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emailinfo@ashianehkherad.ir
آشیانه سپهر خرد

Services


Site Identification

Feasibility study in building industry preliminary begins with site identification, and recognizing land capacities. Shape and dimensions of the land, urban rules and legislations, zoning, potential FSR, nearby land use and neighbors, access width, accessibility, traffic status, land topography and any current structures on the land are all elements to be analyzed in detail. Furthermore, specific factors such as groundwater level and environmental factors which can affect development, are investigated by Ashianeh-Sepehr-Kherad (ASK) consulting experts.


Identifying Investments Opportunities

Widespread business network with various players in the Iranian real estate industry, provides ASK with more than 700 investment opportunities every year, from small to large scale. ASK allocates significant time and budget annually to review all investment proposals, identify and classify viable opportunities, in order to deliver attractive projects for its clients. This competency has enabled ASK to serve many of clients as a broker for acquisition.


Scenarios Planning

Collecting all principal drivers of the project, including urban rules and legislations of major Iranian metropolitans, environmental variables, and market research; ASK experts plan potential scenarios around land development by processing data and evaluating results. Scenarios will be determined by the type of land use, FAR, revenue model, O&M approach, and architectural concept. Area Spreadsheet of an architectural programming and schematic design are prepared for each scenario, in order to distinguish potential alternatives around the project.


Financial Modeling

Financial modeling is a key phase in the process of decision making to develop each project. ASK provides a unique financial model for each scenario, which represents detailed cash flow of a project. Financial model simulates projected cash flow of scenario similar to what is practiced in the market. Therefore, a more accurate market survey results in a more reliable financial simulation. The results of financial calculations are usually reported by financial indicators. A comparison between financial indicators such as IRR, MIRR, NPV, PBP, and PI in different scenarios; along with developer’s asset allocation strategies, lead to the best scenario for the project development.


Risk Analysis

Analyzing the risks associated with an investment, is the last step in financial studies of the project. Sensitivity analysis measures interaction between main variables and financial indicators. For example, variations of IRR compared to the simultaneous increase in construction costs and sale price, illustrates whether the project has the capacity to be conducted in a higher quality level or not. ASK performs these analyses on all key variables and financial indicators.


Real Estate Pricing

Project pricing is another service from ASK, which is performed with various purposes, such as eliminating arbitrage. Pricing in different land use has distinct underlying fundamentals. As an example, in a commercial complex, among others the price of each unit is determined according to its distinguished features such as dimensions, floor level, location, vertical access, window display area, proximity to anchor stores; while the price variables in a residential project are completely different according to local market.


Brokerage Services

Brokerage service in real estate, is another phase in the project development, which is conducted by ASK. ASK provides brokerage services mainly among its clients, in order to optimize their real estate portfolio. Therefore, brokerage services within ASK are primarily focused on large-scale structured transactions between two major construction groups active in Iranian market.


Financing

Ashianeh-Sepehr-Kherad has been playing a remarkable role in financing of numerous projects. Although traditional methods of financing such as bank facilities, off plan selling, bartering building materials and joint venture agreements, are still the most common methods for project financing in Iran; ASK services is not limited to above mentioned procedures, rather ASK is a pioneer consultant in establishing financial institutions such as local REITs and issuing financial instruments including SUKUK within Tehran Stock Exchange and Iran OTC market.


Market Research

Market research initially starts with exploring the catchment area of the project. Local and regional rivals are comprehensively assessed through field studies and also using ASK’s internal database. ASK effort is to realize reasonable explanations for price variation between different projects, and analyze the effect of variables such as unit dimension, common area and amenities, year built, building height and type of construction materials on the price of the projects. Having extensive experience, enabled ASK to reach meaningful understating of today’s complicated variables in Iranian real estate industry including effects of variations in terms of sale, backgrounds of developers, strategies toward O&M, trends of development in neighboring area, and even the customer segmentation in each project.

Project Procedure

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Site Identification

  • Location
  • Zoning and legislations
  • Shape and dimensions
  • Neighboring area
  • Title deed
  • Access width and accessibility
  • Topography

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Market Research

  • Catchment area
  • Analyzing competitors
  • Database
  • Price trends
  • Trends of development
  • Terms of sale
  • O&M

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Scenarios Planning

  • Determining the type of use
  • Mixing types of use
  • Architectural programming
  • Revenue model
  • O&M model
  • Conceptual design

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Financial Modeling

  • Cost modeling
  • Income modeling
  • Cash flow projection
  • Inflation adjustments
  • Financial indicators
  • Client strategies
  • Scenario evaluation

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Risk Analysis

  • Essential variables
  • Key indicators
  • Interrelated indicators
  • Risk factors
  • Strategic insights

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Pricing

  • Type of use
  • Pricing purpose
  • Pricing variables
  • Relative coefficients
  • Payment plan
  • Price vs. terms of payment
  • Rent-to-sale ratio

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Financing

  • Bank facilities
  • Off plan sale
  • Bartering
  • JV
  • Investment package
  • Financial institutions
  • Financial instruments

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Brokerage Services

  • Large-scale projects
  • Portfolio allocation strategies
  • Optimizing portfolio
  • Structured contracts

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Identifying investments opportunities

  • Business networking
  • Analyzing 700 investment proposals annually
  • Classification of opportunities
  • Prioritizing
  • Acquisition Brokerage

Catalog

To learn more about Ashianeh-Sepehr-Kherad, click on the logo to download the catalog.

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Why Ashianeh-Sepehr-Kherad?

چرا
  • Identifying market challenges through extensive field studies
  • Several project experiences in national and international markets
  • Evaluating more than 700 investment opportunities per year
  • Fully expert in financial sectors of industry and precise estimating of cash flows of projects
  • Estimating and evaluating forthcoming risks of projects and determining the uncertainty (sensitivity) of the risks
  • Extensive interconnections and cooperation with wide range of developers in the building industry
  • Insightful assessment of large scale projects and their developing and investigating pathway
  • Cooperation with financial markets and real estate investment trusts
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