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Overview

Real Estate Investment and Finance is designed to give you a broad knowledge and understanding of property within national and international investment markets and with the skills needed to research, analyse and advise on investment decisions accordingly. It provides those from varied professional and academic backgrounds with an entry into the real estate profession while also enhancing the knowledge and skills of those already employed in the field. Including complementary courses in other aspects of economics and the built environment, this programme gives students an intensive, diverse and well-rounded education.

Property surveying is a diverse and exciting career choice that can give you the opportunity to travel the world and meet a wide range of people. Graduates from this programme now work globally in leading advisory roles for consultancy firms, financial institutions, banks and national governments.

This particular programme combines the theoretical rigour of a mainstream finance degree or MBA programme with a specialist focus on and direct application to real estate.

Accreditations

  • Fully accredited by Royal Institution of Chartered Surveyors (RICS)
  • Recognised by the Investment Property Forum
  • Singapore Institute of Buildings (eligible to apply for Full Membership)

Intakes

Two (2) intakes a year – Jan & September.

Duration

This course is only available Part Time
Master of Science: 24-month continuous study without term holidays

  • Regular Class: 3-hour classroom lesson – 2 to 3 times per week
  • Consultation: Once a week
  • Weekdays lessons start: 7.00pm to 10.00pm
  • Saturday lesson start: 2.30pm to 5.30pm
  • Sunday lessons (if necessary)

Programme Outline

8 exam modules and a Research Dissertation

Real Estate Appraisal and Valuation 1Macro-Economics Finance and the Built EnvironmentReal Estate Appraisal and Valuation 2Real Estate Investment AnalysisUrban Economy and Property MarketsSpatial PlanningInternational Property Markets and InvestmentReal Estate DevelopmentResearch Dissertation
  • Economic context of the property market: property use, investment and development
  • The property professions: their role, ethical conduct and regulatory framework
  • Definitions of price, value and investment value (worth)
  • Introduction to the principal techniques of property valuation
  • Valuation and appraisal mathematics: Present and Future Value, DCF, NPV and IRR
  • The valuation process
  • Analysis of market evidence and measurement practice
  • Application of valuation conventional techniques to various property types and interests
  • Introduction to contemporary methods
  • Application of contemporary methods
  • Relevant macroeconomic theory & its practical application
  • Analysis of the complex relationships between the economy and the real estate market and the development industry
  • Advanced analysis of financial market structures and partnerships and their relationship to macroeconomic trends
  • Property market cycles including long waves of urban development
  • Financing of infrastructure projects include private finance initiative, public-private partnership models including tax incentives
  • Investment appraisal: An examination of current issues in investment appraisal;
    • Critical evaluation of conventional valuation techniques.
    • Complex valuation problems: landlord and tenant incentives, surrender and renewal.
    • Contemporary/current issues: over-renting, short leases and break options.
    • Advanced methods: option pricing and arbitrage.
    • Investment valuation (worth): DCF and risk analysis; scenarios, sensitivity and computer simulation
    • Microsoft excel and valuation
  • Mass appraisal: application of statistical techniques for property appraisal:
    • Multiple regression analysis (MRA)
    • Application of advanced computer packages
  • Business appraisal:
    • Financial reporting
    • Analysis of balance sheets and profit and loss accounts
    • Valuation of special business properties (e.g., hotels)
  • Professional valuation and appraisal software
    • Circle/Argus
  • Investment theory and the investment decision; the nature of risk and return; the characteristics of property as an investment; the role of property in the multi-asset portfolio; the application of modern portfolio theory; introduction to international real estate portfolio analysis performance monitoring; the emergence of new financial products in the property sector, and market efficiency and the cause of mispricing, real estate derivatives
  • Underlying dynamics of urban structural change within individual cities and within urban systems.
  • Urban economic issues – population decline, urban public finance, sustainability, urban transport problem and solutions.
  • Urban change and the property market local office market cycles, the influence of financial institutions and the local land market on urban change.
  • Property-led local economic development policies – historical perspective, financial incentives, grants to developers, the role of housing, measurements of success
  • Reasons for planning
  • Development Planning
  • Urbanisation and Urban development
  • Development and property rights
  • Development Management
  • Environmental Assessment
  • Conservation
  • Globalisation and urban transitions
  • The economics of international trade
  • International financial flows system
  • Internationalization of real estate and real estate service providers
  • Institutions in and affecting real estate markets
  • Comparative analysis of property markets in different countries
  • Comparative analysis of use, investment and development across countries
  • Mature, emergent and transitional markets
  • Identification of future international property investment needs
  • The real estate market and the property development industry.
  • The factors influencing the development decision.
  • The techniques of development appraisal including cash flow techniques and risk analysis.
  • The nature of planning agreements and their impact on development appraisal.
  • The general form and content of real estate development and investment finance

Students are supported throughout Research Dissertation by an allocated supervisor. There is no formal syllabus, the research project process is supported by VLE with on line resources including PowerPoint slide packs and written guidance material on aspects of good practice in preparing the research project work. Students are introduced to research project requirements early.

*Modules are subjected to change by the College

Assessments

Include both Examinations and Coursework

All assessments are set and marked by Heriot-Watt University staff.

Examinations are held thrice yearly.

Examinations are administrated and invigilated by the British Council.

Progression Requirement

  • A minimum of 75% attendance is required
  • Minimum mark of 40% is required to pass each module

Mode of Delivery

This programme offers an effective combination of superior learning packaged with comprehensive delivery of study materials and support systems.

Award of Degree

The degree is awarded by Heriot Watt University, Edinburgh, United Kingdom

Employability

These are the most common jobs students go into after graduating:

  • Real estate consultant
  • Valuation surveyor
  • Head of facility management
  • Quantity surveyor
  • Regional director

Salary Increment

According to our surveys, our graduates tend to experience an average salary increment of up to 38% after completing their studies with us.

Admission Criteria

  • A relevant degree with either first or second class honors from any recognised University
  • Other equivalent qualification and relevant industries experience may also be considered on case by case basis.
  • Mature and experienced adults working in relevant industries may also be considered on individual merits.

 

All applications are subject to approval from Heriot-Watt University.

Programme Fees

  • *S$25,800 exclusive of GST
  • Fees are collected in 4 interest-free installments
  • Programme fee includes recommended Textbooks, HWU E-Library, VLE, VPN, examinations and assessments.

*Fees are subjected to change without notice

Other Fees

  • *S$250 (non-refundable) Application and eligibility assessment.
  • *Administration Fees: S$400
  • Fees payable are subjected to prevailing GST.

*Fees are subjected to change without notice

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