What a land feasibility actually tests
Before any structure is proposed, the site has to answer four questions. Most of the work is in the second one.
The first question is what can legally be built. Zoning, permissible floor area, height restriction, setbacks, and whatever local conditions attach to the plot. This part is documentary and comparatively quick, and it sets the outer bound of everything that follows.
The second is what the market will actually absorb, which is where most of the assessment goes. Permissible area is not saleable area, and saleable area is not sold area. A plot that permits four hundred units in a market that clears sixty a year is not a four-hundred-unit opportunity, whatever the drawings allow.
The third is what it costs to get there — construction, approvals, finance and the carry across the whole timeline, not the construction rate alone. Projects are far more often undone by the length of the approval period than by the price of concrete.
The fourth is the exit. What the finished asset is worth to a buyer, on what timeline, and what the position looks like if that timeline slips by a year. A feasibility that only models the intended case is a brochure.
The output is not a yes or a no. It is a structure: which of the four models suits the site and the owner, what the numbers look like under each, and what the terms would be. An owner should be able to read it and disagree with it.