The following report emphasizes on the feasibility and timeline of a construction project. The residential project is being carried out at La Trobe St & Swanston Street, Melbourne VIC, 3000 (Kerzner and Kerzner 2017). La Trobe has been selected as this region is densely populated. The reason for this development of residency which can easily flourish in this area. The ultimate goal of this project is to improve both the income along with equity. It has been analyzed that the whole business can develop with a value of $ 800,000 in their cash reserve so that they can fund for residential duplex project (Too and Weaver 2014). It has been calculated that the given project can be easily completed in the timespan of 8 months. In the coming pages of the report an idea has been provided regarding two important aspects that is timeline and feasibility of the project.
Feasibility of the given project can be stated like an analysis which is needed for measuring both the likelihood and its ability of completing the given project (Mir and Pinnington 2014). It can be easily analyzed that the feasibility of the project needs to be conducted for evaluation of success of the project. It mainly aims in ensuring the overall success of the projects. Apart from this, it also ensures that the given project is economic feasible. Feasibility study is helpful in construction of residential duplex which emphasize on certain number of factors like:
Stamp duty: It can be analyzed that stamp duty is helpful in levied on the land. The whole thing is based on transaction which are document (Kerzner 2018). This particular amount is mainly given as stamp tax which is needed at the time of transferring of the land.
Conveyancing fees: It can be defined similar to an act which is needed for engaging in the activities which is needed for proper transfer to the given owner followed by buyer. It can be sated as a written document which helps in involving both the requirements of the given deeds for proper transfer to some of the legal procedure as well as deeds which is required for proper transfer to the given legal title which is mainly related to buyer as well as seller of the land.
Small size of allotment: Allotment of land size can be easily measured by making use of poles along with perches (Marcelino-Sádaba et al. 2014). This particular method of land measurement which mainly emphasize on 10 poles which is equal to value of 250 square meters. It is mainly allocated for the given project which is measured by value of poles.
Rate of council on monthly basis: It is defined as one of the charge which is put by local council on each and every month. It is collected so that a proper residential project at La Trobe St can be easily constructed.
Overall monthly income in form of rental: It can be easily stated that money can be collected on the monthly basis. It varies from variant tenants of the residential duplex (Walker 2015). The total amount is estimated to stand out at $800,000.00.
Income from Monthly Rentals: It can be easily stated as a money which is being collected on the basis of month from various tenant of the residential duplex (Marcelino-Sádaba, González-Jaen and Pérez-Ezcurdia 2015). In major of business it is seen that it does not have enough fund which provides an opportunity for purchase. It then pays the amount which is collected from different tenants on monthly basis.
Agent fees: The fee is generally paid to the agent on the interval of basis which is needed for completing the project of this construction of residential of duplex (Heldman 2018). The agent makes use of fee which is achieved by giving a proper resource along with requirements of the project on daily basis.
Insurance of landlord on monthly basis: It can be stated as one of the insurance policy to property owner. It can help in overcoming financial loss which can take place as a result of number of reason inclusive of rental properties.
Equity value: Both the parameters that is equity value and enterprise value are required for evaluation of profit from the point of view of sales (Kaiser, El Arbi and Ahlemann 2015). It is mainly utilized for providing valuation and is very much helpful in providing different kind of views.
It can be analyzed that the feasibility study which is undertaken for construction of residential duplex is needed for having a proper analysis regarding the feasibility of the project (Carnall, 2018). A proper detail analysis is needed for understanding the project which is given table:
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Project Feasibility Study |
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1. Land Information |
2. Purchase Information |
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Land Address: |
La Trobe St & Swanston Street, Melbourne VIC, 3000 |
Land Price: |
200,000 |
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Suburb/Town: |
North Melborne |
Stamp Duty: |
$15,000 |
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Land Size: |
14,000 square feet |
Conveyancing Fees: |
$9,000 |
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3. Local Council Information |
4. Construction Information |
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Local Council Name: |
Melbourn Regional Council |
Builder Name: |
Vaughan construction |
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Minimum Land Allotment Size: |
10,000 square feet |
Duplex Construction Costs: |
$350,000 |
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Development Planning Fees: |
$100,000 |
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Monthly Council Rates: |
$10,000 |
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5. Duplex Information |
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Duplex Estimated Value: |
$800,000 |
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Monthly Rental Income: |
$80,000 |
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Monthly Agent Fees: |
$4,000 |
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Monthly Landlord Insurance: |
$5,000 |
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6. Project Results |
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Equity Value =$100,000 |
Duplex Value of $800000 |
less |
Total Outgoings of $774000 |
equals $26000 |
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Net Monthly Rental Income = 70,000 |
Gross Monthly Rent of $80000 |
less |
Holding Costs of $19000 |
equals $61000 |
The constraints of the given project are provided below:
Scope: It is known to be a vital factor which aims in analyzing the scope in proper way so that all the objectives along with the goals of the given project are met on time (Hornstein 2015). If the given project is not progressing, then the manager will not achieve any kind of goals and objectives of the given project.
Time: It is the total responsibility of the project manager complete the project within the interval of 10 months (Svejvig and Andersen 2015). Extension in project timeframe is helpful for improving the problems in the project.
Budget: It is mainly the responsibility or duty of project manager to finish the given project within the given project which needs to be approved (Marchewka 2014). If the resources of the project are not efficiently managed, then the overall budget of the project is affected. The whole thing will result in creating problem for project manager.
