Construction Phasing Evaluation Model for Real Estate Development Projects

Abstract

The aggressive competition in real estate market is forcing the real estate developers to tackle the challenge of selecting the best project construction phasing alternative. The development of phasing plan is a complex process with many alternatives that require informed decision based on the impact on customer satisfaction and project profit. This research addresses the problem of selecting the best phasing alternative for a real estate development project considering two objectives: maximizing the customer satisfaction and project profit. The research proposes a model that generates all possible construction phasing alternatives for real estate project. The model performs multi-criteria decision making to rank all possible alternatives given the former objectives’ relative weights. The proposed model consists of five modules which are Phasing Sequencing, Customer Satisfaction, Cash-In, Cost Estimation and Decision Making. Two case studies demonstrate the practicality of the model. This research assists real estate investors in determining the optimum construction phasing plan considering limited funds, imposed constrains on phase’s duration, functional components of each phase, and contractual delivery dates.