LVM 205

ADVANCED LAND VALUATION

Course Guide
1st Semester AY 2022-2023
UP Open University
COURSE DESCRIPTION
LVM 205: Advanced Land Valuation deals with the concepts, principles, importance and actual
valuation of complex properties. The course will inform students about property valuation and
market analysis, including the valuation of investment properties, development properties,
specialized properties, and non-market based properties.

COURSE OBJECTIVES

By the end of the course, the student should be able to:

1. Determine which valuation methodology to use in investment, development and complex

properties.

2. Practice and impart professionalism in the industry.

3. Analyze property markets.

4. Use sound judgment in the valuation approach to market and non-market based
properties.

LEARNING MATERIALS
The following are uploaded in the portal:

1. Course Guide
2. Course Modules in LVM 205

You should also check our course site for additional readings that I will upload.

TEACHING METHODS

This course will be taught online course using the Modular Object Oriented Dynamic
Learning Environment (MOODLE) or whatever standard Learning Management System will
be utilized by the UPOU during the period of offering. When appropriate, rich media (e.g,
videos, podcasts) will be used to augment text-based courseware to facilitate effective
learning.

Maribec A. Campos, Ph.D. 2

LVM 205: Advanced Land Valuation
1st Semester AY 2022-2023
UP Open University
COURSE OUTLINE

Unit 1: Property Value and Market Analysis

Introduction
Value
Valuation Methods
Market Data Approach (or Comparable Method)
Income (or Investment Method)
Cost
Professionalism
Property Markets
Property Cycles
Property Market Data Analysis
Investment Property Performance Analysis
Sales Adjustment Methods

Unit 2: Valuation of Investment Properties

Introduction
Property Investment
Direct Capitalization Valuation Approach
Cash Flow Techniques
Discounted Cash Flow (DCF) Analysis
Risk Analysis

Unit 3: Valuation of Development Properties

Introduction
Valuation Approaches
Hypothetical development method (or Residual method)
DCF
Cases: Valuation of residential subdivision, industrial subdivision/estate, EPZAs, high rise
condominiums, low rise condominiums
Inception of the development proposal
Feasibility Study
Description of the Project
Operationalization of the Project (e.g. public-private partnership)
Legal and Environmental Compliance, Socioeconomic Feasibility
Marketing Plan
Financing the Development (HLURB, capital market)
Financial Analysis /discounted cash flow analysis
Risk Analysis (comparing risk/return ratios, downside risk exercises, scenario building,
sensitivity analysis, simulation exercises)

Unit 4: Valuation of Specialized Properties

Maribec A. Campos, Ph.D. 3
LVM 205: Advanced Land Valuation
1st Semester AY 2022-2023
UP Open University
Introduction
Nature of specialized properties (e.g. gasoline station, hotels, restaurants, memorial parks,
schools and churches)
Property and business components (intangible like goodwill, copyrights) of specialized
properties
Valuation methods (With and without project - DCF Analysis)

ACTIVITIES/ASSIGNMENTS

1. Faculty Marked Assignments (FMAs)

2. You are required to submit three (3) FMAs in this course. Each FMA is equivalent to 25
percent of your grade, so that the 3 FMAs cover 75 percent of your final grade. The
details of the FMAs will be uploaded in our course site. Please refer to the deadline of
submission of FMAs in the Study Schedule.

I want to get the profile you the students in my class, so that I will know your background
and occupation. This way, I can make the FMAs and other learning activities (through the
forums and discussions) more applicable to your line of work.

In this regard, please upload in the course website the following information about
yourself on or before October 9, 2022:
Name:
Address:
Gender:
Birthday:
Occupation/Designation:
Institution Affiliation/Employer and Address:
Previous Jobs: (Institution/Employer and Address, Period of Employment, Designation)
Educational Background: (University//School, Date of Graduation, Degree, Honors
Received)
Background on property valuation:

From these information, I can now come up with FMAs that would be more applicable to
your line of work. .

3. Online Forums. We will be using our course site for forums. The forums will be used for
discussions of topics that are of special interest to you but should be limited to topics
within the course outline. This forum should not be used for personal messages but for
intelligent exchange of ideas. I will start by posting a question regarding a particular
concept on the topic covered during that period. You may answer the question or react.
At any rate, you are also encouraged to start forums. Participation in forums accounts for
10 percent of your final grade. The online forum doesn’t have to be conducted at a
common time, you can check our course site from time to time and see what you can add
to the online forum any time.

