Page 7 - LESSONS LEARNED BY MADARFM
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DEVELOPMENT FUNCTIONAL FRAMEWORK
• The project development lifecycle is an important concept in project management. It describes the
stages a project goes through from when it was first thought of until it finally delivered into the
market.
• In real estate industry, lifecycle management is the process of managing the entire lifecycle of a
project from feasibility, design, construction, pre-handover, handover and operation & maintenance.
• Part of the Asset Management Strategy, is the Lifecycle Management that integrates people, data,
processes and business systems and provides a product information backbone for companies and
their extended enterprise.
• It is absolutely critical for the project to be delivered defect free and in the highest possible condition
for occupation by the owner / tenant / retailer / commercial occupy. Snagging and Defects Liability
Period (DLP) are completely different to “defects free” as they are post construction.
• The Operator / Facility Management Consultant must be involved throughout the development
lifecycle to ensure full compliance with all operational requirements and to establish best practice
systems and procedures. As part of this initiative procurement of standardized products, design
(guidelines and standards) review and energy efficiency shall also be incorporated within each
process.
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