الفهرس 
Construction phasing evaluation model for real estate development projects
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Abstract
The aggressive competition in real estate market is forcing real estate developers to tackle the challenge of selecting the best project construction phasing alternative. Profit and customer satisfaction are important success criteria for evaluating real estate projects. These criteria are directly affected by the adopted construction phasing plan. Construction phasing is dividing the project scope into stages, where each stage is spaced out over a specific duration. Phasing allows investorsto make changes, and take corrective actions based on initial phase performance in the market. Moreover, phasing allows optimizing the use of available funds by completing some stages in the project making it more attractive for lenders investments, or delivering part of the project in order to generate cash-in for funding latter phases. Therefore, a selection decision of the phasing alternative is expected to be dependent on a number of criteria to satisfy the imposed constrains. The development of the construction phasing plan is a complex process with many alternatives that require informed decision based on the impact of each on customer satisfaction and project profit. Accordingly, this research addresses the problem of selecting the best phasing alternative for real estate development projects considering two objectives. These objectives are maximizing the customer satisfaction and project profit.
This research proposes a model that generates all construction phasing alternatives, andperforms multi-criteria decision making to rank all possible phasing alternatives. The proposed model consists of five modules which are: 1) Phasing Sequencing module, 2) Customer Satisfaction module, 3) Cash-In calculation module, 4) Cost Estimation module and 5) Decision Making module. Phasing Sequencing module receives the project license information such as buildings built up areas, number of floors, repetitions, number of units, building licensed function, and layout. In addition, information related to number of phases and clusters of buildings within each phase are fed to the module. It generates all possible phasing sequencing alternatives. The Customer Satisfaction module receives the generated phasing solutions to estimate the Customer Satisfaction Index (CSI) for each. The Cash-In module receives the project revenues in the form of prices per square meters, desired installment plan, and target revenues per month. It calculates the revenues and plots the cash-in profiles for each phasing alternative. The Cost Estimating module receives project construction cost, construction duration and total project cost to generate Cash-out profiles for the predetermined construction phasing alternatives. Finally, Decision-Making module ranks all construction phasing alternatives according to their corresponding profit Net Present Value and Customer satisfaction index. Two case studies are presented to demonstrate the practicality of the model. The proposed research assists real estate investors in determining the optimum construction phasing plan considering limited available funds, imposed constrains with respect to phases’ duration, functional components of each phase, and contractual delivery dates.