PGD Estate Management

Post Graduate Diploma in Estate Management

PGD Estate Management

1. List of Academic Staff

Name	Status and Qualifications	Research Interest
W.A. Durosinmi	Lecturer 1 & Coordinator, B.Tech., M.Tech. (FUT, Minna)	Real Estate Development Finance
B. T. Aluko	Professor, B.Sc., M.Sc., Ph.D. (OAU, Ile-Ife)	Property Investment Valuation, Real Estate Finance, Comparative Land Policies.
O. A. Ogunba	Professor, B.Sc., M.Sc., Ph.D. (OAU, Ile-Ife)	Property Valuation, Development Appraisal, Environmental Valuation/Impact Assessment
A. Olaleye	Professor, B.Sc., M.Sc., Ph.D. (OAU, Ile-Ife)	Property Portfolio Diversification and Management, Performance Measurement, Development Finance, and Real Estate Education
M. T. A. Ajayi	Professor, B. Tech, M. Tech., Ph.D. (FUT, Minna)	Property Taxation and Finance, Geographic Information System
R. A. Adebayo	Professor, B.Sc., M.Sc., Ph.D. (FUT, Akure)	Urban Land Use Administration and Property Market Analysis
T. T. Oladokun	Reader, B.Sc., M.Sc., Ph.D. (OAU, Ile-Ife)	Property Management and Corporate Real Estate Management.
S. A. Afolayan	Senior Lecturer, B.Sc. (OAU, Ile-Ife); M.Sc., Ph.D. (Lagos)	Property Rating and Taxation, Economics of Housing, Estate Services.
N. A. Bello	Senior Lecturer, B.Sc., M.Sc., Ph.D. (OAU, Ile-Ife)	Property and Portfolio Investment Analysis, Property Performance Analysis.
N. B. Udoekanem	Senior Lecturer, B.Sc. (Enugu); M.Sc. (OAU, Ile- Ife); Ph.D. (FUT, Minna)	Urban Economics, Econometrics, Real Estate Market Analysis
A. S. Adeogun	LecturerI, HND (Ilorin); B.Tech., M.Tech., Ph.D. (FUT, Minna)	Real Estate Investment Analysis and Urban Management
*G. Amuda- Yusuf	Reader, B.Sc. (ABU, Zaria); M.Sc. (Salford); Ph.D. (Johor Bahru)	Cost Management of Engineering Services, Building Information Modeling, Building Project Financing.

*A. I. Bako	Reader, HND, PGD (Ilorin); M.Tech., Ph.D. (FUT, Akure)	Conservation and Resource Development, Housing and Public Policy.
*B. Sulaiman	Senior Lecturer, B.Sc., M.Sc., Ph.D. (Burgas)	Construction Management and Construction Procurement.
*T.A. Olaniyi	Senior Lecturer, B, Sc., M. Sc., Ph.D. (Ilorin)	Corporate Accounting, Investment Risk Analysis.
*D. Ariyoosu	Reader, LLB, LLM, Ph.D. (Ilorin)	Law of Contract and Tort, Planning and Real Property Law.
*A. A. Kilishi	Senior Lecturer, B. Sc., M.Sc., Ph.D. (Ilorin)	Macro Economics, Research Methods, Econometric Analysis

* Lecturer from other department

B. Introduction

The programme is open to suitable candidates who do not have precedence requirements to study Master of Science Degree in Estate Management and Valuation

C. Philosophy

The philosophy of the programme is geared towards developing and providing necessary skills and techniques for sound decision making in land use, land development and land management in order to meet specific needs, professional and academic training desired in the real estate industry and urban community.

