Highest & Best Use Studies
Through our Strategic Alliance with Knight Frank, our Development Consultancy services are being executed under the Knight Frank banner whereby our clients benefit from Knight Frank’s extensive market research capabilities. In most cases and depending on clients’ requirements, we would involve TCN’s senior real estate development professionals to provide strategic direction.
The initial analysis of the site, market conditions, and land use regulations (as contained on the “mulkiya”/“krooki” or affection plan) usually limits the number of property uses to a few reasonably probable choices. These probable choices form development options which are further studied to determine the maximally productive use. The HBU ensures that the “business case” is established before engaging in any design activities.
During the first phase, a Highest & Best Use study (HBU) is required to answer the question: “What should be built on this plot?”
Based on the clearly defined target markets and product positioning, a project area programme is developed encompassing every component. This serves as the most important input into the design process and minimises abortive design work. This type of risk reduction through concept testing at the “conceptualisation and feasibility” stage, mitigates the risk of cost overruns that can cripple a real estate development project.