RED: Stage • Design (Version 2) Miles et al
Three The Feasibility Study • EDA Presentations (2007) Chapter
16
Week 8 • Test
MID-
SEMESTER
EXAM
MID- • Reflection paper
SEMESTER
BREAK
Week 9 Sustainable Development • Marketing plan (initial
presentation)
• EDA Presentations
Week 10 Real Estate Finance Miles et al
(2007) Chapter
7&8
Week 11
Week 12 The Eight-Stage Model of RED: Stage • Sustainability and Miles et al
4 & 5 Contract Negotiation and financial considerations (2007) Chapter
Formal Commitment (Version 3) 19 & 20
The Eight-Stage Model of RED: Stage • EDA Presentations Laryea et al
6 & 7 Construction, Completion and (2012) Chapter
Formal Opening 6&7
Week 13 The Eight-Stage Model of RED: Stage Property management Miles et al
8 Property Management report (2007) Chapter
21
Week 14 A career in RED
Week 15 Final Examination
(Group Assessment)
• Final oral presentation
• Final feasibility reports
Week 16 Final Examination
(Individual Assessment)
• Marketing plan
• Oral presentation

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