Programme Structure and Requirements

The NUS-Renmin MSRE-MBA Double Degree Programme (DDP) is a 2-year full-time programme. Students will spend 1 year at RBS completing 35 modular credits (MCs) of MBA, and another year at NUS completing 32 MCs of MSRE. Students are also required to complete a RBS dissertation during their two years of study.


Study 1 year at RENMIN Study 1 year at RENMIN Study 1 year at NUS
Core MCs 29 20
Elective MCs 6 12
Total MCs 35 32
Other Requirements A RBS MBA Dissertation &
Social Practice/Internship
Report (1 MC)


Renmin University, China
School of Business (RBS)

Master Degree in Business
Administration (MBA)
National University of Singapore (NUS)
Department of Real Estate
School of Design & Environment

Master of Science Degree in
Real Estate (MSRE)
Core Modules (compulsory modules)
(Total MCs requested: 29 MCs)
  • Human Resource Management ( 2 MCs)
  • Corporate Finance ( 3 MCs)
  • Organizational Behavior ( 2 MCs)
  • Data Modeling and Decision Making ( 3 MCs)
  • Operations Management ( 2 MCs)
  • Management Information System ( 2 MCs)
  • Strategic Management (3 MCs)
  • Financial Accounting ( 3 MCs)
  • Managerial Economics ( 3 MCs)
  • Marketing ( 3 MCs)
  • Business Ethics ( 3 MCs)
Core Modules (compulsory modules)
(Total MCs requested: 20 MCs)
  • Real Estate Development (4 MCs)
  • Real Estate Investment (4 MCs)
  • Real Estate Economics (4 MCs)
  • Real Estate Finance (4 MCs)
  • Urban Policy & Real Estate Markets (4 MCs)

Elective Modules

(Total MCs requested: 6 MCs)
- There are a total number of 124 modules to choose from.
Elective Modules

(Total MCs requested: 12 MCs)
- There are a total number of 12 modules to choose from

(Total MCs requested: 1 MC)
- Social Practice/ Internship Report ( 1 MC)


Under the DDP, the MSRE degree and MBA degree will be separately conferred by NUS and RUC subject to meeting the graduation requirements of the respective universities.

The graduation requirements of NUS MSRE are set as follows:

  1. Complete 20 essential MCs, as well as 20 elective MCs among which 8 elective MCs are satisfied by double counting MBA modules taken in RUC.
  2. Achieve a minimum Cumulative Average Point (CAP) of 3.00 which is equivalent to an average grade of B-.
  3. Not fail two or more modules in any semester.

Students under NUS graduate programme has to follow the guideline of “Graduate Programmes By Coursework” to fulfill the requirements for graduation. Please refer to the webpage information for the details.

The graduation requirements of RUC MBA are as follows:

  1. Complete 29 essential MCs, as well as 16 elective MCs among which 10 elective MCs are satisfied by double counting MSRE modules taken in NUS.
  2. Complete the MBA dissertation.

Students who meet all the above requirements can earn both the NUS MSRE and RUC MBA degrees. The duration of the DDP is 2 years. In the event that a student fails any core modules in RUC, the student can still earn the MBA by retaking and passing those modules within 3 years. Similarly, if a student fails a core module in NUS, the students can still earn the MSRE degree by retaking and passing the module within one additional year, provided that the graduation requirements of the corresponding degree are still met.

DDP students must satisfy the NUS Graduate Continuation Requirements set for coursework based master’s programmes, including the stand-alone MSRE. In addition, students must comply the RUC continuation policy while in China.

Candidates will be required to attend a full-day induction module (RE5001 Real Estate Development) for one week during 'Orientation Week' in early August. Classes for the remaining modules are usually conducted in the evenings from 7-10pm.

The curriculum aims to provide a strong foundation in the economics of strategic real estate decision while allowing sufficient flexibility for candidates to develop their interest in other specialized areas.
With effect from AY2017-18 intake, the modules for MSRE-MBA DDP in MSc (Real Estate) part in NUS are offered as follows:

The Universities reserve the right to revise the programme structure and schedule as appropriate.

Core Modules (compulsory modules)

RE5001 Real Estate Development (4 MCs) (Semester 1), full-day induction module for one week (week 0) in August (i.e. (i.e. 7 Aug 2017 to 11 Aug 2017). Compulsory to be taken before any other modules.

