What is Property Development?
Property development is, as the name suggests, developing property. In HYECORP's case, this means taking, for example, four homes next to each other and building, a five-story residential apartment building.
There are several steps in the development process, each performing a vital role.
Research
- Constant market research, both macro (for example economy, political factors, affordability and population growth) and micro-economic factors (for example, current design trends and apartment sizes)
- Identify an appropriate development site this might mean acquiring land currently for sale, or specifically sourcing acquisitions
- Desktop study, initial level feasibility (local market, supply & demand, zoning analysis), if passed, move to next step
- Prepare initial concept to understand the potential of the site
- High level feasibility, if the project stacks up, next step
Acquisition and development permit
- Negotiate acquisition (often with various vendors) at appropriate price
- Arrange any necessary finance
- Prepare development application, apply to relevant authorities, obtain development approval. This process is fully managed by HYECORP
- Once approved, prepare construction documentation, arrange construction finance
- Construction and Sales
- Begin pre-sales campaign (i.e. off-the-plan sales)
- Identify and appoint suitable building team (HYECORP builds its own developments)
- Build project, continue sales campaign
- Once finished, complete sales and marketing for remaining apartments and realise the development