The ultimate notion of the given project is to build a project feasibility along with timeline which is needed for construction of residential duplex at La Trobe St & Swanston Street, Melbourne VIC, 3000 (Schwalbe 2015). It has been analyzed that both the parameter that is feasibility along with time is needed for successful completing of project.
Macro environment is needed for collection of large number of factors like technological, social and economic factor which result in creation of impact on the business which are beyond the control of the organization (Marcelino-Sádaba et al. 2014). The given situation is applicable to business which is needed for analyzing different aspects the various term which is needed for driving any business. It has been analyzed the residential duplex will be mainly constructed for rental purpose only. The factors related to macro environment is needed for driving its overall business which are described in below:
Economic factor: It helps in driving the overall spending along with purchasing power. The whole money can be used for receiving duplex residential building in the given form of rent (Marcelino-Sádaba, González-Jaen and Pérez-Ezcurdia 2015). It is manly compared with the investment which is done on construction. The result is helpful in reflection of economic factors which helps in driving the business in much positive way.
Resourcing: It can be assumed proper resourcing of the project is known to be a vital factor which helps in assuming a driving force for the business of any organization (Walker 2015). It has been assumed that appropriate resources selection helps in providing excellent opportunities to the business and its credibility. Apart from this, it emphasizes on the level of interaction as well as power of targeting the audience.
Demographic: It comes up with certain number of factors which are mainly associated with the people which are found in micro environment business drivers. Apart from this it can affect the business in positive way (Kaiser, El Arbi and Ahlemann 2015). It can be analyzed demographic factors will be helpful in providing certain number of opportunities to the various business. Many areas come up with various demographic which needs to be identified which results from residential duplex which will be affected by the help of forces.
Competitive: The population of Melbourne is very high and so the overall encountered competition in residential duplex will be very much (Svejvig and Andersen 2015). The fact should be consideration that different service providers comes up with opportunities to the client which gets attached to major number of clients so that they can attract and business can easily compete with other kind of available competitors in the market. `
It is mainly inclusive of various kind of factor which helps in providing decision making processor along with performance of business and Business strategies (Carnall, 2018). Micro environment analysis can be easily conducted which is helpful in decision making which are related to business along with number of strategies. Analysis of micro-environment can be conducted by the help of business factors which will affect the whole business.
Pressure related to Time: Management of time in an important parameter which help in improving the business in much better way (Hornstein 2015). If the given staff are associated with certain number of projects, then it would not be able to work and there are high chances for issues.
Other people: Customers in any business can be stated as central and important factor in business which are helpful in revenue generation. The important factor for business is all about residential duplex project which comes with proper market strategies (Heldman 2018). So it can be easily assumed that business at residential duplex is looking for proper kind of market strategies.
Expert in technical domain: Expert in technical domain comes up with skills which can be used by business for gaining profit. If some technical experts are associated with an organization, then it can be helpful in managing the business in better way. It is seen that the business can accomplish desired goals in more convenient way.
Intermediaries Marketing: It can be stated as number of factors which are mainly attached with drivers of micro environment. It plays a key role in accomplishing certain number of strategies along with process of the business (Schwalbe 2015). It is an important tool which is used by business for getting profit from the business.
Suppliers: Suppliers in many cases is seen as one of the important factors which helps in driving business in much effective way (Kerzner 2017). It helps in linking the business in much appropriate thing in much efficient way. It is very much helpful in providing certain number of resources which are associated with duplex construction.
Conclusion
From the above discussion it can be easily concluded that this report is all about development of feasibility and timeline for construction project in Melbourne. The residential duplex construction will be complete in 8,00,000 amount and within 10 months. Apart from this, the paper emphasizes on micro along with macro analysis which helps in completing the project in much successful way.
References
Carnall, C., 2018. Managing change. Routledge.
Heldman, K., 2018. PMP: project management professional exam study guide. John Wiley & Sons.
Hornstein, H.A., 2015. The integration of project management and organizational change management is now a necessity. International Journal of Project Management, 33(2), pp.291-298.
Kaiser, M.G., El Arbi, F. and Ahlemann, F., 2015. Successful project portfolio management beyond project selection techniques: Understanding the role of structural alignment. International Journal of Project Management, 33(1), pp.126-139.
Kerzner, H. and Kerzner, H.R., 2017. Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Kerzner, H., 2017. Project management metrics, KPIs, and dashboards: a guide to measuring and monitoring project performance. John Wiley & Sons.
Kerzner, H., 2018. Project management best practices: Achieving global excellence. John Wiley & Sons.
Marcelino-Sádaba, S., González-Jaen, L.F. and Pérez-Ezcurdia, A., 2015. Using project management as a way to sustainability. From a comprehensive review to a framework definition. Journal of cleaner production, 99, pp.1-16.
Marcelino-Sádaba, S., Pérez-Ezcurdia, A., Lazcano, A.M.E. and Villanueva, P., 2014. Project risk management methodology for small firms. International journal of project management, 32(2), pp.327-340.
Marchewka, J.T., 2014. Information technology project management. John Wiley & Sons.
Mir, F.A. and Pinnington, A.H., 2014. Exploring the value of project management: linking project management performance and project success. International journal of project management, 32(2), pp.202-217.
Schwalbe, K., 2015. Information technology project management. Cengage Learning.
Svejvig, P. and Andersen, P., 2015. Rethinking project management: A structured literature review with a critical look at the brave new world. International Journal of Project Management, 33(2), pp.278-290.
Too, E.G. and Weaver, P., 2014. The management of project management: A conceptual framework for project governance. International Journal of Project Management, 32(8), pp.1382-1394.
Walker, A., 2015. Project management in construction. John Wiley & Sons.
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