Valuation methods for resident funded retirement villages in Australia : a practitioner's perspective

Designed for independent living, retirement villages provide either detached or semi-detached residential dwellings with car parking and small private yards. Retirement village developments usually include a mix of independent living units (ILUs) and serviced apartments (SAs) with community facilities providing a shared congregational area for village activities and socialising. Retirement Village assets differ from traditional residential assets due to their operation in accordance with statutory legislation. In Australia, each State and Territory has its own Retirement Village Act and Regulations. In essence, the village operator provides the land and buildings to the residents who pay an amount on entry for the right of occupation. On departure from the units an agreed proportion of either the original purchase price or the sale price is paid to the outgoing resident. The market value of the operator’s interest in the Retirement Village is therefore based upon the estimated future income from Deferred Management Fees and Capital Gain upon roll-over receivable by the operator in accordance with the respective residency agreements. Given the lumpiness of these payments, there is general acceptance that the most appropriate approach to valuation is through Discounted Cash Flow (DCF) analysis. There is however inconsistency between valuers across Australia in how they undertake their DCF analysis, leading to differences in reported values and subsequent confusion among users of valuation services. To give guidance to valuers and enhance confidence from users of valuation services this paper investigates the five major elements of discounted cash flow methodology, namely cash flows, escalation factors, holding period, terminal value and discount rate. Whilst there is dissatisfaction with the financial structuring of the DMF in residency agreements, as long as there are future financial returns receivable by the Village owner/operator, then DCF will continue to be the most appropriate valuation methodology for resident funded retirement villages.

Investigation into travel modes of TOD users : impacts of personal and transit characteristics

Transit Oriented Developments (TODs) are often designed to promote the use of sustainable modes of transport and reduce car usage. This paper investigates the effect of personal and transit characteristics on travel choices of TOD users. Binary logistic regression models were developed to determine the probability of choosing sustainable modes of transport including walking, cycling and public transport. Kelvin Grove Urban Village (KGUV) located in Brisbane, Australia was chosen as case study TOD. The modal splits for employees, students, shoppers and residents showed that 47% of employees, 84% of students, 71% of shoppers and 56% of residents used sustainable modes of transport.

Towards automated and in-situ, near-real time 3-D reconstruction of coral reef environments

Coral reefs are biologically complex ecosystems that support a wide variety of marine organisms. These are fragile communities under enormous threat from natural and human-based influences. Properly assessing and measuring the growth and health of reefs is essential to understanding impacts of ocean acidification, coastal urbanisation and global warming. In this paper, we present an innovative 3-D reconstruction technique based on visual imagery as a non-intrusive, repeatable, in situ method for estimating physical parameters, such as surface area and volume for efficient assessment of long-term variability. The reconstruction algorithms are presented, and benchmarked using an existing data set. We validate the technique underwater, utilising a commercial-off-the-shelf camera and a piece of staghorn coral, Acropora cervicornis. The resulting reconstruction is compared with a laser scan of the coral piece for assessment and validation. The comparison shows that 77% of the pixels in the reconstruction are within 0.3 mm of the ground truth laser scan. Reconstruction results from an unknown video camera are also presented as a segue to future applications of this research.

Predicting wave glider speed from environmental measurements

In the ocean science community, researchers have begun employing novel sensor platforms as integral pieces in oceanographic data collection, which have significantly advanced the study and prediction of complex and dynamic ocean phenomena. These innovative tools are able to provide scientists with data at unprecedented spatiotemporal resolutions. This paper focuses on the newly developed Wave Glider platform from Liquid Robotics. This vehicle produces forward motion by harvesting abundant natural energy from ocean waves, and provides a persistent ocean presence for detailed ocean observation. This study is targeted at determining a kinematic model for offline planning that provides an accurate estimation of the vehicle speed for a desired heading and set of environmental parameters. Given the significant wave height, ocean surface and subsurface currents, wind speed and direction, we present the formulation of a system identification to provide the vehicle’s speed over a range of possible directions.

