“ESTUDIO DE FACTIBILIDAD ECONÓMICO FINANCIERO DEL PROYECTO DE CONSTRUCCIÓN DE LA URBANIZACIÓN ARANJUEZ EN LA PAZ, BOLIVIA.”

UNIVERSIDAD VIÑA DEL MAR
ESCUELA DE INGENIERIA






“ESTUDIO DE FACTIBILIDAD ECONÓMICO FINANCIERO DEL PROYECTO DE CONSTRUCCIÓN DE LA URBANIZACIÓN ARANJUEZ EN LA PAZ, BOLIVIA.”



INFORME DE PROYECTO DE FIN DE ESTUDIOS PARA OPTAR AL GRADO DE MAGISTER EN FINANZAS CORPORATIVAS






ÁNGELA MARÍA ASCARRUNZ ARAMAYO
CARMEN LUCÍA CARRASCO ESPINOZA
CARLOS EDUARDO VÉLIZ LARAPROFESORES GUIAS: CARLOS PATRICIO BUTELLER
MAURICIO RODRÍGUEZ SEPÚLVEDA


Año
2012



AGRADECIMIENTOS:

Queremos expresar nuestro agradecimiento a los tutores Ing. Carlos Patricio Butteler, MBA., Mauricio Rodriguez Sepúlveda, MBA., y Rosario Betancourt.; quien nos ayudó durante la primera etapa de tutorías, al personal de la Facultad de Postgrado de la Universidad de Viña del MarUOnline y a la compañía Empresas Tauro S.R.L. de la ciudad de La Paz, por su ayuda y colaboración para la realización de éste trabajo.


DEDICATORIA


Quienes nos unimos para desarrollar este proyecto aportando trabajo voluntario con amor y desinterés, queremos ofrecerlo a todos sin distingo de raza, religión, sexo, condición política y social. Respetamos la vida y fomentamos la oportunidad quetenemos de dar y aprender.

Hacemos todo con las mejores intenciones, trabajando transparentemente con respeto y humildad, sin forzar a otros a creer en lo que creemos, ofreciéndolo de corazón. Para algunos miembros esto significa en resumen, ofrecer lo que hacemos a Dios.


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ABSTRACT

The followingpaper shows the result of studies performed for “Empresa Constructora Tauro S.R.L.”, which is a construction company established en La Paz – Bolivia.
The company has more than 30 years of experience in construction of large scale civil projects, being its main clients the National and Local Governments and private companies, banks and organizations, which required the construction of largebuildings, hospitals, markets, bridges and others such as tunnels.
Some time ago the company owners have considered the opportunity to acquire a large property in Aranjuez, which is a well known and well located district that lies at lower altitude than most residential areas of the city (La Paz lies at some 3,600 meters above the sea level). The property has some 10,000 square meters and its totalprice is estimated in one million American Dollars, in which the company plans to develop a housing complex consisting of 7 buildings (occupying around 70% of the total surface), each building will enclose 9 apartments of different scales. The project not only involves the building of the apartments, but also of packing and storage places and it will also provide with gardens, barbecue places, gym,playgrounds and other amenities for the buyers.
The project plans to execute a total investment of 8 MM (eight million American Dollars) and represents one of the largest challenges ever faced by the company. Considering the company´s lack of experience in the real estate market, we offered to make an economical and financial study for the project “Urbanización Aranjuez” and throughout providethe company with more information for the decision making process.
The main idea behind this project lies in the fact that we want to determinate the amount of money that the company will need at the different stages of the project, its need of financing and options, evaluate the real estate market and competitors for the project and the projects profitability to evaluate the project as aninvestment itself. In order to accomplish all the goals we will use different financial indicators such as NPV (net present value), IRR (internal rate of return) and a sensitivity analysis of the most important determinants of the project

RESUMEN EJECUTIVO

El siguiente documento muestra el resultado de los estudios realizados para la "Empresa Constructora Tauro SRL", que es una empresa de...