This module introduces the fundamental concepts and techniques involved in the real estate development process, recognizing the entrepreneurial and institutional elements in the transformation of existing real estate to its highest and best use. Modeling the sequential event of the real estate development process, the module covers a wide range of issues encountered in the different phases of development - from site evaluation and land procurement, development team assembly, market study and development scheme, construction and project management, project marketing and hand-over of completed projects. (this module will be conducted as a 1 week intensive in week 0 of Semester 1)

RE5003 Real Estate Investment (4 MCs) (Semester 1)

This module develops an understanding of the tools for assessing real estate investment opportunities at the micro-level, paying particular attention to the characteristics that distinguish real estate from other assets. It covers the fundamental discounted cash flow models for underwriting across different types of properties. The concept of leverage is also introduced in relation to cash flow projections. Specific techniques include developing cash flow proformas, ratio analyses and capitalization rate and establishing discount rates for handling risk using the CAPM or alternative models.

RE5004 Real Estate Economics (4 MCs) (Semester 1)

This module provides an understanding of the economic perspectives of the real estate market. It shows how the interactions between the real estate market with other asset markets, capital markets and the wider economy can be examined using theoretical and empirical analyses. This provides an integrative framework for understanding and forecasting the forces that shape the rental space market, the investment asset market, and the development industry. In addition, the module examines linkages between macroeconomic trends and business cycles and the behavior of real estate market aggregates such as prices, rents, and returns.

RE5005 Real Estate Finance (4 MCs) (Semester 2)

This module examines how real estate can be financed. Students will learn the theories, techniques and practices of corporate finance applicable to property company portfolios. Major topics covered include: sources of finance, financial statement analysis, corporate growth and market valuation, net asset discount, the impact of leverage and dividend policy on capital structure decisions, corporate governance and transparency. In addition, the module deals with the implications of different arrangements such as partnerships, joint-venture structuring, sale-leaseback and other forms of development financing, both bridging and permanent, on deal viability.

RE5013 Urban Policy & Real Estate Markets (4 MCs) (Semester 1)

A distinctive characteristic of real estate is the extensive government regulation of both land and built environment. Focusing on the development of urban and metropolitan areas and the dynamic forces that drive urban growth as well as shape urban spatial configurations, this module examines the impact of government regulations and public policies on real estate markets. Selected topics include urban land rent and location theories, land use structures, community and neighbourhood dynamics, degeneration and renewal in urban dynamics, private-public participation, government policies on public and private housing, and urban fiscal policy including property taxation, local government finance and development and betterment levies.

Elective Modules

Students to choose and complete 12 MCs from the following 12 elective modules offered currently by the School

RE5000 Dissertation (8 MCs) (Semester 1 or 2) - students who opt for the dissertation module cannot take the case study module

The dissertation offers the opportunity for candidates to individually conduct independent research work on a topic of interest and relevance to the program. The dissertation will be graded.

RE5006 Portfolio and Asset Management (4 MCs) (Semester 2)

This module develops an understanding of the tools for assessing real estate investment opportunities at the macro or portfolio level, as well as the micro or asset level. It covers modern portfolio theory before examining the role of property in an institutional investment portfolio with particular attention given to property portfolio performance analysis, diversification benefits and investment strategy. Real estate asset management involves optimizing the cash flows generated from real estate assets by a direct real estate owner, investor or an organization which incidentally heads, owns or leases real estate to support its corporate mission. This module examines how direct real estate should to be managed proactively to enhance property value or the worth of the business operations the property facilitates.

RE5009 Commercial Real Estate Appraisal (4 MCs) (Semester 1)

This module seeks to develop an understanding of theory and contemporary approaches to valuation of retail, office and industrial properties. Topics include determination of the capitalization rates across different types of properties; appraisal of freehold and leasehold interests; critical analysis of the valuation approaches adopted for securitized real estate; asset pricing models; and application of option pricing theory to appraise various embedded lease options, investment flexibility and future redevelopment opportunities. Issues related to performance evaluation and index construction will also be covered, recognizing the illiquid and heterogeneous nature of commercial real estate.

RE5011 International Field Study (8 MCs) (Semester 2) - to be held in the recess week of Semester 2 of each Academic Year

This module involves organizing and participating in a field trip to another country to study the unique institutional features, market trends, investment opportunities in the particular foreign real estate market. Assessment of the module is based on written assignment and field study report.

RE5014 RE Investments Trusts & Property Funds (4 MCs) (Semester 1)

This module seeks to provide a practice-oriented understanding of the evolution of the REIT and property funds as vehicles for real estate investment. It delves into the motivations for creating a REIT and the institutional regimes such as taxation and other regulations that influence how a REIT operates. In addition, it studies the formation of business trusts and property funds to determine the relative merits for sponsors and investors. Topics to be covered include practical issues in property fund management for institutional and high net worth clients; establishing and managing a property fund management; fees of REIT managers; role of sponsors; interested-party transactions; internal versus external management structure. It will also examine the growth strategies of REITs, i.e. organic growth and accretive acquisitions and capital management strategy to drive the development of investment vehicles such as trusts and funds.

