Property development is a complex process that involve extensive planning, large amount of capital, complex activities and procedures, requires services from various parties and usually involves lengthy process. As a matter effect, it usually a high-risk investment that can influence changes in the economy and the property market itself. Poor planning on the development and parties involves will cause the project result in loss especially to the owner. However despite all the risk, property development is an investment that promises rewarding returns to its investor especially the developers. Therefore, in order to ensure that particular development will turn out successful and profitable, a thorough development appraisal should be carried out before the commitment to invest is made. Since the development process is complex and not all developers have the skills to carry out a major development by themselves without hired profesional team. That is when, profesional team involves in the development because from the analysis, the feasibility and viability of the development can be determined and thus helping the developer to decide to go or not to go for a project. Among these profesional team are planning consultants, valuation surveyors, architects, quantity surveyors, engineers, project managers, solicitors, accountants and occupiers. The roles of Quantity Surveyor in Property Development
One of the most profesional team needed the most in any property development is quantity surveyor. The roles of quantity surveyor (QS) also known as cost manager in property development is varies starting from feasibility study to pre-construction period of a project until to the development/construction period and towards the completion of the construction. Quantity surveyor is hired by the developer starts from the inception stage where there is intention to construct a building. In feasibility stage, the needs to meet developer/client requirements and possible constraint on development is crucial in this stage such as the availability of the site for commencement of the construction work, specific requirements relating to life cycle cost/specification and/or procedures and requirements in respect of inflation. Quantity surveyor should be able to assist with the development and help the client’s to prioritize their objectives that relates to the cost such as minimise capital cost, achieve necessary income cash flow profile, minimise management costs. Because the preparation of the studies will determine whether the project is worth to proceed and within developer cost limit. Quantity surveyor also responsible to give advice on which types of procurement method suitable to use in accordance to the development that will be carry out later. In this stage, quantity surveyor use their knowledge in construction technology and act as the cost adviser to the developer especially on how to achieve project requirement in most economically and cost efficiency. Meanwhile in pre-construction period, in outline proposal drawings quantity surveyor roles is to determine the possible cost target for the main elements such as structural elements, service installation, the quantity, quality and materials to be used as the design develops. All the design will be carefully checked and adjustments can be make so the development cost is within the client’s budget. Cost target prepared by the quantity surveyor will provide cost control to the design team hired by the developer. So the QS should represent their client’s and advice on the image and building style so it will meet clients cost. Clients usually concerned with the building performances of function and costs that will be used and it is a must to achieve value for money. In this stage also quantity surveyor will involve with other profesional team such as architect and engineer, land surveyor, interior designer and etc. As for developers the need to get to build and finish the...
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