Property development involves high risk requiring the investment of a great amount of time, energy and capital. Uncertainty, broad and shifting market segments, conflicting expectations of project stakeholders, and changing public policies, practices, environmental standards and regulation of the built environment generally make project development management quite challenging.
Project development management is the strategic planning, administration and controlling of a project during its development life cycle – from project planning through to construction completion. It is performed to minimize project and financial risk and maximize profit for the developer, while ensuring the intended benefits for all other project stakeholders.
Property development is a multifaceted process that involves initiation, planning, procurement, construction, and project closure. Sustainable development is undertaken to meet the sustainability goals of the developer, sponsors, investors, the community and other stakeholders for sustainable high-performance buildings.
Project management encompasses the strategic planning, administration and controlling of a project during its construction phases to ensure that all specified services, design and finishes are provided for property operation. Tasked with the overall management of a building’s construction, the project manager is crucially important in bringing a sustainability agenda into construction projects and for achieving project sustainability goals.