부동산개발사업에 있어서의 위험요소와 의사결정 요인에 관한 연구 = A Study on Risk Management and the Decision- making Factors in Real Estate Development Process

국문 초록 (Abstract)

영문초록 : This study is focused on what are the risks in the real estate development process and what are the decision-making factors. Real estate development process begins with the analysis of the specific real estate demand. The second step is to set the direction of the development and establish the development strategy. And the final step is developing the real estate project. Developers face the risks each step. The developers might want to control each risk so that they proceed the development project. The developers prepare how to evade, absorb or decrease or transfer the risks. The sample site was planned by an american real estate company which was owned by a Korean emigrant. He wanted to develop office building in Korea since Dec. 2005. We mapped out the countermeasure after we had examined the political, economic conditions and the real estate policy and construction risks for the purpose of the success of the development project. And we planed the floor area ratio, building-to-land ratio in full extent and the circumstances around the sample site had been developed already, so civil appeal of the neighborhood was the only problem. The business became prospective if we solved the problem of the tenants. The risks which were under control of the developer were related to the site itself such as the risk of buying the land and the risk of having to ask the tenant to quit. We went through the plan of the real estate project and budget system and reviewed feasibility studies. So we convinced the success of the project. We thought the best and highest use of the sample site were two ways. The first one was to develop as an office and neighborhood retail building. The second one was to develop the site as an office, retail and officetel building. But at that case we should make one more basement floor, so the construction period should become longer. So we decided the best choice of the project was the first one. Even though the ordinary profit of the first one was 1.7% lower than the second one. In the process of buying the land, the seller's agent and the prospective buyer, the developer had negotiated several times about the condition of the purchase agreement contract including the tenants problem. The developer did not want to give the tenant additional money which the tenant had wanted to receive in return of quitting his retail shop. The developer thought it was an unearned incomes and he would not give up his belief ever if the purchase agreement was suspended. The seller was too old so he wanted to sell the land as soon as possible. But the buyer's belief was too strong so he failed to buy the land. The first step of this study was to define the real estate development. Then I investigated the risks at the process of development. After that I studied the risks which were sorted by the real estate project participants like developer, investment bank through out the related papers by every development stage. So I found what were the decision-making factors and what was the main factor of the process by the related statistics. Then I classified what were risks and what were decision making factors whether they were controled by the developer or not. And I examined the market analysis and feasibility study. In conclusion, if the real estate development is to find out what are the risks at every step and to prepare the risks in order to proceed the project, the key word of the development process is how the developer considers a countermeasure against the risks including building permit, financial feasibility. The developer's subjective point of view was one of the main factors of decision making in the process of real estate development process