The Versatility Of The Real Estate Asset Class The Singapore Experience Book Download

The Versatility of the Real Estate Asset Class   the Singapore Experience PDF
Author: Kim Hin David HO
Publisher: Partridge Publishing Singapore
Format: PDF, ePub
Category : Law
Languages : en
Pages : 226
View: 6438

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The Versatility Of The Real Estate Asset Class The Singapore Experience

by Kim Hin David HO, The Versatility Of The Real Estate Asset Class The Singapore Experience Books available in PDF, EPUB, Mobi Format. Download The Versatility Of The Real Estate Asset Class The Singapore Experience books, Chapter 1 takes a close look at two types of heterogeneous investors (momentum and disposition) to form a unique difference model, to interpret housing price dynamics. Three parameters are crucial, namely, auto-correlation, the rate of mean reversion and the contemporaneous adjustment towards long-term equilibrium price. The key implication is that the 2006 boom of the Singapore private housing market does not offer as large a magnitude as that from the price gain in the 1990’s boom-and-recovery over the long-term. Singapore’s private housing market is low risk, offering stable returns owing to virtually no divergence even in the speculative 1990s. The best way to invest is to consider the momentum strategy and avoid the herd behaviour for profit sustainability. For policy makers, the Singapore private housing market is over-damped in the long run. Chapter 2 adopts game theory to look at the private residential development oligopolistic market; the determination of residential development sale prices in an uncertain market and under incomplete information of competing developers; the dynamic interaction among developers; the time lags of the development project completion from project start; and the launching of the residential development for sale before completion and the residential development’s own capacity constraints. Developers tend to cooperate for long-term benefit, leading to a sales slowdown. Relatively high profits, earnable in the first few periods, provide an allowance to price undercut others, to sell much faster. First-mover advantage in a new market is evident. As uncertainty rises, prices decrease while price variability increases. Chapter 3 looks at the institutional nature of legal origin and the total returns (TRs), derived from investing in a country’s direct real estate, and via the adoption of a multi-factor arbitrage pricing theory (APT) model. The 1st and 4th order autoregressive model is adopted to de-smooth the TRs. De-smoothed data is used in conjunction with 2 macroeconomic variables (real GDP growth rate and interest rate) and 1 real estate risk factor (vacancy rate) to form the multi-factor structural model. A pooled panel analysis is conducted with the law-system dummies, denoting British legal origin and French legal origin, and the factor loadings (i.e. the sensitivity of the risk factor to the TRs). Macroeconomic and real estate risk factors in equilibrium affect the TRs. Vacancy rate commands high and significant risk premium owing to its direct impact on the TRs, relative to GDP growth rate and interest rate. Chapter 4 is concerned with the real estate mezzanine investment (REMI), a new financial instrument for Asia’s real estate market, and examines the REMI structure, the measurement and characteristics of its risks and returns via a forward-looking binomial asset tree (BAT) model. Risk neutral pricing probability is adopted. REMI bears more risk than typical commercial bank loans, resulting in higher interest rates than pure equity. Different risk issues focus on two major sources - the financial loan to value (LTV) ratio risk and the real estate and capital markets risk. Chapter 4 fulfils the need to close the gap concerning the REMI structure and performance in the steady state, utilizing reliable, authoritative information and data sources. Lastly, Chapter 5 offers this book’s conclusion.


Real Estate Finance Book Download

Real Estate Finance PDF
Author: Wolfgang Breuer
Publisher: Springer Science & Business Media
Format: PDF, Kindle
Category : Business & Economics
Languages : en
Pages : 132
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Real Estate Finance

by Wolfgang Breuer, Real Estate Finance Books available in PDF, EPUB, Mobi Format. Download Real Estate Finance books, This special issue offers an interesting overview of the status quo of (German) research in real estate finance. It might also contribute to real estate research moving from a research niche closer to the center of academic interest.


