The asset
What is being acquired, where is it located and what can it realistically become?
ZECHARIAH KHOKHAR / PERSPECTIVESFor investors / Real estate projectsWhere ambition
Where ambition
meets the asset.
A project conversation built around purpose, economics, execution and the questions that deserve a clear answer.
Discuss project opportunities01 / THE INVESTOR PERSPECTIVECapital carries
Capital carries
an intention.
Behind an investment is a person deciding what they want their resources to make possible.
I work with investors interested in real estate project opportunities. As Director of Assessment and Acquisition at AJN Investment & Development, I bring a property-led perspective to those conversations: the asset, the intended use, the acquisition fit and the work needed to assess the proposition.
I want investors to understand the logic behind an opportunity, the assumptions it depends on and the circumstances that could change the result. A compelling vision becomes more useful when it is connected to a reviewable plan.
02 / THE PROJECT FRAMEWORKSix questions.
01 02 03 04 05 06
Six questions.
A more complete view.
The demand
Who is the intended buyer or occupier, and what supports the pricing and timing assumptions?
The capital
How is the project funded, when is capital required and what governs its use?
The execution
Who is responsible for approvals, construction, reporting and key decisions?
The downside
What happens if costs rise, sales slow or the schedule moves?
The outcome
What is the proposed exit, and how do the actual documents determine distributions?
THE PROJECT ECONOMICS STUDIOUnderstand the inputs.
Understand the inputs.
Then the outcome.
A transparent way to explore development-for-sale economics. Open the assumptions to change the budget and financing structure, then test sales value, costs, rates and time.
EDUCATIONAL EXAMPLE · NOT ACTUAL PROJECT DATA
Sample inputs are not market estimates. Results are project-level amounts before income tax and investor distributions, not an investor return or a feasibility conclusion.
Review & edit every budget and financing assumption
Amounts below are in CAD millions, except the selling cost percentage. Replace the sample inputs with your own estimates. Holding costs exclude financing interest and costs already entered elsewhere.
The debt inputs describe amounts actually drawn, not an approved facility. Initial debt is outstanding for the full period. Further debt is advanced evenly across the selected months. Interest is paid separately, not added to the loan balance.
Explore the scenario
Millions of Canadian dollars
Change to the construction budget below
Simple interest on the modelled drawn balance
Even monthly advances; sales at completion
PROJECT SURPLUS / (SHORTFALL) BEFORE INCOME TAX$0.96M
After the costs included in this model.
The cost breakdown
CAD millionsSales-value sensitivityThe same inputs.
The same inputs.
Different outcomes.
Gross sales move by ±10% around your selected value. Selling costs adjust with sales; the other assumptions stay fixed.
These scenarios do not assign probabilities. The zero line distinguishes a surplus from a shortfall.
| Sales scenario | Sales value | Surplus / (shortfall) |
|---|
Inspect the calculation, exclusions and detailed numbers
Follow the arithmetic.
Construction = entered construction budget × (1 + construction change). Other holding costs = entered monthly holding cost × months. Selling costs = gross sales × selling cost rate.
Each month’s interest uses its average drawn balance: initial debt + additional debt × (month number − 0.5) ÷ total months. Monthly interest = that balance × annual rate ÷ 12. The model sums all months, with no principal repayment before completion and no interest compounding.
The total includes land, adjusted construction, soft costs, contingency, acquisition taxes and closing, financing fees, holding costs, interest and selling costs. Debt principal is funding, not an additional expense, and is therefore not deducted again from project surplus.
This is a simplified scenario tool. It excludes sales-tax treatment and rebates, income tax, operating revenues, detailed cash-flow timing, loan covenants and investor distribution terms. Entering a contingency does not establish that it is adequate. Actual project analysis requires verified costs, lender terms, tax advice and a complete cash-flow model.
| Land purchase | $2,400,000 |
|---|---|
| Construction after adjustment | $6,000,000 |
| Soft costs | $1,000,000 |
| Contingency allowance | $600,000 |
| Acquisition taxes & closing | $100,000 |
| Lender & financing fees | $90,000 |
| Other holding costs | $120,000 |
| Financing interest | $487,500 |
| Selling costs | $240,000 |
| Total modelled cost | $11,037,500 |
| Gross sales value | $12,000,000 |
| Surplus / (shortfall) before income tax | $962,500 |
CONTEXT BECOMES CONSEQUENCEThe economy outside.
The economy outside.
The project within.
Macroeconomics describes the wider conditions. Microeconomics brings the analysis down to a specific market, buyer, cost and decision. I want both perspectives in the room.
Explore the economics perspectiveMACROECONOMICS
The price of capital
MICROECONOMICS
Financing costs & carrying time
Ask how the project behaves if borrowing costs rise or completion takes longer. Lender pricing also reflects the specific borrower and project.
BRING IT BACK TO THE PROJECT
Funding terms, interest reserves and refinancing assumptions.
MACROECONOMICS
The cost environment
MICROECONOMICS
Construction budget & procurement
Compare the cost plan with current quotations and the timing of purchases. A broad inflation trend does not replace a trade-by-trade budget.
BRING IT BACK TO THE PROJECT
Quoted scope, contingency and who bears a cost change.
MACROECONOMICS
The economic backdrop
MICROECONOMICS
Local demand & achievable pricing
Employment and household purchasing power inform the wider context. Then ask who will buy or occupy this particular property, at what price and against which alternatives.
BRING IT BACK TO THE PROJECT
Comparable evidence, competing supply and absorption assumptions.
MACROECONOMICS
The international connection
MICROECONOMICS
Landed costs & counterpart terms
When an input or payment crosses a border, currency movements and delivery conditions can change its local cost. The exposure depends on the contract.
BRING IT BACK TO THE PROJECT
Currency, delivery responsibility, sourcing alternatives and timing.
04 / A CONSIDERED FIRST CONVERSATIONStart with
Start with
what you want to build.
Share your area of interest, preferred market and general time horizon. We can discuss the relevant project context and establish an appropriate path to further information.
Project-specific availability, terms and participation requirements are confirmed directly. Any investment decision depends on the actual documentation and appropriate professional advice.
Prepare an investor inquiryThis page introduces a conversation. It does not accept commitments or offer an investment online.