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최막중(Choi Mack-Joong),김훈상(Kim Hoon-Sang) 대한국토·도시계획학회 2003 國土計劃 Vol.38 No.2
In the land development areas where the absorption schedules of urban land demand are not clearly forecasted, phasing is a way to save the opportunity costs of capital invested in land development. Focusing on the ‘Catch-22’ situation in which the prices of the land to be purchased in the latter stage of land development increase as the development progresses in the initial stage, this paper derives theoretically and empirically the optimal development timing for the phased land development in the framework of cost minimization. It also specified the conditions required to phase land development and demonstrates that the phasing is necessary particularly in the areas where engineering and infrastructure costs are high relative to land prices.
토지매입 옵션을 활용한 부동산개발의 작동원리와 타당성에 관한 연구
김훈상(Kim, Hoon-Sang),최막중(Choi, Mack Joong) 대한국토·도시계획학회 2015 國土計劃 Vol.50 No.5
Real estate prices in Korea are no longer expected to increase continuously, as domestic real estate market has increasingly been affected by global economic fluctuation. In an attempt to hedge the risk of variable prices including price drops, this paper develops the real estate development model which utilizes the land purchase option. In the model developer pays for the right (option) to purchase land at a fixed price in the future and exercises the option only if it becomes feasible to implement building construction. The mathematical model is theoretically formulated and a series of numerical simulation is carried out using the time-series price data. Simulation results demonstrate that the land purchase option model can work ubiquitously in Korea taking account of price variability in the past. Furthermore it is found that the option model results in higher development profit than ordinary development model which carries out land purchase and building construction at the same time.