D. Aim and Objectives

The programme specifically aim at providing an overall remedial course for those with undergraduate degrees in Estate Management who are interested in postgraduate studies but whose undergraduate results (CGPAs) do not qualify for the M.Sc. programme or those with HND with minimum of lower credit in Estate Management. Further objectives are to:

1. Equip students with a sound understanding of basic concepts, principles and theories of estate management and their applications;
2. Introduce students to creative and innovative approaches to real estate investment valuation and analysis, investment decisions, land management, real estate development and finance as well as property management in the light of increasing market competition and advancements in ICT;

E. Admission Requirements

An applicant for admission to the PGD programme shall have:

1. Five (5) O‘ level credits in English, Mathematics, Economics, one basic science (Biology, Chemistry or Physics) and remaining one from: Geography, Technical Drawing, Accounting or additional basic science (Physics, chemistry or Biology).
2. Be a graduate of Estate Management from the University of Ilorin or equivalent discipline from any other recognised University with a minimum of a Bachelor of Science (or Technology) Honours (Third Class) Degree in Estate Management.
3. Higher National Diploma (HND) in Estate Management or equivalent discipline from any recognised Polytechnic or College of Technology with a minimum of Lower Credit may be considered for admission into the PGD programme.
4. A person who holds other qualification(s) approved by the Senate of University of Ilorin may be considered.
5. Nigerian Candidates who have not completed the National Youth Service Corps assignment or awaiting Bachelor‘s degree results need not apply.
6. Notwithstanding all the above, an applicant may be required, as an additional condition for admission, to undergo a selection process through an interview.

F. Duration of the Programme

The duration of the PGD is for a minimum of two (2) academic semesters and a maximum of three (3) academic sessions.

G. Detailed Course Description

ESM 701 Property Valuation and Appraisal I 2 Credits

Methods used for property valuation, types of property, consideration of the alternatives to conventional valuation approaches. Purposes of valuation. Construction and use of valuation tables. Freehold and leasehold valuation. Effect of legislation on landlord and tenant valuation, including that relating to compensation and taxation. Virtual/sitting rent; Annual equivalent and premium. Premium: Surrender and renewal of leases. Valuation for all purposes. Inventory and referencing including report writing and proof of evidence. 30h (T); C

ESM 702 Property Valuation and Appraisal II 2 Credits

Application of techniques to specialized properties: Hotel, Petrol Filling Stations, Recreational Properties, Dams, Fast-food restaurants, hotels and motels, etc. Asset valuations. Insurance valuations. Investment pricing. A study of the various property investments and an analysis of the investment market. Feasibility and viability appraisals: factors influencing them, traditional and modern methods of appraisal, capital budgeting techniques, etc. Valuation of development properties. Valuation standards. Professional ethics. 30h (T); C

ESM 703 Property Portfolio Management 2 Credits

Strategies and goals relating to portfolio management of assets. The capital asset pricing model, modern portfolio theory, active versus passive portfolio management. Portfolio structure and diversification, facility management. 30h (T); C

ESM 704   Property Development 2 Credits

The property development process. A three-phase model of the development process: Site assembly and infrastructural planning. Market research and analysis. Feasibility appraisal, viability appraisal and valuation of developments in progress. Assembly of development team and contract negotiation, design and cost planning. Management of construction projects and maintenance. Marketing of completed development; property management. 30h (T); C

ESM 705 Applied Property Management 2 Credits

Lease structure and covenants. Negotiation of terms. Enforcement of covenants. Structure of the maintenance strategies and management. Maintenance economics and control system. Building maintenance systems – Fundamental principles of building maintenance management, objectives of property maintenance. Factors affecting maintenance costs. Service charge and property maintenance management. Relationship between design and maintenance; budgeting and cost controls; maintenance policy formulation, setting maintenance standards. Execution of building maintenance work; choice between direct and contract labour, programming of maintenance work; supervision of maintenance work. Building services and facilities. 30h (T); C

ESM 706 Regional and Urban Economics 2 Credits

Analysis of the economic and spatial context in which the property market operates. Land values, land use, land rent. Market segmentation; property markets in the Nigerian and global economics. Impact of state government policies, location of economic activity and linkages. Models of market efficiency and behaviour. 30h (T); C