Lessons learned from implementation of a demonstration program to reduce the burden of anemia and hookworm in women in Yen Bai Province, Viet Nam

Background Iron deficiency, anemia and hookworm disease are important public health problems for women of reproductive age living in developing countries and affect the health of newborns and infants. Iron supplementation and deworming treatment are effective in addressing these problems in both pregnant and non-pregnant women. Daily iron supplementation and deworming after the first trimester is recommended for pregnant women although these programs usually do not operate efficiently or effectively. Weekly iron-folic acid supplementation and regular deworming for non-pregnant women may be a viable approach for improving iron status and preventing anemia during the reproductive years. Addressing these diseases at a population level before women become pregnant could significantly improve women's health before and during pregnancy, as well as their infants' growth and development. Methods and Results This paper describes the major processes undertaken in a demonstration intervention of preventive weekly iron-folic acid supplementation with regular deworming for all 52,000 women aged 15–45 years in two districts of Yen Bai province, in northern Viet Nam. The intervention strategy included extensive consultation with community leaders and village, commune, district and provincial health staff, and training for village health workers. Distribution of the drugs was integrated with the existing health service infrastructure and the village health workers were the direct point of contact with women. Iron-folic acid tablets and deworming treatment were provided free of charge from May 2006. An independent Vietnamese NGO was commissioned to evaluate compliance and identify potential problems. The program resulted in effective distribution of iron-folic acid tablets and deworming treatment to all villages in the target districts, with full or partial compliance of 85%. Conclusion Training for health staff, the strong commitment of all partners and the use of appropriate educational materials led to broad support for weekly iron-folic acid supplementation and high participation in the regular deworming days. In March 2008 the program was expanded to all districts in the province, a target population of approximately 250,000 WRA, and management was handed over to provincial authorities.

Fundus image registration algorithms for a pc-based image processing system

We have developed digital image registration program for a MC 68000 based fundus image processing system (FIPS). FIPS not only is capable of executing typical image processing algorithms in spatial as well as Fourier domain, the execution time for many operations has been made much quicker by using a hybrid of "C", Fortran and MC6000 assembly languages.

Evaluating the transport impacts of transit oriented developments (TODS)

Sustainable transport has become a necessity instead of an option, to address the problems of congestion and urban sprawl, whose effects include increased trip lengths and travel time. A more sustainable form of development, known as Transit Oriented Development (TOD) is presumed to offer sustainable travel choices with reduced need to travel to access daily destinations, by providing a mixture of land uses together with good quality of public transport service, infrastructure for walking and cycling. However, performance assessment of these developments with respect to travel characteristics of their inhabitants is required. This research proposes a five step methodology for evaluating the transport impacts of TODs. The steps for TOD evaluation include pre–TOD assessment, traffic and travel data collection, determination of traffic impacts, determination of travel impacts, and drawing outcomes. Typically, TODs are comprised of various land uses; hence have various types of users. Assessment of characteristics of all user groups is essential for obtaining an accurate picture of transport impacts. A case study TOD, Kelvin Grove Urban Village (KGUV), located 2km of north west of the Brisbane central business district in Australia was selected for implementing the proposed methodology and to evaluate the transport impacts of a TOD from an Australian perspective. The outcomes of this analysis indicated that KGUV generated 27 to 48 percent less traffic compared to standard published rates specified for homogeneous uses. Further, all user groups of KGUV used more sustainable modes of transport compared to regional and similarly located suburban users, with higher trip length for shopping and education trips. Although the results from this case study development support the transport claims of reduced traffic generation and sustainable travel choices by way of TODs, further investigation is required, considering different styles, scales and locations of TODs. The proposed methodology may be further refined by using results from new TODs and a framework for TOD evaluation may be developed.

Clustering of web users using the tensor decomposed models

We propose to use the Tensor Space Modeling (TSM) to represent and analyze the user’s web log data that consists of multiple interests and spans across multiple dimensions. Further we propose to use the decomposition factors of the Tensors for clustering the users based on similarity of search behaviour. Preliminary results show that the proposed method outperforms the traditional Vector Space Model (VSM) based clustering.

Service delivery framework : an architectural strategy for next-generation service delivery in business network

The next-generation of service-oriented architecture (SOA) needs to scale for flexible service consumption, beyond organizational and application boundaries, into communities, ecosystems and business networks. In wider and, ultimately, global settings, new capabilities are needed so that business partners can efficiently and reliably enable, adapt and expose services. Those services can then be discovered, ordered, consumed, metered and paid for, through new applications and opportunities, driven by third-parties in the global “village”. This trend is already underway, in different ways, through different early adopter market segments. This paper proposes an architectural strategy for the provisioning and delivery of services in communities, ecosystems and business networks – a Service Delivery Framework (SDF). The SDF is intended to support multiple industries and deployments where a SOA platform is needed for collaborating partners and diverse consumers. Specifically, it is envisaged that the SDF allows providers to publish their services into network directories so that they can be repurposed, traded and consumed, and leveraging network utilities like B2B gateways and cloud hosting. To support these different facets of service delivery, the SDF extends the conventional service provider, service broker and service consumer of the Web Services Architecture to include service gateway, service hoster, service aggregator and service channel maker.

