Popular housing spaces
What you need to know about flats
PROPERTY development can be an exciting venture and one that requires meticulous planning whether you are an expert or not.
From building small economical houses, double-storey flats to extending the horizon and looking to build an apartment building from scratch, property development can be challenging.
Apartments are popular housing spaces that can be seen mostly around the city area and have residential units within a building.
Some apartments that you may have come across in Suva include Suva Point Apartments along Fletcher Road and Peak Apartments on Amy St.
According to an online article by leaddeveloper.com, an apartment complex is simply a structure with multiple housing units on various floor levels.
It can be divided into three systems, low-rise, mid-rise and highrise structures. The first have two to three levels with no elevators while the other two have more levels with elevators.
“You will typically find low-rise apartment complexes in the suburbs, where density regulation is less restrictive than in the city centre.
“They’re also known as threestory walk-ups because they don’t have elevators,” the article read.
“A low-rise apartment building’s structural system discipline is less stringent than a mid or high-rise building, allowing for more design flexibility.”
Apartment units can be classified or designed into the following segments, depending on their location and market demands from penthouses, luxury apartments, three-bedroom apartments, two-bedroom apartments, onebedroom apartments and studio apartments
The article stated that there are several major considerations for
building an apartment successfully.
Proper selection of project and location
“The size and location of an apartment construction project are essential factors.
“The intended project scale depends on available cash, market demand, lender attitudes, site constraints, and the developer’s ability to take risks and manage operations at various project sizes.”
“It was noted the ideal location must have adequate space to handle the project and in a neighbourhood that would attract potential buyers to pay the price. Responsibility of a
developer
“A new developer considering apartment development as a longterm business should consider their long-term ambitions and available resources.
“They must be aware of two significant external constraints to their objectives: the availability of suitable development sites and their financial resources.
Check buyer profile “There are different types of markets or buyers for an apartment building.
“A corporation or an interstate company will usually be willing to spend a much higher price or rent for the apartment they want because it will still be less expensive than providing hotel accommodations for an employee.
“Professionals in the city are increasingly choosing to reside near their workplace.
“These folks choose a city lifestyle, which includes cafes, highquality restaurants, and a vibrant nightlife, over accommodations.”
Others may opt for short-term rentals, which can often obtain a much higher rental than long-term residential rents for tourists and business travellers.
“Young professionals, semi-retired couples, and empty nesters all appreciate the idea of living in a building that caters to their specific needs.
“Common area amenities such as a gym, swimming pool, view terraces, and concierge service can help to create a lifestyle.”
Investors might also purchase an apartment as part of their property portfolio and rent it out until they eventually occupy it in their older years.
Design and planning aspects “The developer’s architect should know the following design factors to guarantee a cost-effective and market appealing apartment complex,” the article read.
These include the design of the interior and exterior, unit size, energy conservation, security personnel noise levels, privacy, balconies, lobbies and corridors, and facilities for communal use.”
Apartment development principles
The developer should conduct residual land analysis before purchasing a potential apartment development site.
This land analysis should include determining how many apartments the site can accommodate and the average sale price for an apartment in the area and deducting risk profit, professional fees, construction costs, marketing, and interest, among other things.
Site acquisition, choosing a team, doing a pre-feasibility study, finance, architects and builders and the promotion of a project are important aspects to consider.