Real Estate Investment Trusts Book Download

Real Estate Investment Trusts PDF
Author: Su Han Chan
Publisher: Oxford University Press on Demand
Format: PDF, Kindle
Category : Business & Economics
Languages : en
Pages : 305
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Real Estate Investment Trusts

by Su Han Chan, Real Estate Investment Trusts Books available in PDF, EPUB, Mobi Format. Download Real Estate Investment Trusts books, This work provides the investing public, real estate practitioners, regulators and real estate and finance academics with up-to-date information on what modern scholarly research tells us about Real Estate Investment Trusts (REITs). REITs are credited to allow institutional and individual investors to invest in real estate via a corporate entity. The increasing interest in REITs as indicated by their growth in market capitalization and institutional holdings in the United States and around the world suggests that REITs are becoming an increasingly important part of investors' diversified portfolio.


Real Estate Financing Book Download

Real Estate Financing PDF
Author: Brook Boyd
Publisher: Law Journal Press
Format: PDF, Docs
Category : Law
Languages : en
Pages : 1766
View: 2791

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Real Estate Financing

by Brook Boyd, Real Estate Financing Books available in PDF, EPUB, Mobi Format. Download Real Estate Financing books, Real Estate Financing contains over 40 deal-specific forms and checklists online, covering everything from complex loan workouts to simple residential closings. The forms include information about each term and how it can be modified, with separate variations for lenders, borrowers or other parties. A "Data Input Sheet" lets you use the forms with widely available software and can serve as a "term sheet" for the transaction. The accompanying volume provides explanations of the issues along with the guidance you need to draft working documents quickly. Real Estate Financing includes: checklists for loan modifications; wraparound mortgage loans; subordinations; loans secured by condos, co-ops and time shares; sale-leasebacks; contingent interests; securitizations; deeds in lieu and consensual foreclosures; participations; installment sales; sales of mortgage loans; and much more. The checklists highlight "deal" terms, flag risks and hot issues, and direct users, through cross-references, to alternative approaches and analysis. Standards issued by ratings agencies for securitized loans are discussed in detail, as are the EPA and ASTM standards for Phase I environmental reports and the best Web sites for forms and drafting requirements. Book ɿ looseleaf, one volume, 1,550 pages; published in 1997, updated as needed; no additional charge for updates during your subscription. Looseleaf print subscribers receive supplements. The online edition is updated automatically. ISBN: 978-1-58852-076-0.


New Directions In Real Estate Finance And Investment Book Download

New Directions in Real Estate Finance and Investment PDF
Author: Piet Eichholtz
Publisher: Springer Science & Business Media
Format: PDF, Mobi
Category : Business & Economics
Languages : en
Pages : 200
View: 238

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New Directions In Real Estate Finance And Investment

by Piet Eichholtz, New Directions In Real Estate Finance And Investment Books available in PDF, EPUB, Mobi Format. Download New Directions In Real Estate Finance And Investment books, Research in real estate finance and economics has developed in an exciting way in the past twenty-five years or so. The resulting theoretical and empirical findings are shining a new light on some of the classic mysteries of the real estate markets. It is good to see that a growing proportion of this research output is concerned with contemporary problems and issues regarding the European and Far Eastern property markets. To stimulate a creative exchange of new ideas and a debate of the latest research findings regarding the global property markets, the Maastricht-Cambridge Real Estate Finance and Investment Symposium was established. This initiative aims at bringing together a number of leading researchers in the field for a short, intensive conference. The 2000 Symposium, which was hosted by Maastricht University in the Netherlands in June of that year, is the first in an annual series of such conferences, which will alternate between Maastricht University and Cambridge University. This book is a compilation of the papers originally presented at the first Maastricht-Cambridge Symposium in 2000.


Project Management An Artificial Intelligent Ai Approach Book Download

Project Management     an Artificial Intelligent  Ai  Approach PDF
Author: Kim Hin David HO
Publisher: Partridge Publishing Singapore
Format: PDF, ePub, Docs
Category : Business & Economics
Languages : en
Pages : 216
View: 2117

