Theses and Dissertations (Construction Economics)http://hdl.handle.net/2263/323572024-03-28T11:11:58Z2024-03-28T11:11:58ZHotels as an Alternative Property Investment Asset Class and its Funding Challenges in South Africahttp://hdl.handle.net/2263/807592021-12-22T09:11:05Z2021-07-01T00:00:00ZHotels as an Alternative Property Investment Asset Class and its Funding Challenges in South Africa
Institutional investors and corporates are constantly looking to achieve double digit yields in relation to investments in traditional real estate assets. With retail, office and residential property under pressure the study set out to determine how hotels perform compared to traditional property investment asset classes in terms of investment yields during different stages of the property cycle, and whether investors (property developers and institutional investment funds) are considering the hospitality sector for investment or diversification of current portfolios. Furthermore, to determine how aligned the commercial banks, Development Funding Institutions (DFI) and Section 12J funds are with funding single hotel assets versus portfolio lending, and what their requirements are.
As an exploratory study, interviews were conducted to obtain in- depth and rich information from purposively selected respondents with experience in the sector after completing a preparatory questionnaire. Respondents included property developers, investors, financiers, tour operators and hotel operators. Results confirmed that both developers and investment funds are indeed considering hotels as an alternative investment since the yields are favourable when compared to other asset classes, yet with a longer investment horizon. Hotels required time to stabilise and at this point an expected yield should be higher than 12.5% which is higher than initial yields for traditional commercial properties. Historically, hotels investors were very specific in their investment asset classes and usually purely focused on hospitality assets (specialist investors). This has now changed with an increase in generalist investors coming to the market with exposure in a diversity of asset classes including the hospitality sector.
Funding challenges, due to the operational risk associated with Hotel Management Agreements (HMA) is perceived by both financiers and developers or investors. Leases are the preferred income model but are seldom available in the hospitality sector and often those that are made available, may not provide the strong covenants required by financiers and developers/investors. Alternative funding is available in the form of Section 12J VCC’s or from DFI’s but both have their limitations as became apparent in the results. Recommendations for further research include funding challenges for a development or acquisition strategy at a single asset and portfolio level, and expansion to Sub-Saharan Africa as it impacts many investors and international hotels brands with exposure in these regions.
Dissertation (MSc (Real Estate))--University of Pretoria, 2021.
2021-07-01T00:00:00ZAn Investigation of the Early Involvement of Facilities-Management Specialists into the Traditional Design-Development Process: the Causes of Conflictshttp://hdl.handle.net/2263/796552021-04-29T09:28:23Z2020-01-01T00:00:00ZAn Investigation of the Early Involvement of Facilities-Management Specialists into the Traditional Design-Development Process: the Causes of Conflicts
The traditional procurement and contracting method within the architectural, engineering and construction industry is often criticised for its fragmented approach and its isolation of designers from contractor and Facilities Management(FM). However, adversarial relationships often occur among the project-team members due to disagreements relating to poor communication, processes, specifications, compliance, cost overruns and the extension of times. Therefore, the integration of FM’s specialists into early design development process comes with challenges, such as conflict between the design team and FM’s specialists over the specifications, local statutory compliance, commissioning method statements and the hand-over process. Furthermore, conflicts have critical effects on cost and schedule in complex projects and creates breakdown of relationships among project participants and results in project delays, claims and disputes.
The Purpose: The main purpose of this study was to “to explore effective involvement of FM specialists in the early design-development process of complex building projects in South Africa is perceived to be causing conflicts between the multi-disciplinary professional design team members.”
Design/methodology: Mixed methods was adopted for this study including extensive related literature review and pilot study. Purposive (8 interviews) and snowballing (102 participants) sampling techniques were used in data collection.
Findings: According to descriptive analysis, participants slightly greed that FM specialists should be involved in the early stage of the design development process with mean score ranging from 3.21 (Inception stage) and 3.71 (Concept and Viability stage). Participants agreed that that FM specialists should be involved during design development stage with a mean score of 4.19 and project close out stage with a mean score of 4.29. Furthermore, from 41 causes of conflicts, 10 received mean scores ranging from 2.66 and 2.97 meaning that there is a low possibilities of causing conflicts while 31 variables received mean scores ranging from 3.00 to 3.97 meaning that there is a moderate possibilities of causing conflicts among FM specialists and design team during design development process.
