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COST CERTAINTY

Cost certainty is a critical concern for clients in real estate development projects. It ensures predictability and prevents budget overruns. This allows for effective financial planning and risk management throughout the project lifecycle.

COMMON CHALLENGES

  • Financing Challenges (interest rates & qualifying)

  • Unanticipated servicing and city fee increases

  • Navigating equity shortfall issues

  • Construction cost escalation

  • Overlooked hard and soft costs

OUR SOLUTIONS

  • Detailed cost estimates and continuously updated proformas

  • Design and construction efficiencies for rental and strata buildings

  • Navigating development & construction coordination

  • Structuring secure & creative financing options

  • Fixed hard cost of construction*: Phased construction, price locking, monitoring trends

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TECHNICAL DECISION MAKING

Technical decision-making is crucial for clients in real estate development projects. It determines the feasibility, efficiency, and sustainability of the project. Making informed choices impacts the project's cost, timeline, and long-term success.  The areas to address include the product type (rental or strata), construction methods, materials, and technology.  These areas influence both financial returns and operational effectiveness.

COMMON CHALLENGES

  • Difficulty in visualizing design concepts

  • Deciding on strata or purpose-built rental

  • Unaware of financial and site impacts of design decisions

  • High number of change orders due to lack of early planning

  • Regulatory, legal and financial hurdles

  • Lack of technical expertise to navigate unforeseen site challenges

OUR SOLUTIONS

  • Efficient and practical design decisions through vast experience

  • Guiding critical decisions for all consultants through the project lifecycle  

  • Detailed financial proformas and creative equity solutions

  • Risk identification and mitigation

  • Contingency planning

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MANAGING EXPECTATIONS

Managing client expectations is vital in real estate development projects. It helps to ensure alignment between project goals and outcomes. Further, it minimizes misunderstandings, and fosters trust throughout the complex and often unpredictable process of construction and development. This proactive approach enhances client satisfaction and reduces the likelihood of lengthy disputes.  

COMMON CHALLENGES

  • Realistic project timelines

  • Budget expectations

  • Scope creep management

  • Quality standards clarification

OUR SOLUTIONS

  • Prompt communication and project updates

  • Design workshops for clarity

  • Advocacy for value-engineered design

  • Detailed schedule with milestones

  • Thorough feasibility study

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ALIGNING WITH MUNICIPALITIES

Aligning with municipalities is crucial for clients in real estate development projects. It ensures compliance with local regulations and zoning laws. It also facilitates smooth permitting processes, and minimizes delays or legal challenges that could impact project timelines and costs. By building positive relationships with local authorities a developer’s reputation and community acceptance are enhanced. These are essential for the long-term success of the development.

COMMON CHALLENGES

  • Zoning laws awareness

  • Permitting complexities

  • Regulatory impact

  • Consultant coordination

  • Project timeline management

  • Risk identification and mitigation

  • Environmental considerations

OUR SOLUTIONS

  • Advocacy for the project with stakeholders

  • Step-by-step roadmap and direction for permitting guidance

  • Extensive review of regulatory requirements

  • Thorough risk assessments

  • Streamline compliant permits

  • Risk management strategies

  • Market condition monitoring

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SINGLE POINT OF CONTACT

Having a single point of contact is essential for clients in real estate development projects. It streamlines communication, reduces confusion, and improves accountability throughout the project lifecycle. This centralized approach ensures efficient decision-making and timely resolutions to issues.  The result is enhanced overall project management effectiveness.

COMMON CHALLENGES

  • Common Challenges:

  • Fragmented communication

  • Infrequent project updates

  • Lack of accountability

  • Decision-making delays

  • Coordination gaps

  • Conflicting directives

OUR SOLUTIONS

  • Clear and established communication channels

  • Scheduled progress updates

  • Prompt resolutions for unexpected concerns

  • Designated project manager

  • Regularly held coordination meetings

  • Implement centralized documentation systems

  • Collaborative team culture

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SELECTING TECHNICAL SUB TEAMS

Having the right technical sub-teams and consultants is crucial for a real estate development project. These people bring expertise in areas such as design, engineering, financing, sales, warranty, after-sales support, and regulatory compliance. Having access to effective professionals ensures the project is executed efficiently, meets quality standards, and navigates complex challenges effectively. Their input can optimize costs, mitigate risks, and contribute to the overall success and sustainability of the development.

COMMON CHALLENGES

  • Site constraints requiring complex and coordinated solutions

  • Lack of accountability causing missed deadlines and delays

  • Communication breakdowns

  • Poor integration of design and execution

  • Budget overruns and delays

  • Compliance and regulatory issues

  • Significantly over or underbuilt for market area

  • Legal and reputational risks

  • Ineffective sales and marketing

OUR SOLUTIONS

  • Clear communication channels

  • In-house and external consultant recommendations

  • Regular coordination meetings with aligned teams

  • Defined roles and responsibilities

  • Continuous oversight and monitoring

  • Updated market review to ensure successful sales absorption

Image by Danist Soh

GENERAL CONTRACTING

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