Development, construction & build are the professional activities that lead from TREDIC securing the building permits through to the procurement, construction tender & actual construction and practical completion of the development on behalf of TREDIC’s partner or client.

TREDIC typically manages and leads the following professional activities:

1. Bill of quantities: Typically the cost manager will produce a bill of quantities based on the design team’s drawings. The design team led by TREDIC will then choose the method of procurement (design and build, traditional or contract management) and decide on the preferred method of tendering (open, restricted open, selective, negotiated, serial or two-stage).

2. Tendering: The tendering process involves sending out the bill of quantities and tender drawings to receive estimates from pre-qualified contractors, usually chosen according to asset class expertise, financial stability, track record and pricing strategy.

3. Procurement: Procurement itself is the process by which TREDIC as the development manager and the locally sourced construction manager selects a contractor to construct the building with regards the contractual arrangement with TREDIC’s partner or client.

4. Project & construction management: TREDIC will then work with the project & construction manager to manage the contractor and ensure successful practical completion of the asset on time and to budget. TREDIC will check that the professional development team prepare regular valuations and payment certificates of the Contractor’s works valued in accordance with the building contract.  We will check that valuations and certificates are circulated to all relevant parties

5. Budget management: TREDIC will also manage the project budget alongside the cost manager and bank / equity funders to ensure capital is released from the project budget against phased milestone deliverables.

6. Cost variations:  TREDIC will obtain client authorisation for costs of variations when the limit of authority is exceeded and check that the costs are being agreed by the Cost Manager.

7. Insurances: TREDIC will advise its partner or client on the appropriate procedures for dealing with insurance claims and agree with them any changes required to Consultants’ fee arrangements generated by them.

Associated professional fees: The professional fees for this part of the development process are typically anywhere from 5-7% of the gross development cost.