Maribec A. Campos, Ph.D. 4

LVM 205: Advanced Land Valuation
1st Semester AY 2022-2023
UP Open University
 4. Online Discussions or Chats. You are encouraged to join online discussions and chats
even if this is not graded. This is the venue for clarifications on other matters relating to
the subject matter that are not covered in the online forums. I will give you the details and
schedules once I receive your availability for the chat. Please send me information
through our course site as to what is the most convenient day and time it is for you for
online discussion or chat. Note that the online discussion and chat is conducted on a
common time.

5. Final Examination and Exemption . There will be a final examination for those who are
not exempted. Exemption is given to students who submit their FMAs on time with
passing marks. I will administer the Final Exam.

6. Check Your Course site Regularly . Check our course site regularly for additional
readings, FMA’s, forums, discussions and notices. Should you have difficulties with
internet access, do contact me immediately so that we can work out a solution to your
problem.

STUDY SCHEDULE

References (to be used in

Module Number/ Title coming up with the Course Activities Durat
Manual) and ion
Assignm
ents
Unit 1: Value and Market Analysis Module 1 : Property Value Exercises 1
Introduction and Market Analysis by M. week
Value Campos

Valuation Methods
Market Data Approach (or
Comparable Method)
Income (or Investment
Method)
Cost
Professionalism
IVS Guidance Note No.1 Real
Property Markets Property Valuation

Maribec A. Campos, Ph.D. 5

LVM 205: Advanced Land Valuation
1st Semester AY 2022-2023
UP Open University
 Property Cycles IVS Guidance Note No. 4
Valuation of Intangible Assets

Property Market Data Analysis

Investment Property Performance

Analysis

Sales Adjustment Methods

Unit 2: Valuation of Investment Module 2-Valuation of Investme 3
Properties Investment Properties by M. nt weeks
Introduction Campos valuation
Property Investment report
Discounted Cash Flow (DCF) IVS Guidance Note No. 5 Faculty
Analysis Valuation of Personal Marked
Risk Analysis Property Assignme
nt 1
DAO 37-09 (FMA 1
due Oct.
9, 2022)

Maribec A. Campos, Ph.D. 6

LVM 205: Advanced Land Valuation
1st Semester AY 2022-2023
UP Open University
 Unit 3: Valuation of Development Module 3 Valuation of Feasibilit 4
Properties Development Properties by y study weeks
Introduction M. Campos FMA 2
Valuation Approaches (due
Hypothetical development IVCS Technical Paper : DCF Nov. 6,
method (or Residual method) for Real Property and 2022)
DCF Business Valuation
Cases: Valuation of residential
subdivision, industrial
subdivision/estate, high rise
condominiums, low rise
condominiums
Inception of the development proposal
Feasibility Study
Description of the Project
Operationalization of the
Project (e.g. public-private
partnership)
Legal, Environmental,
socioeconomic Feasibility
Marketing Plan
Financing the Development
(HLURB, capital market)
Financial Analysis /discounted
cash flow analysis
Risk Analysis (comparing
risk/return ratios, downside risk
exercises, scenario building,
sensitivity analysis, simulation
exercises)
Unit 4: Valuation of Specialized Module 4 Valuation of Advanced 5
Properties Introduction Specialized Properties by M. Valuation weeks
Nature of specialist properties (e.g. Campos Report
gasoline station, hotels, restaurants) (FMA 3
Property and business components COA Real Property due Dec.
(intangible like goodwill, copyrights) Appraisal/Valuation 3, 2022)
of specialist properties Guidelines
Valuation methods (With and without
project - DCF Analysis) Phil Agencies Involved in
Land Valuation

Land Valuation Policy Study

Valuation of a Memorial
Park
Maribec A. Campos, Ph.D. 7
LVM 205: Advanced Land Valuation
1st Semester AY 2022-2023
UP Open University
 The soaring Philippine real
estate industry

Video: Philippine Property

Boom or Bust
Final Exam Dec.
17
2022

Notes:
*Deadline – if you submit your Assignment beyond this date, you will not receive
any score.

Maribec A. Campos, Ph.D. 8

LVM 205: Advanced Land Valuation
1st Semester AY 2022-2023
UP Open University
TUTOR-MARKED ASSIGNMENTS (FMA)

The Correct Way to Approach Your FMA

Your FMA is your primary vehicle for learning. As a graduate student using the distance-
learning mode, you are at a disadvantage when compared with your colleagues who are enrolled
at regular classroom-type courses. They have the advantage of learning by listening to lectures,
reciting and interacting with the instructor, and presenting seminars. Although we will have
online forums and discussions in this course, these can only approximate the immediate,
spontaneous and multi-directional flow of ideas that often occurs in a classroom. In the distance
learning mode, the forums and online discussion at best supplement the main learning mode,
which is independent self-study. You conduct the latter primarily by reading course materials
and making your FMAs.