RE5015 Spatial Information Systems (SIS) for Urban Planning (4 MCs) (Semester 1)

This module is an introduction to spatial information systems as applied to urban and regional planning. Its primary goal is to help students understand the basic principles of SIS, and to equip students with the state-of-the-practice computing technology in urban planning in a SIS environment. The module emphasizes learning digital visualization methods and spatial analysis techniques through extensive hands-on exercises using real-world datasets.

RE5016 Real Estate Securitisation (4 MCs) (Semester 2)

The course covers innovations in debt capital markets, mainly the design of mortgage contracts and the development of real estate securitisation and structured financing products globally. Students will acquire a toolkit that allows them to understand mortgage mathematics, term structure models and the pricing of embedded options in real estate debt instruments. The module also covers credit analysis and the role of credit rating for real estate debt. Emphasis will be placed on the investment characteristics and pricing of secondary real estate instruments such as Mortgage-Backed Securities (MBS), Collateralised Mortgage Obligations (CMOs), asset-backed securitisation deals, as well as publicly traded debt paper.

RE5017 Real Estate Case Study (4 MCs) (Semester 2) - students who opt for the case study module cannot take the dissertation module

This module aims at developing students’ capability in analysing and evaluating case studies. Students are expected to select a real estate problems as a case study, examine the pertinent issues involved, collect relevant data relating to the case, analyse the case facts, and recommend appropriate solutions to problems.

RE5018 Statutory Valuation(4 MCs) (Semester 2)

This module aims to equip participants with in-depth knowledge and an appreciation of the different techniques used in the valuation of real estate for a wide range of purposes such as acquisition or disposal of properties, financial reporting, taxation and other statutory purposes. There will be sharing and discussion of many case examples and case studies of valuation assignments that valuation professionals in both the private and public sectors might encounter. The participants will be able to gain insights into the various valuation issues and challenges, some of which are truly unique and interesting. The module is prepared and taught by a team of very experienced valuation professionals from IRAS, including the former Chief Valuer, who have expertise in valuing almost all types of properties in Singapore for statutory purposes and in providing valuation consultancy for the State.

DEP5101A Qualitative Methods of Urban Analysis (4 MCs) (Semester 1) - module offered by the Master of Urban Planning Programme.

This module introduces the qualitative methods typically undertaken in planning analysis and policy formulation. The module will covers the various kinds of qualitative research projects, data collecting and analysis, developing conclusion, and writing the research report. This module is taken together with DEP5101 Urban Analysis Workshop.

DEP5103A Quantitative Methods for Urban Planning (4 MCs) (Semester 2) - module offered by the Master of Urban Planning Programme.

The module will cover the fundamental statistics and the various statistical techniques used in the analysis of qualitative and quantitative data, and hands-on opportunities in the use of spreadsheet programs and statistical software package to perform various analyses. This module is taken together with DEP5103 Urban Planning Studio.

DEP5104 Urban and Regional Economics (4 MCs) (Semester 1)- module offered by the Master of Urban Planning Programme.

This module provides the student with an understanding of the principles in the urban and regional economy. The module uses economic analysis to explain issues relating to policies and economics in urban and regional growth. Some of the topics covered include why cities exist, why firms cluster, and city growth, land rents and land use patterns, real estate cycles, land use planning, location decisions of firms, industries, and households, roles of local government, public finance and regional competitiveness policies.

Candidates could also accumulate modular credits from cross programme/faculty unrestricted elective modules of 4 MC each (max 2 modules).

The total tuition fee (admitted in AY2017-2018) for the two-year DDP is approximately S$70,000 (RMB348,000). Students will pay the tuition fee directly to the host university, i.e. Renmin University of China (in RMB) and National University of Singapore (in SGD).

RBS MBA Fees RMB 178,000 (≈ S$ 36,000)
NUS MSc (Real Estate) Fees S$ 34,000 (≈ RMB 170,000)
Total Fees S$ 70,000 (≈RMB 348,000)
* Application Fees

RBS MBA Application:

NUS MSRE Application:

RMB 600 (Non re-fundable)

S$ 50 (≈ RMB 250, Non re-fundable)
* NUS MSRE Acceptance Fees

S$ 1,000

Non re-fundable and it will be credited towards the payment of the
NUS MSRE tuition fees.
Amount should be paid upon accepted the Offer

Information is correct at the point of printing. The Universities reserve the right to revise the fees, programme structure and schedule as appropriate.