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Flexibility and Real Estate Valuation under Uncertainty
book

Flexibility and Real Estate Valuation under Uncertainty

by David Geltner, Richard de Neufville
April 2018
Intermediate to advanced content levelIntermediate to advanced
256 pages
7h 35m
English
Wiley-Blackwell
Content preview from Flexibility and Real Estate Valuation under Uncertainty

22Project Phasing Flexibility: We Show How to Model and Evaluate the Delay Flexibility Inherent in Project Phasing

In Chapter 20, we saw that modular production timing flexibility can add substantial value to a multi‐asset development project. But, for many real estate development projects, the modular type of production flexibility is not realistic. However, it is widely possible to divide a large, multi‐building project into two or more distinct, pre‐planned “phases.” As described in Chapter 15, phasing flexibility involves a plan to produce parts or sections of the overall project separately, with each phase being able to function independently if necessary. Indeed, the phasing of large projects is quite common. Such phasing generally brings with it considerable timing flexibility—in particular, to delay the start of subsequent phases beyond the base plan schedule represented in the original pro forma. We now explore this subject by considering a modified version ...

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Publisher Resources

ISBN: 9781119106494Purchase book