THE PROPERTY DEVELOPMENT REVIEW
Aerotropolis region. Closely working with some of Australia’s largest developers in piecing together transactions and showing the value of the regions. What advice do you have for any prospective developers in the current climate? 1. Thoroughly research the market: Understand the demand and supply dynamics, emerging trends, and potential risks in the target market. This research will help you identify opportunities and make informed decisions. 2. Evaluate financial feasibility: Conduct a comprehensive financial analysis to assess the viability of your development project. Consider factors such as construction costs, financing options, expected returns, and potential risks. Seek professional advice if needed. 3. Stay updated on regulations and permits: Familiarize yourself with local regulations, zoning requirements, building codes, and permit processes. Ensure compliance with all legal and environmental regulations throughout the development process. 4. Build a strong network: Establish connections with professionals in the real estate industry, including architects, contractors, engineers, and legal advisors. A strong network can provide valuable insights, partnerships, and support throughout your development journey. 5. Mitigate supply chain challenges: In the face of supply chain challenges, such as material shortages or price fluctuations, maintain open
communication with suppliers and consider alternative sourcing options. Develop contingency plans to minimize disruptions and delays. 6. Embrace sustainability and technology: Incorporate sustainable design principles and energy-efficient features into your projects. Additionally, leverage technology tools and software for project management, collaboration, and cost optimization. 7. Manage risks effectively: Conduct thorough risk assessments and develop risk mitigation strategies. Diversify your portfolio, have contingency plans, and maintain adequate insurance coverage to protect against unforeseen circumstances. 8. Seek expert guidance: If you’re new to development or uncertain about certain aspects, consider consulting with experienced professionals, such as real estate advisors, architects, or project managers. Their expertise can help you navigate challenges and make better-informed decisions. How have your marketing strategies changed, if at all, over the past 12 months? Increased focus on digital marketing we have allocated more resources to online channels, including social media, search engine optimization (SEO), content marketing, email marketing, and online advertising to reach and engage with customers who are spending more time online.
May / June 2023 – 23
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