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property investment 作业代写


     
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    MMP212 Property Investment - Trimester 12013
    property investment 作业代写
     
    Assignment 2–Capitalisation of Income/DCF Approach
     
    25% of unit assessment (approximately 2,500words)
     
    Brief
    This is the second part of a two-stage assignment process. This assignment builds on the information gathered for assignment one (State of the market and property report) and consists of (a) a conventional valuation using the capitalisation of income process and (b) a discounted cashflow (DCF) valuation. The building to be valued is located at 599 Doncaster Road Doncaster.  The process behind undertaking both of these valuation approaches for this assignment will be discussed during the lectures and reference should also be made to the tutorial information and in particular the prescribed text.
     
    Task
    Following the submission of your first assignment that investigated and provided information about the property and the market, your client has now decided to invest in the office building under consideration. Once again they have enlisted your servicesto determine the current market value as at 01/04/2013.
     
    Your task is to prepare a valuation report for the property located at 599 Doncaster Road Doncaster.  The research data required to undertake this analysis will be sourced from (a) your first assignment and (b) from materials provided on the DSO. 
     
    Your report is to commence where your previous report finished, that is, after the interim conclusion and should information required in similar reports that are completed in accordance with API professional practice requirements. This includes the basis under which you undertaking this report. Specifically you have been asked to provide market value and therefore you must define market valuation per the definition below. You should also state any limitations or restrictions that you would apply to the report.
     
    Market Valuation
    “Market value is the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction wherein the parties had each acted knowledgeably, prudently and without compulsion” (www.ivsc.org)
     
    Learning outcomes
     This assignment has been designed to develop core professional knowledge and skills as part of your PRE course at Deakin. By completing this assignment responsibly you will be able to you can;
     
     
    1. Critically analyse and summarise sales and leasing information to determine subject property value
    2. Perform valuation of subject property using appropriate valuation methodologies and application of variables
    3. Justify and explain valuation determination in a manner that clearly demonstrates understanding of applied valuation methodologies strengths and weaknesses and applications
    4. Communicate findings accurately and professionallyin accordance with industry practice standards
     
    The skills and knowledge noted above are highly regarded by property professionals and employers.
     

    Suggested Sections and Headings within this part of the Report
     
    The following headings are provided for guidance only. Changes, additions and deletions from this list may be necessary as you see fit.Within these categories you should also provide a definition of the method you are applying to demonstrate your understanding.
     
    1.          Capitalisation Method. In this section you should analyse sales and rental comparability and provide justification of data used etc. and include discussion and application of outgoings. Eg. justify of the final income you relied upon to use as the future income stream for this method.
     
    2.          Calculations. In this section you must provide detailed step-by-step annotated calculations explaining all assumptions, capitalisation rate derivation and final valuation.
     
    3.          Discounted Cash Flow (DCF). In this section you must provide all the information as above to explain all assumptions and interim findings, showing how discount rates have been arrived at etc. The DCF has numerous assumptions throughout as you construct the DCF, these must all be discussed and justified. The DCF must be calculated over a 10year period and on a working excel spread sheet with another sheet showing all formula used in the DCF. The spread sheet must show all headings, comments (inserted in relevant cells) and be able to “tested” by the marker by inserting new values to determine correct performance. Please note: you will need to individually discuss variables, projections and assumptions in the report, not just make small annotations in the spreadsheet.
                               
    4.       Reconciliation. Here you must discuss the merits and weaknesses of each method you have used in this valuation and choose (reconcile) one method, and hence the valuation outcome, you believe is most appropriate with pertinent justifications.
     
    5.          Final conclusion. Here you must provide your final comments, valuation limitations and recommendations for your client.
     
    In order to complete the above you should have regard to your market commentary, make suitable forecasts about rental growth, value of property at the end of the investment period, capital expenditure required, projected vacancies and any other details which you consider are relevant.
     
    Note: it is critical that you constantly refer to the marking criteria sheet in order to meet the assignment objectives.
     
     
     property investment 作业代写
     
    Due Date :       To be submitted via DSO no later than 9am Monday 27th May 2013(week 11).
    Length : Approximately 2,500 words.
    Format:           See details above.
                            The submission should be in the form of a report to the client.
                           
