Abstract
M.Com. (Business Management)
The purpose of this study is to: Identify the participants and their functions, in property development. Illustrate the importance of the financial function in the property development process. Examine the financial expertise participants in property development. of the Find out what further financial required by participants in
development process. knowledge is the property The methodology which was followed consists of a literature study of the property development process, the participants in the process and their functions, as well as their training in the financial aspects of property development. An empirical study was subsequently used to determine which financial aspects participants in the property development process use in practise and in which aspects they require further training. The following findings were identified: From the literature study: The financial function occupies an important position in property development. The viability of a project must comply with investment criteria before commencement of a project. Members of property development teams have little or no training in financial aspects of property development. Members of project development teams require a basic knowledge of viability studies, sources of finance and financial decision making. From the empirical study: As a result of their training and experience, only quantity surveyors that work inclose relation with developers, developers, and to a lesser degree project managers, have financial knowledge in respect of property development. Architects and engineers have no financial background in respect of property development. All members of project development teams use the financial aspects of property development to a
greater or lesser degree in the execution of their tasks. All members of project development teams require further training concerning financial aspects in
property development, especially architects and engineers, who are involved with these aspects, to a lesser degree. Financial knowledge regarding property development is important for all members of project development teams. It is essential that each member of a property development team should have a broad knowledge of all disciplines. Financial knowledge is especially important for someone who wants to act
as a developer.