Property development can begin with an idea, which is maybe initiated by the developer’s motive for profit through producing property which meets the current or future needs in the property market or from a potential client suggesting to the developer that a space need could be satisfied by a new building or a third party such as a property agent, seeing an opportunity, may initiate a bridge between these two parties to begin the process.
These needs may arise either from property investors or from property users. Meanwhile the developer needs to find a site which can accommodate the proposed project. A written statement, or proposal, should be created by the developer, which is the essence of the objectives and requirements for this property development.
Some adjustments and refinements and even iterations of this proposal are to be expected before later testing it against detailed information gathered on the market conditions, site conditions preparatory to feasibility study.