ESM 707 Economics of Land Use 2 Credits

Land as an economic concept. The economic, social and institutional factors affecting the intensity of land use and development. Location factors and land use. Land resource development and redevelopment decisions. Financial appraisal of private enterprise, local government and new town development. Concept of urbanization. Urban growth theories. Land use succession theory. 30h (T); C

ESM 708 Issues in Land Economy 2 Credits

Nature of urban land, housing and commercial property markets. Changing urban settlement pattern. Spatial distribution of land uses. Regional and rural development. Local Government and community development. Objectives of land development. Proprietary Land Unit (PLU), Proprietary Land Resources, Motives and Complementarity, Reciprocity of relationships, Reciprocity of lateral relationships, etc. Land grabbing. Land Management. 30h (T); C

ESM 709 Real Estate Finance 2 Credits

Mechanisms of real estate. Sources of funds. Loan contracts. Principles of mortgage risk analysis. Recent developments in real estate finance: Concept of Secondary Mortgage Finance, the development and pricing of securitized property investments (including mortgage backed securities and exchange traded property vehicles). The financial environment and real estate finance. Role of government agencies. The impact of fiscal and monetary policies and availability of mortgage credit. 30h (T); C

ESM 710   Real Estate Agency and Auctions 2 Credits

Real estate disposal – Marketing and selling: meanings /definitions with practical examples. Three methods of sale – private treaty (haggling) (open market), tendering systems and auctioneering. Marketing strategies and avenues including factors governing their performance. Agency Theory – principal and agent relationship. Duties of a principal and an agent in tort, in contract and under the law. Estate surveyor and valuer as an estate agent. Selling agents – sole agent, multiple, joint, etc. and their duties and remunerations. 30h (T); C

ESM 711 Plant and Machinery Valuation 2 Credits

History, economics and technology of industrial processing; effects on machinery design and manufacture. Industrial location and concentration in relation to sources of energy-markets, raw materials and labour. Development of transportation and the effect of industrial development on land use. Factory planning, layout and general characteristics. Concept of value as applicable to machinery and equipment (ME). ME Valuation Process. Purposes and bases of industrial (ME) valuation. Methods/Techniques of valuation. Deprecation concepts and methods. 30h (T); E

ESM 713 Housing and Public Policy 2 Credits

Housing problems and policies; housing demand and needs; the supply of housing. Historical background of housing problems and progress; the role of Government in housing delivery. The operation of the housing market; Government housing policies; Goals and objectives; Institutional framework for housing delivery. Federal Housing acts Authority, National Housing Fund; Land and settlement development policy; Housing finance; Building materials and construction costs; Strategies for low income housing; Rural Housing; Urban Housing. 30h (T); E

ESM 799 Long Essay 6 Credits

Each student is expected to complete a supervised long essay of minimum of 5,000 words on a topic related to the core subjects of the PGD programme; and, preferably, to the candidates own sphere of professional interest. This will also include pre and post data seminar presentations as well as defence of such long essay before a panel of internal and external examiners. 270h (P); C

• Graduation Requirements

The programme workload is 28 Credits, made up of 12 and 16 credits of coursework in the first and second semesters respectively, inclusive of a long essay of 6 units in the second semester. Students must have presented at least 2 seminar papers each in each semester. PGD candidates must register for all the core courses (C) in the two semesters and a preferred elective course (E). A candidate must fulfil the following conditions to be awarded the PGD Estate Management degree:

Pass a minimum of 28 Credits made up of the following

Core Courses 26 Credits

Elective Courses = 2 Credits

Total 28 Credits

I. Summary

Core Courses: ESM 701 (2), ESM 702 (2), ESM 703 (2), ESM 704 (2), ESM 705 (2), ESM

706 (2), ESM 707 (2), ESM 708 (2), ESM 709 (2), ESM 710 (2), ESM 799 (6) = 26 Credits

Elective Courses: ESM 711 (2), ESM 713 (2) = 2 Credits