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Project Management An Artificial Intelligent Ai Approach

by Kim Hin David HO, Project Management An Artificial Intelligent Ai Approach Books available in PDF, EPUB, Mobi Format. Download Project Management An Artificial Intelligent Ai Approach books, This book is a novel treatment of modern project management from artificial intelligence (AI), entailing data analytics, neural networks, fuzzy logic, genetic algorithms; and data visualisation deploying agent based modelling for the knowledge based urban development (KBUD). The book can be adopted by design engineers, urban planners, project managers, quantity and real estate surveyors, public and private real estate developers, architects and scholars. Chapter 1 discusses that the traditional statistical method, which needs a priori parametric knowledge of linear or non-linear functions between the input and output variables. Nneural networks do not need such information to predict future possible outcomes. Chapter 2 reiterates that new private office and residential supply like in Hong Kong depend on current market prices, relative to the replacement or building costs. The market should equate prices with replacement costs that include the cost of land. Prices and costs may diverge because of lags and delays in the building process. Chapter 3 discusses the specific tasks to be planned to develop life cycle models and metrics to analyse technology and innovation. Such models can look into life cycle cost analysis (LCA). Chapter 4 draws attention to the trend that in a highly volatile world, the best point estimate of classical DCF model is not a reliable indication of investment worth. The fuzzy discounted cash flow (DCF) model offers a natural and intuitive way, based on a set of fuzzy inputs. The fuzzy net present value (NPV) for an office-cum-retail development is so estimated to provide the approximated evaluation of investment worth. Chapter 5 discusses the fuzzy tactical asset allocation (FTAA) model, incorporating intuitive decision making into the direct real estate project (asset) allocation process, from the expert investor prospective. The FTAA model improves the efficiency of asset allocation, adopting fuzzy set theory and fuzzy optimization theory. Chapter 6 reiterates that today’s city planners see the KBUD strategy as a new form of urban renewal for industrial cities. Planners believe KBUDs bring economic, technological progress and sustainable socio-spatial order to the contemporary city. Chapter 6 addresses the need for an urban design criterion that aids in efficient land use planning for KBUDs.


Land Management Economics Book Download

Land Management   Economics PDF
Author: Kim Hin Ho
Publisher: Partridge Publishing Singapore
Format: PDF, Kindle
Category : Business & Economics
Languages : en
Pages : 264
View: 6589

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Land Management Economics

by Kim Hin Ho, Land Management Economics Books available in PDF, EPUB, Mobi Format. Download Land Management Economics books, This book is concerned with a unique, overall land policy optimization model, under active government policy, resulting in the sustainable effectiveness and efficiency of land policy. Such a model distinguishes it from the highly specific urban-planning land use optimization model, meant for optimizing land use specification, strategic land uses, land use restrictions and control, like zoning. Policy input is concerned with a hierarchical and structural definition of policy while ‘Additionality’ looks at land-policy output (outcome) variables, impacting broader land policy efficiency and effectiveness goals, their associated output indicators and the interaction with the macroeconomy. Long run urban policy-macroeconomy interaction is modeled in a contemporaneous cointegration model estimation, involving different sectors of the economy. The model looks at the equilibrium and optimal land-using economic activities. A dynamic interaction of land policy outcomes and their economic implications is discussed via cointegration tests and modelling. This book develops a rigorous system-dynamics-based computable general equilibrium model for direct real estate market uncertainty i.e. the frequent mismatch between office demand and supply under the impact of limited land constraint, the domestic common stock market, the macro economy and macroeconomic policy. Such dynamic interaction is structured under the demand-side and supply-side aspects. The book looks at the binomial option-pricing model by Cox, Ross and Rubinstein, to model the risk-neutral process for short term interest rates, common stock prices and Housing & Development Board (HDB) resale flat prices. Singapore’s Main Upgrading Program (MUP) is a heavily subsidized and highly targeted. Since 1992, the HDB has budgeted some S$3 billion to finance the MUP policy. A positive impact is the asset value enhancement of the HDB flats within the upgraded precincts. MUP subsidies vary significantly with the corresponding option premium. A 3-Room HDB flat owner is more inclined to opt for upgrading while the option premium is deemed to be less attractive for upgrading by the 4-Room HDB flat owner. Residents’ satisfaction level with town council (TC) services are examined, under different political parties. The concern is to ascertain a housing finance model, which analyzes the affordability of household borrowers for purchasing resale public housing. With Central Provident funds (CPF) usage, total interest paid over the loan life is significantly reduced. CPF as a financial buffer significantly reduce default risks for lender and household borrower.