Quantity Surveyor Reports

November 22, 2023

Distribution of Requirements by Financial Institutions

In the domain of property development, financial institutions seek crucial documents like the initial assessment report and continual drawdown suggestions amid construction, emphasizing the significance of Quantity Surveyor Reports across diverse property types—high-density multi-residential, retail, commercial, or single-residential properties.

Challenges Arise

The developer often encounters dilemmas. They become aware of these prerequisites just before finance approval, lacking awareness of the detailed information essential for the quantity surveyor’s initial assessment report. Despite the quantity surveyor preparing reports for the financial institution, it’s the developer footing the surveyor’s fees. Consequently, the developer perceives this process as redundant, viewing it as an expenditure of time and money.

The Purpose Unveiled

The assessment report acts as a safeguard for both the financial institution and the developer, a concept sometimes challenging for developers to grasp.

Assessment Reports in Detail

Financial institutions, acknowledging their non-expertise in construction costs or project delivery processes, engage approved quantity surveyors for an independent due diligence assessment. This ensures certainty for the financial institution while highlighting potential gaps in documentation, approvals, or inadequacies in contractor quotes.

Benefit to the Developer

Developers, deeply engrossed in a project’s intricacies, often overlook potential pitfalls. An independent review by the quantity surveyor identifies these hurdles, potentially saving the developer significant costs and time delays during construction.

Drawdown Reports

These reports assess completed construction works on a ‘cost to complete’ basis, ensuring sufficient funds for project completion.

Requisites for Timely Reports

To expedite these reports, certain information must be readily available, from independent cost estimates to builder details and project documentation.

Demystifying the Process

Understanding the necessity and the required information streamlines the process, ensuring timely and accurate reports, a fundamental aspect for financial institutions supporting developers.

This intricate process, when understood and supported by comprehensive information sharing, simplifies the endeavor for both developers and contractors, ensuring smooth and efficient project execution.