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This phase involves constructing the whole building including site preparation work and other associated work as well as the handling of the flows of all construction resources. The developer’s aim under the contract with the building contractor(s) is to produce the designed building on time, within budget and at the written quality standard specified.

Any time duration difference in completion from the plan/schedule or variation in cost will affect the profitability of the property development. Therefore, it is essential that the developer (or the appointed project manager) controls progress and cost of the construction work as planned throughout this phase.

Construction is the phase in which the developer is spending the maximum negative cash-flow in the whole property development process, therefore it can have the greatest effect on variance of both construction costs and financing costs. Even differences in timing of major parts of the work compared to the planned schedule can considerably affect the project cash flow timings which in turn impact positively or negatively on the financing costs of the development process.