This study is intended to present the reasonable scheme for the golf course or golf links and the criterion for its estimation in the midst that the continuing demand for and supply of the golf links are on the increase. An attempt was made to impose ...
This study is intended to present the reasonable scheme for the golf course or golf links and the criterion for its estimation in the midst that the continuing demand for and supply of the golf links are on the increase. An attempt was made to impose the timeliness of the time of opening the golf course by analyzing the demand for and supply of the development of the golf course and ta elicit the determinants of the price for the right of membership to the golf course with the golfer's preference for it, Based upon such an analysis, the mode of the estimation on the price for the right of membership 13 the golf course was attempted to establish, which was made to become the criterion for the estimation of the demand price for the right of membership in developing a golf course in the future. And, this thesis attempted tn present the effective improvement for developing the golf course with competitiveness to the changes of external environment by analyzing the problems of developing the golf course on the basis of test through the model of estimation through the analysis of the real condition of the golf courses recently opened.
It was forecasted that the demand for the golf course would account for 8,095 thousand golfers on 1995 and 13,095 thousand golfers by 2000 with the sophistication and diversification of recreational activities. Accordingly, the amount demanded of the golf courses comes to require an annually average increase of 10 percent from 165 golf courses in 1996 to 264 golf courses in 2001.
The location for the development of the golf links is relatively fastidious, where marketability, accessibility, topography and ground should be borne in mind. In partiaular, as the golf links have been developed on a mountainous district in case of our country, a wide area is required to develop the golf course. In preparation for the golf course the amount of engineering works and the maintenance 짙짝 management expenses of the facilities after their construction become the facts determining the development of the golf course.
Accordingly, a careful investigation should be made into the locational factor and the function of the mountainous region in determining the size of the development of the golf course, designing the course and laying out the facilities relating to the golf links. The questionnaire research was made of the factors determining the price for the right of membership to the golf course, The relationship of the value of the right of membership to the golf course is defined as follows : P_(1) = (P 징쩔 m) + the capitalization amount of profits from management + net capital gain.
Thus, by making an analysis of the factors exerting an influence on the price for the right of membership, it was adopted as the basis of establishing the direction for the development of the worth while golf course.
As a result of making an analysis of the data obtained through the questionuaire research, membership (M), distance (T), the quality of design(D) the condit on of management on facilities such as lawn(G) and history and traditionIl(Y) were elicited as the factors determining the price for the right of membership. As a consequence of making an analysis of the price for the right of membership by making the membership(M) having the most effect on the price for the right of membership heciprocate with the use regression analysis modedl that assumed these factors as independent variables and the price for the right of membership as the dependent variable, the component of the price for the membership right was elicited as follows;
P = 3252.9002 + 3159422.5026/M - 64.0484T + 122.7056Y + 48.7475G + 9.4243D
As the price for the membership right in this evaluative model is estimated on a basis of the golfer's preference for the factor deforming the price for the right of membership to the golf course, it can be viewed as the golfer's demand price for the right of membership. therefore, it is judged that the golf course where the gap ween the market price based on the market priciple and the lotting-out pirce arises is somuch difficult to succeed. The direction for the development of the golf course shoud be set in a direction that the future development of the golf course can fully reflect the demander's preference.
In the preparation works for the golf links the gap between the supply price and the demand price for the membership right will have to proceed to be curtailed through efforts to cut costs. In the analysis of the actual condition of the development of the golf course the excessive investment of the construction cost of the golf course was pointed out as the important cause for the insolvency of the development of new golf courses. This expared the overship of unuecessary land, increased the size of investment in facilities, and so increased the resultant burden of all taxes as the current laws and regulation provides that the estimation of the amount of lotting out the membership right and the membership shall be made within the purview of the coast of preparation for the golf course, It was investigated that the total amount of lotting-out Brice for the membership right to the golf course is determined at a level of the cost of preparation works in the defermination of the lotting-out price for the membership right by the developer.
Even though the construction cost did not exert and influence on the price for the right of membership in the short-term period as a consequence of earlier analysis, 街e developers fixed the lotting-out price for the membership right on a basis of the cost of preparation for the golf course and resulted in fixing the price highter than the demand price by the model of evaluation.
For the development of the golf course to have competitiveness with the changes of external environment, an desperate effort is required to curtail the cost of the process of development such as the appropriateness of the amount of engineering works in the preparation for the golf course through refraining from investing in unuecessary facilities, careful examination of the locational factor, and reasonable design. And as unuecessary administrative regulations such as relevant laws and regulations and taxes to the development of the golf course may play a role in deteriorating the rationalization of its development, the development of the golf course should be induced to become the optimal utilization of idle resources through the supplementation of the institutional arrangement relating to the development of the golf links.
For that purpose, it is though that the securing of sound recreational space and the efficiency of land utilization will have to be attempted to make the golf the popular sports for the nation.