    Note:               Cite all references and sources including any financial and market statistics.  This also includes persons and organisations you have interviewed and discussed this issue with, as well as websites and newspapers.  Use the Harvard referencing system.Also note that spelling, punctuation errors and lack of team contribution will be penalised.
     
     property investment 作业代写
     
     

     
    Learning Objective Performance Indicator
    Poor Needs Improvement Acceptable Well Done Excellent Score
    Actual
    Score
    Possible
    Critically analyse and summarise sales and leasing information to determine subject property value
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    30 marks (max)
    ·  Poor analysis of information with no or minimal justifications
    ·  Analysis does not relate to the objectives
    ·  Information not summarised
    ·  Analysis is illogical and largely incorrect
     
     
     
     
     
     
     
     
     
     
    (0-3 marks)
    ·   Cursory analytical approach undertaken and some attempt to justify findings and interim conclusions
    ·  Analysis relates to task but it is not specific
    ·  Information summarised but it is uninformative
    ·  Analysis is somewhat logical
     
     
     
     
     
     
     
     
     
     
     
    (4-7.5 marks)
    · A sound analytical approach but some errors present and reasonable attempt at justifying findings
    · Analysis relates to task but lacks depth and/or in some cases accuracy
    · Analysis is summarised but is somewhat uninformative and/or inconclusive
    · Analysis is logical but is cursory
     
     
     
     
     
     
     
     
    (8-15 marks)
    ·  A good analytical approach and generally appropriateto task and demonstrating good understanding of principles
    ·  Analysis relates to task but lacks conciseness
    ·  Analysisgenerally meets the requirements of the task and demonstrates some depth
    ·  Logical analysis but some minor errors and/or unjustified conclusions
     
     
     (16-22.5 marks)
    ·   Excellent analytical approach demonstrating in-depth of understanding of principles
    ·  Analysis concisely relates to task
    ·  Analysis meets the requirements of the task and demonstrates depth
    ·  Logical analysis with well argued justifications and conclusions
     
     
     
     
     
     
    (23-30 marks)
       
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    30
    Perform valuation of subject property using appropriate valuation methodologies and application of variables
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    40 marks (max)
    ·  Minimal or no valuation effort made
    ·  Valuation as presented factually incorrect
    ·  Valuation as presented poorly considered and/or incorrectly premised
    ·  Minimal effort to identify and explain correct valuation processes
     
     
     
     
     
     
     
     
    (0-3 marks)
    ·  Valuation attempted but has significant errors/inaccuracies
    ·  Valuation somewhat correct
    ·  Valuation somewhat understandable and logical
    ·  Some effort to explain processes and rationale made
    ·  Industry standards not apparent
     
     
     
     
     
     
     
     
     
     
     
    (4-7.5 marks)
    ·  Valuation attempted but some errors/inaccuracies
    ·  Valuation is reasonably correct
    ·  Valuation is generally understandable and logical
    ·  Good effort made to explain processes and rationale
    ·  Some effort made to justify methodology applied
    ·  Industry standards apparent but not correctly explained or applied
     
     
     
     
     
     
    (8-15 marks)
    ·  Valuation attempted with minimal errors/inaccuracies
    ·  Valuation process is generally correct but some minor errors exist
    ·  Valuation understandable and logical but some minor errors present
    ·  Good explanation of processes and rationale but some minor errors present
    ·  Good effort made to justify methodology adopted
    ·  Industry standards appliedand explained but with some minor errors
     
     
    (16-22.5 marks)
    ·  Valuation attempted no errors/inaccuracies
    ·  Valuation is correct and meets industry standards
    ·  Valuation understandable and logical and error free
    ·  Excellentexplanation of processes and rationale
    ·  Excellentjustification of methodology applied
    ·  Industry standards correctly explained and applied
     
     
     
     
     
     
     
    (23-30 marks)
       
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    30
    Justify and explain valuation determination in a manner that clearly demonstrates understanding of applied valuation methodologies strengths and weaknesses and applications
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    30 marks (max)
     
