KUMASI TECHNICAL UNIVERSITYDEPARTMENT OF ESTATE OF MANAGEMENTPROJECT TOPIC: CHALLENGES OF MANAGING PUBLIC RESIDENTIAL ESTATE. A CASE STUDY OF KASOA MILLINIUM CITYSUBMITED BY: ROBERT ARKU AQUAH JOSHUAPROJECT SUPERVISOR: MR. A. GADZEKPOCHAPTER ONE1.0 INTRODUCTIONIn Ghana, the real estate development agencies and firms are categorically into housing in order to provide affordable residential housing scheme to Ghanaian in a serene environment.
These residential estate apartments are largely owned by individuals group of companies and a small portion development by the state or the government.Although residential estate is one of the most stable and profitable investment opportunities available, it is the Virtual Residential estate new gold rush. These things happen right under our eyes with new millionaires being created every day.Management of public residential estate is a tool used to analyze financial conditions and performance.
Financial analysis means different things to different people. Trade creditors are primarily interested in the liquidity of the firm being analyzed. Their claims are short term and the ability of the firm to pay these can be judged by an analysis of its liquidity.HISTORY OF MANAGEMENT OF PUBLIC RESIDENTIAL ESTATE IN DIFFERENT COUNTRIES. (Germany)Germany is also planning to introduce German REITs in order to create a new type of management of public residential estate vehicle. They taught that 75% of its assets have to be invested in real estate.
And at least 75% of the G-REIT’s gross revenues must be real estate related. Some restrictions apply on establishing residential REIT’s.Ghana its REIT’s was been enhanced since 1994. The Home Financial Residential property, now HFC BANK, established the first REIT in Ghana in August 1994. HFC Bank has been at the forefront of mortgage financing in Ghana since 1993.
It has used various co9llective investment schemes as well as corporate bonds to finance its mortgage lending activities. Collective investment schemes, of which REIT’s are a part, are currently regulated by the Securities and Exchange Commission of Ghana.1.1 PROBLEM STATEMENTThe country’s hosing stocks is inadequate and the increasing population means more farmland now are allocated to property development.
The collapse of the capital market in various institutional and foreign investors pulled out of the market leading to a crash in asset values. Kasoa is characterized by a good settlement where structures in some few areas are blighted, high level of occupancy mostly medium income group, over 26,000 populations under supply of individual amenities. We all know that sanitation is one of the various key in human life.so in this case improving environmental sanitation is known to have a significant impact on health. In here, most land areas are in high rate. In an essence that most of the lands are been used for residential purpose.
In Kasoa most lands are being used as estate property. The problem of poor management of public residential properties is a global phenomenon and the severity of the problem differs from one nation to another. However, we are looking into the challenges of management of public residential property here. Firstly, what is the current management public residential property in the study area? There were in bad state, and there were choked gutters, and any piece of food stuff at the market area creating stink, and bad shapes of social amenities. Most of the laws are not enforced.
The result of what we are seeing complete lawlessness. 1.2 Aims and objectives of the studyThe aim of the study is to know the challenges of management of public residential state in kasoa.
The following objectives are as follows; a. To identify the challenges of managing public residential properties in Kasoa. b. To analyze the effect of adequate management of public residential property on its value. c.
To identify the solutions to the problems of public residential property management in Kasoa. 1.3 Research Questions. The specific research question that will seek to answer the broad research aims and objectives are as follow; a. what are the challenges that hinder the management of public residential estate?b.
Does use of management of public residential estate has positive impacts on investment? c. what are the solution to the problems of public residential management in Kasoa? 1.4 Significant of the studyOne major setback in the research work time there is not enough time to give this work the thorough research it deserves.Limitation in question was also problems since respondent’s truthfulness in answering question was not adequately guaranteed. Therefore, the work is limited to the answers gotten from the respondents.
Frequently rescheduling to the top level managers and then unwilliness, when interview to disclose some vital information they considered confidential to the researcher on the strategic planning methods used by the organization.Scarcity of books, journals and write ups with enough diverse view or planning contributes yet another limitation and setback to this research work. 1.
5 Scope of the studyThe study is centered on public residential estate in Kasoa. The research work will concern or effect only profit making organization. Public corporations are not treated in the study. Time and finance were equally limiting factors of this study finally restricted access on secondary information sources was also restricted in the study.