Diversified service provisioning in global business networks

Companies and their services are being increasingly exposed to global business networks and Internet-based ondemand services. Much of the focus is on flexible orchestration and consumption of services, beyond ownership and operational boundaries of services. However, ways in which third-parties in the “global village” can seamlessly self-create new offers out of existing services remains open. This paper proposes a framework for service provisioning in global business networks that allows an open-ended set of techniques for extending services through a rich, multi-tooling environment. The Service Provisioning Management Framework, as such, supports different modeling techniques, through supportive tools, allowing different parts of services to be integrated into new contexts. Integration of service user interfaces, business processes, operational interfaces and business object are supported. The integration specifications that arise from service extensions are uniformly reflected through a kernel technique, the Service Integration Technique. Thus, the framework preserves coherence of service provisioning tasks without constraining the modeling techniques needed for extending different aspects of services.

SOA for business networks - service delivery framework

The next generation of SOA needs to scale for flexible service consumption, beyond organizational boundaries and current B2B applications, into communities, eco-systems, and business networks. In the wider and, ultimately, global settings, new capabilities are needed so that business partners can efficiently and reliably enable, adapt, and expose services where they can be discovered, ordered, consumed, metered, and paid for, through new applications and opportunities, driven by third parties in the global "village". This trend is already underway, in different ways, through various early adopter market segments. For the small medium enterprises segment, Google, Intuit-Microsoft, and others have launched appstores, through which an open-ended array of hosted applications are sourced from the development community and procured as maketplace commondities. In the corporate sector, the marketplace model and business network hubs are being put in place on top of connectivity and network orchestration investments for capitalizing services as tradable assets, seen in banking/finance (e.g. American Express Intelligent Marketplace), logistics (e.g., the E2open hub), and the public sector (e.g., UK DirectGov whole-of-government citizen services delivery).

Submission to discussion paper : Queensland retirement villages

This submission is directed to addressing Issue 4 only – Entering a village and closure – implications for residents; and one question only – What particular items do you consider should be particularly addressed as part of the disclosure requirements for prospective retirement village residents? The recommendations below are premised on the basis that information to enable informed choice needs to be clearly presented, easy to understand and, while legal advice and assistance remains essential for any form of ‘conveyancing’ process, should enable decision making by prospective residents independent of that legal advice.

The Lake of the Cemetery

This is brief paper written in the "here and now" as the event happened and describes the early morning journey of the author by balsa wood raft to the breeding colony of greater flamingoes (Phoenicopterus ruber) on the island of Isabela in the Galapagos archipelago in 1976. Isabela comprises five volcanoes in a north south alignment. The Lake of the Cemetary is close to the site of a former penal colony which is now the only village on the island. The ethological observations at the bird colony are discussed.

Assessing efficiency of a transit oriented development (TOD) by comparative analysis

Transit oriented developments (TODs) are master planned communities constructed to reduce the dependence on the private car and promote the modes of transport such as public transport, walking and cycling, which are presumed by many transport professionals to be more sustainable. This paper tests this assumption that TOD is a more sustainable form of development than traditional development, with respect to travel demand, by conducting travel surveys for a case study TOD and comparing the travel characteristics of TOD residents with the travel characteristics of residents of Brisbane, Australia who live in non TOD suburbs. The results of a household comparison showed that the Kelvin Grove Urban Village (KGUV) households had slightly smaller household size, lower vehicle and bicycle ownership compared to Brisbane Statistical Division (BSD), Brisbane’s inner north and inner south suburbs. The comparison of average trip characteristics showed that on an average KGUV residents undertook fewer trips on the given travel day (2.6 trips/person) compared to BSD (3.1 trips/person), Brisbane Inner North Suburbs (BINS) (3.6 trips/person) and Brisbane Inner South Suburbs (BISS) (3.5 trips/person) residents. The mode share comparison indicated that KGUV residents used more public transport and made more walk-only trips in comparison to BSD, BINS and BISS residents. Overall, 72.4 percent of KGUV residents used a sustainable mode of transport for their travel on a typical weekday. On the other hand, only 17.4 percent, 22.2 percent and 24.4 percent residents of BSD, BINS and BISS used sustainable modes of transport for this travel. The results of trip length comparison showed that overall KGUV residents have smaller average trip lengths as compared to its counterparts. KGUV & BINS residents used car for travelling farther and used public transport for accessing destinations located closer to their homes. On the contrary, BSD and BISS residents exhibited an opposite trend. These results support the transportation claims of many transport professionals that TODs are more transport efficient and therefore more sustainable in this respect.