Research limitation/Implications: Potential participants are architects, engineers, project managers, property-development managers and facilities managers. Furthermore, the focus of the study is on medium and large complex projects with buildings systems. In addition, this
Originality/Value: The high costs of maintenance during operation and non-compliance with the local statutory requirements of the building systems will affect the results and the application thereof. The integration of the design team and FM’s specialists will provide the client with the final product that is functional and safe to occupy and use for its intent. Furthermore, FM’s specialists’ involvement early in the design-development process would reduce operational and maintenance costs during the operational stage of the building; and they would further ensure that the facility complies with the local statutory requirements.
Dissertation (MEng)--University of Pretoria, 2020.
2020-01-01T00:00:00ZProperty valuation for expropriation and compensation in Zimbabwehttp://hdl.handle.net/2263/782772021-10-13T01:26:06Z2021-01-01T00:00:00ZProperty valuation for expropriation and compensation in Zimbabwe
This thesis is primarily concerned with laws guiding valuation for expropriation and compensation in Zimbabwe. The thesis aimed to identify and close gaps in the regulatory and legislative frameworks guiding property valuation approaches when land is expropriated in line with the current international best practice. A case study approach was used based on expropriated properties whose compensation amount was approved by the Compensation Committee (CC) during the multi-currency period (2009 – 2019). Stratified random sampling was adopted, and a sample size of 146 respondents was used. The researcher collected data using a semi-structured questionnaire and literature survey. Respondents were chosen from Members of the Compensation Committee (MsCC), Designated Valuation Officers (DVOs), Private Valuers (PVs), and Former Commercial Farmers (FCFs). Documents that were reviewed include statutes, official reports, and newsletters. Questionnaires were sent to research subjects by electronic mail due to the COVID-19 pandemic induced lockdown. Two computer software packages, including Statistical Package for the Social Sciences (SPSS-26) and ATLAS.ti 8, were used for data analysis. The researcher identified gaps in the existing laws and practice of expropriation and compensation in Zimbabwe. Notable gaps include provisions which are not clear, lack of detailed guidelines, unavailability of legal provisions on property valuation for expropriated communal properties and valuation inconsistencies. Furthermore, it was noted that FCFs were dissatisfied with the expropriation and compensation process and MsCC emphasised the need to take a historical overview of the expropriation and compensation crisis in Zimbabwe. Therefore, this study contributed to knowledge and practice by proposing amendments to existing Zimbabwean statutes guiding expropriation and compensation and designed a framework for expropriation and compensation. Results of this study are expected to bring closure to lingering issues surrounding expropriation and compensation in Zimbabwe.
Thesis (PhD)--University of Pretoria, 2020.
2021-01-01T00:00:00ZStudy of the implementation of the Code of Conduct and Ethical Standards in the South African Quantity Surveying Industryhttp://hdl.handle.net/2263/734622021-03-24T10:47:12Z2020-02-14T00:00:00ZStudy of the implementation of the Code of Conduct and Ethical Standards in the South African Quantity Surveying Industry
Over the past few years there is an increase in globalization and construction industry companies are becoming more aware of the environmental and social aspects in construction projects. Companies have to make a profit and carry out an obligation towards the community. The reason for introducing codes of conduct is to ensure that companies and persons within the construction industry become more socially responsible and adopt it into their daily businesses due to community pressures. It is essential to enforce codes of conduct throughout the construction industry professions, including all stakeholders and team members within the construction industry.
This study has sought to determine the main reasons why some quantity surveyors might not always apply the code of conduct in an ethical and professional manner, as well as to identify possible ways how the code of conduct can be improved, be upheld and implemented more successfully in South Africa.
Questionnaires were used to collect data from some quantity surveyors in South Africa. The aim of the questionnaire was to identify how some quantity surveyors implement the code of conduct, where the possible gaps in the code of conduct are and how the current code of conduct can be improved.
The data determined that the code of conduct needs to be regularly improved in order to stay up to date with current ethical situations that quantity surveyors face daily in South Africa, as well as that some quantity surveyors have a lack of education and proper understanding of the codes of conduct, lack of keeping up to date with the Code and the guidance in which they serve.
Dissertation (MSc)--University of Pretoria, 2020.
2020-02-14T00:00:00Z