    ·  No justification provided or totally inadequate
    ·  No explanation of determination and totally inadequate
    ·  No or inadequate attempt to consider outcomes
    ·  No or inadequate conclusions drawn
    ·  No demonstration of understanding of methodological processes and characteristics
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    (0-3 marks)
    ·  Some attempt made to justify analytical approach and findings but significant flaws in discussion
    ·  No constructive or sensible analysis or explanationof valuation
    ·  Some attempt to consider outcomes but largely inadequate or incorrect
    ·  Some attempt to provide conclusions but very cursory in depth
    ·  Some demonstration of understanding of methodological processes and characteristics
     
     
     
     
     
     
     
     
     
    (4-7.5 marks)
    ·  Reasonable attempt made to justify analytical approach and findings but numerous flaws and incorrect views
    ·  The analysis and explanation is done but lacks detailed discussion of important elements of the process
    ·  Reasonable attempt to consider outcomes but somewhat incorrect and/or inconsistent
    ·  Conclusions provided and have some relationship to the analysisundertaken
    ·  Reasonable demonstration of understanding of methodological processes and characteristics
     
     
     
     
    (8-15 marks)
    ·  A good attempt made to justify analytical approach and findings but some errors still present
    ·  The analysis and explanation is done with detailed discussion but in-depth understanding of the process not demonstrated
    ·  A good attempt to consider outcomes but with some minor errors and/or inconsistencies
    ·  Conclusions drawn have a relationship to the analysis undertaken
    ·  Good demonstration of understanding of methodological processes and characteristics
     
     
     
    (16-22.5 marks)
    ·  An excellent error free justification of analytical approach and findings
    ·  The analysis is done with detailed discussion demonstrating an in-depth understanding of the process
    ·  An excellent consideration of outcomes and free from inconsistencies
    ·  Conclusions drawn have a clear relationship to the analysis undertaken and demonstrate a thorough understanding of the over task
    ·  Excellent demonstration of understanding of methodological processes and characteristics
     
     
    (23-30 marks)
       
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    30
    Communicate findings accurately and professionally
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    20 marks (max)
    ·  Extensive spelling and/or grammatical errors
    ·  Paraphrasing closely resembles quote from information sources
    ·  Too much quoted material and/or presented inaccurately
    ·  Minimal or no use of diagrams and charts to present information
     
     
     
    (0 marks)
    ·  Some spelling and/or grammatical errors
    ·  Paraphrasing uses too much of the information sources own words/sentences
    ·  Too much quoted material and some presented inaccurately
    ·  Some use of diagrams and charts to present information but information not presented properly and/or inaccurately
     
     
     
     
    (1-5 marks)
    ·  Few spelling and/or grammatical errors
    ·  Paraphrasing correctly conveys information source in students own words
    ·  Too much quoted material and but presented accurately
    ·  Reasonable use of diagrams and charts to present information but some information not presented properly and/or inaccurately
     
     
     
    (6-10 marks)
    ·  Minimal spelling and/or grammatical errors
    ·  Paraphrasing correctly conveys information source in students own words
    ·  Fewer quotations used but presented accurately
    ·  Good use of diagrams and charts to present information and presented properly
     
     
     
    (7-15 marks)
    ·  No spelling and/or grammatical errors
    ·  Paraphrasing correctly conveys information source in students own words
    ·  Quotations used sparingly used and presented accurately
    ·  Excellent use of diagrams and charts to present information and presented properly and creatively
     
     
     
     
     
    (16-20 marks)
       
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    20
    Refer to information sources accurately using the required format
     
     
     
    20 marks (max)
    ·  References do not use the Harvard (author/date) system
    ·  In-text citations not used or inaccurate
      (0-3 marks)
    ·  Attempt to use Harvard referencing style made but not entirely correct
    ·  In-text citations are mostly inaccurate
     
     
    (4-8 marks)
    ·  References are provided in the Harvard method and accurate in most cases
    ·  In-text citations are mostly accurate
     
    (9-13 marks)
    ·  References are provided in the Harvard method and accurate but with some minor errors
    ·  In-text citations are accurate
       (14-17 marks)
    ·  References are provided in the Harvard method and accurate
    ·  In-text citations are accurate
     
     
    (18-20 marks)
       
     
     
     
     
     
     
     
    20
    Total (see comments below)   140