We all know that learning by reading is limited. This is because reading is essentially a passive
activity. Think of how much you can recall after reading a journal article. On the other hand,
when you make a FMA after reading a journal article, you grapple with concepts in your mind,
attempt to rearrange the information to make an argument, and then express the argument in your
own words. This is how active learning happens. It is by expressing ideas in your own words that
you begin to understand. You may have experienced writing a technical report after collecting
data. When you begin writing, you think you know essentially what you will cover. But as you
write, you discover ideas that you never even suspected you had. This is the magic of writing.

If you approach the writing of your FMA with this attitude of discovery, or at least with an
openness to learning, you can hardly go wrong.

Plagiarism: The Wrong Way to Approach Your FMA

Plagiarism is copying words written by someone else and presenting them as if you had written
them yourself. It is the act of taking credit for the written works of others. Even if you cite the
author, and even if you “borrow” (or more accurately, “steal”) just one sentence, you would still
be guilty of plagiarism. You should be clear about our definition of plagiarism in this course.

When you plagiarize, you deprive yourself of the opportunity to explore and understand the
concept that you have copied word for word. You have engaged essentially in a physical
activity; you have not exercised your intellect. Therefore, you deserve no credit for your “work”.

This is how we will penalize plagiarism in this course: in a FMA, if the answer to a particular
question contains just one instance of plagiarism, no points will be given for the entire answer.
Indeed, plagiarism can be costly in this course, so avoid it.

There will be many instances when you must present an idea, concept or argument given by
another author. To avoid plagiarism in such instances, you must paraphrase or use your own
words, and then cite your source.

SUBMISSION OF FMAs
Maribec A. Campos, Ph.D. 9
LVM 205: Advanced Land Valuation
1st Semester AY 2022-2023
UP Open University
Using Microsoft Word for your FMAs, submit your FMA by uploading it in our course site.
After uploading your FMAs, I am requiring to send me a message through the portal that you
have already uploaded it.

I will be incorporating my comments in your FMA and will send it to you the latest, two weeks
after the deadline of submission.

Late FMAs

Please submit your FMA on time. There will be no score for a FMA submitted late (refer to the
Study Schedule).

Criteria for Marking FMAs

I will grade your FMAs based on the following criteria: :

Criterion Weight
Technical 80%
content
Syntax 20%

ASSESSMENT

Item % of Final Grade

Participation in online forums 15

FMA No. 1-InvestmentValuation Report (Module 30 GRADING
2)
FMA No. 2-Feasibility Study (Module 3) 30
SYSTEM
FMA No. 3-Advanced Valuation Report (Module 4) 30
Weighted Final
Ave. of FMAs Grade
and Finals
95 - 100 1.00
89 - 94 1.25
83 - 88 1.50
77 - 82 1.75
70 - 76 2.00
67 - 69 2.25
63 - 66 2.50
59 - 62 2.75
55 - 58 3.00
51 - 54 4.00
Maribec A. Campos, Ph.D. 10
LVM 205: Advanced Land Valuation
1st Semester AY 2022-2023
UP Open University
 0 - 50 5.00

ACADEMIC INTEGRITY

The University of the Philippines is renown for its high quality education and integrity. As a
student of UPOU, you are expected to abide by its regulations. Under no circumstances will I
tolerate plagiarism, and cheating in examinations.

FIC CONTACT INFORMATION

Should you have questions regarding the content of our course and related concerns, contact me,
through the portal or through facebook (Mabec Alviar Campos). You may add me in your friend
list in facebook. I am a part time faculty at UPOU and I do not report there physically.

For problems with the course site and other computer-related technical problems, contact
technical support listed below.

TECHNICAL SUPPORT

UPOU Multimedia Center

3/F National Computer Center
C.P. Garcia Avenue, Diliman, Quezon City
(02) 927 3811
techsupport@upou.net or techsupport@upou.org
http://helpdesk. upou.net

Below is the contact information for your administrative concerns.

ADMINISTRATIVE SUPPORT

Faculty of Management and Development Studies (FMDS)

3rd Floor UPOU Building, UP Open University, Los Baños, Laguna 4031
Telephone numbers: (049) 536 6010, (049) 536 6001 local 821

Maribec A. Campos, Ph.D. 11

LVM 205: Advanced Land Valuation
1st Semester AY 2022-2023
UP Open University