February 2, 2013, Director General of VALRUS company Mr. Kartsev Paul conducted the webinar on issue of valuation of development projects.
The webinar was part of free webinars held by the Russian Society of Appraisers (RSA) with the primary purpose of professional development of the RSA members, while being also available for members of other self-regulatory organizations.
The webinar covered the concept of development, roles and functions of real estate developers, identification of property being appraised, standards and recommendations on appraisal of development projects, including advantages and disadvantages of various approaches and methods. Further, there were given some recommendations on identification of separate indicators within the valuation process, and examined the principle and methods of assessment of developer’s profit.
The author’s experience is based on his own professional activity in this field. As an independent appraiser and a project head manager Mr. Kartsev carried out a significant amount of valuation of under-construction properties at various stages, including the unique multi-functional facilities in Moscow (Moscow International Business Center ‘Moscow-City’: ‘Russia Tower’, ‘Federation Tower’, ‘Imperia Tower’; Aquamarine complex and others) and in the largest cities of Russia, projects of integrated area development ('Bolshoe Zavidovo' in the Tver region, Academic and Upper Iset areas in Yekaterinburg), retailers (retail and entertain complex AFI-mall; Filion, Gorbushkin Dvor, Metropolis, a chain of shopping malls ‘Planeta’, Park House, Torgoviy Kvartal, June, Mega, Karusel Hypermarkets, Sedemoi kontinet and others), office complexes (Moscow, St. Petersburg, Novosibirsk, Yekaterinburg, Tver), logistic parks (projects of Raven Russia Group), cottage settlements (projects ‘Pavlovo’, ‘Pestovo’, ‘Martemianovo’ of OPIN Group), hotel and entertainment facilities (‘Yakhroma’ and ‘Sorochany’ complexes , theme parks and water parks).