IMPLEMENTATION OF BIM IN FINANCING OF PROJECTS AND REAL ESTATE ASSET PLANNING & MANAGEMENT

Abstract

Building Information Modelling (BIM) is a revolutionary concept that provides solutions to various stakeholders in the Architecture, Engineering and Construction (AEC) Industry through the use of nD modelling that provides “nth-dimensional” integration. The application of BIM inaugurates with the modelling (3D model) of a project. BIM from 3D up to 8D covers a wide range of processes from design and pre-construction to operational phase of a project. Certain aspects of the processes in a project development has yet to be addressed using BIM and thus, this research study focused on emphasising some of the areas overlooked. The scope of financing projects in this study includes the development of a financial feasibility study and a loan drawdown schedule which primarily involves cost estimation. Adoption of BIM in the area of feasibility study of a project limits to the preliminary cost-estimating that relates to the 3D models. However, financing of project is a holistic approach as it deals with the total cost and total revenue of the project. Despite the benefits of BIM implementation, there were significant barriers that hindered the adoption of BIM for cost estimation. In another facet, BIM application in the operational phase of a project is receptive only in the area of facility management as BIM is used to monitor and manage assets of the facility such as equipment and machines. The adoption of BIM in the area of real estate asset planning and management was neglected due to various barriers. The lack of BIM adoption in the various areas highlighted previously due to the insufficiency of BIM knowledge of the users at the various levels of their corporations resulted in a negative impact on the productivity and efficiency of work. User Guides of two software application were proposed and developed to enhance the existing work processes in the area of financing of projects, and real estate asset planning and management (lease management).