.1.6 Organization of the ChaptersThe study is organized under five chapters. Chapter one, covers the introductory part and it includes statement of problem, research questions, objectives and aims, significance, scope of the study and the limitations. The second chapter deals with the review of literature on the subject, thus ideas of some researchers and authors that have been reviewed. Chapter three contains research design, restatement of the problems, sources of data, target population, sampling, sampling size, sampling techniques, data collection instrument and data collection procedure, questionnaires, interviews, observation and method of data presentation and analysis.
1.7 Research Methodology 1.7.1 Research DesignIn the course of this study, the researcher adopted to use a case study approach. The method is used because it involves collection of data to objectively describe the existing challenges of management of public residential properties.
Thus, it is aimed at determining the nature of the challenges of less or management of public residential property as they affect rental property values as at the time of investigation.The design adopted as instruments of data collection, observation, questionnaires and interviews. 1.7.2 Sources of Data There are basically two sources of data collection, namely; primary and secondary data 1.
7.2.1 Primary Data Collection These are data collected from questionnaires responses and oral interviews and also field observation. 1.7.2.
2 Secondary Data Collection The secondary data will be derived from the information from books, journals, newspapers, monographs and official documents.1.7.
3 Target Population To assess the challenges of management of public residential estate in the areas under study, a population of sixty (60) was chosen for this study. 1.7.4 Sampling Method Here we got to know that the population is too large for the reason, the research cannot cover all of them.
And it is a difficulty thing that defined a part of portion was selected from the population for an effective research study work. This was chosen due to the limited population for the research.1.7.5 Sampling Size From the target population the sampling size adopted for the responding groups are asFollows; 1.
7.6 Technique of Sampling and Determination of Sample SizeNaoum (2007) explains sample as a section of an entire population selected to representThe residual. The sampling technique which was adopted for the research work was theConvenient, stratified and purposive sampling. This small sample size was necessary to allow detailed butManageable data from respondents which would otherwise look bulky and complicate theAnalysis.1.
7.7 Data Collection InstrumentDue to the nature of the research, primary and secondary data was used. The instrumentdeveloped to elicit relevant data for the study was a questionnaire and interview.
Questionnaires are going to be designed, structured interview with both close and open ended.This will enable us obtain primary data from the field. The questionnaires will be administered personally to the individuals in the said areas.Although some of the individuals will hesitated because they taught that they cannot provideanswers to the questionnaires but the explanations given to them convinced them to give remedies to the questionnaires. This enabled us to gather all the necessary information needed to complete this study. The tools used for the data are interviews and questionnaires.
Interview is an interaction between or among persons whereas questionnaires are written down questions given to people to know their thoughts about a situation.1.7.8 Data Collection Procedure1.
7.8.1 Primary SourceIn view of mark data collected directly from the field of study or from the organization of under study. It represents data specifically collected for the first for a particular study normally from the firm under review.
Data from this source was obtained by means of questionnaire, interviews and direct observation.1.7.
8.2 QuestionnairesAs part of data collection process, semi -structured questionnaires will be distributed and personally administered to ensure that relevant information was obtained. Open questions required in-depth explanation from respondents while close questions demanded specific response. In this research, close questions were set to obtain the specific information needed for the study.1.
8 Method of Data Presentation and Analysis.Data collected from this research will be presented in statistical tables, plates and diagrams.This descriptive method helps in understanding the phenomenon.1.
9 Ethical ConsiderationsThe Researchers educated the use of the study to the respondents before the interviews and the questionnaires are distributed. The essence of the research is to communicate to the respondents before gathering the information necessary from them. They were as well assured of the confidentiality of the information they would give, as information would be coded and could not be traced to individuals or key informants. The respondents also answered the questionnaire from their free will without any compulsion. 2.
0 Limitation of the studyIt is envisaged that for a thorough study or research, the researcher is bound to encounter some challenges on the field and in the course of the study. Some of these challenges may include but not limited to the followings: Time constraint – the researcher will engage simultaneously in this study with other academic work. This consequently will cut down on the time devoted for the research work. Due to the time frame recommended for the completion of this study, only few holders in the case study were selected.Financial constraint – insufficient fund lends to impede the efficiency of the researcher in sourcing for the relevant materials, information and in process of data collection which the researcher will be able to give a new approach to this form of study