Korean Journal of Construction Engineering and Management (한국건설관리학회논문집)

Korea Institute of Construction Engineering and Management (한국건설관리학회)
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Feasibility Study on Remodeling Project By Using Real Option Model : Focusing on Apartment House Remodeling

실물옵션을 활용한 공동주택 리모델링 사업성 평가에 관한 연구 - 아파트 리모델링 사례를 중심으로 -

  • Yeon, JungHoon (Department of Architecture & Architectural Engineering, Seoul National University) ;
  • Lee, Hyun-Soo (Department of Architectural Engineering, Seoul National University) ;
  • Park, Moonseo (Department of Architecture & Architectural Engineering, Seoul National University) ;
  • Kim, Sooyoung (Department of Architecture & Architectural Engineering, Seoul National University) ;
  • Ahn, Joseph (Department of Architecture & Architectural Engineering, Seoul National University)
  • Received : 2012.10.18
  • Accepted : 2012.12.28
  • Published : 2014.01.31
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Abstract

After the global financial crisis, domestic construction industry has gone through a rapid recession. This resulted in gradual market shift towards architectural remodeling. Architectural remodeling not only improves residential environment but it has many advantages such as increase of each unit's exclusive area, free space within the horizontal or extension of an annex building, and increase number of household through splitting the household of bigger pyeong, etc. However, in case of the Korean market for apartment remodeling, due to various regulations and problem with business promotion procedures, majority of business is slow despite the figure that remodeling volume is not that small. Also, feasibility study which decides to push ahead public house remodeling business will have a flaw using net present value's law; it has a flaw of not considering properties of each phase of remodeling business and future's uncertainty. Hence, this research will improve the problem of traditional value assessment method of net present value's law. It will also consider one of the real options such as binomial model in order to supplement NPV which is used in current feasibility study. This research was based on real successful cases of public house remodeling and it was possible for feasibility study which was more realistic and valid. This research provided foundation for development of Korean public house remodeling market. There is high anticipation of increasing the validity by improving the problems of current feasibility study and economic efficiency assessment.

글로벌 금융위기 이후 국내 건설산업이 급격하게 침체된 가운데 건축물 리모델링 시장에 점점 초점이 맞춰지고 있다. 건축물 리모델링은 주거환경을 크게 개선시킬 뿐만 아니라 각 세대별 전용면적 증가, 여유공간 내 수평 또는 별동 증축, 대형 평수의 세대분할을 통한 세대수 증가 및 일부 분양 가능 등 많은 장점을 가지고 있다. 그러나 국내 공동주택 리모델링 시장의 경우 각종 법규 및 사업추진 절차상의 문제점 때문에 리모델링 대상 물량이 적지 않은 수치임에도 불구하고 사업이 지지부진한 곳이 태반인 실정이다. 또한 공동주택 리모델링 사업 추진여부를 결정하는 사업성 검토 단계에서 대부분의 수익성 판단 모델로 사용되고 있는 순현재가치법(NPV)은 리모델링 사업이 가지고 있는 단계별 특성과 미래의 불확실성을 고려하지 않은 단점을 가지고 있다. 이에 본 연구는 전통적인 가치평가방법인 순현재가치법의 문제점을 개선하고, 사업이 진행됨에 따라 일어날 수 있는 불확실성을 고려한 실물옵션 이론 중 이항모델을 활용하여 기존 사업성 검토에서 쓰이는 순현재가치법을 보완하였으며, 공동주택 리모델링 실제 성공사례를 바탕으로 연구를 진행하여 보다 현실적이고 타당성 있는 사업성 검토를 하였다. 본 연구는 국내 공동주택 리모델링 시장 발전의 토대를 제공하고, 기존의 사업성 검토 및 경제성 평가의 문제점을 개선하여 그 타당성을 향상시킬 수 있을 것으로 기대된다.

Keywords

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