Browse > Article
http://dx.doi.org/10.6106/KJCEM.2015.16.2.086

Development of Evaluation Criteria for Real Estate Development Projects  

Kim, Sung-Il (Center for Construction Economy, KRIHS)
Bae, Yu-Jin (Center for Construction Economy, KRIHS)
Chang, Chul-Ki (Department of Architectural Engineering, Hannam University)
Publication Information
Korean Journal of Construction Engineering and Management / v.16, no.2, 2015 , pp. 86-96 More about this Journal
Abstract
Real estate market has rapidly grown by active use of project financing in the early 2000s. However, many projects have been in trouble due to global economic recession after that period. It is mainly because those projects were pushed forward a business without comprehensive business feasibility analysis. This paper investigated current evaluation system for real estate development projects and then introduced new evaluation system including evaluation factor and criteria for real estate development projects to prevent implementation of the project without business value and to be able to evaluate potential projects in objective manner. This new evaluation system for real estate development projects can be applied to any type of real estate development projects by modifying evaluation items and weighting factor in accordance with the type and characteristics of project. Through the new evaluation system, the evaluation process for real estate development projects will be able to be standardized, be consistent, and the results of evaluation can be accumulated in consistent way.
Keywords
Real estate development project; Feasibility; Evaluation criteria;
Citations & Related Records
Times Cited By KSCI : 3  (Citation Analysis)
연도 인용수 순위
1 Jeong, H. N., Lee, S. W., Kim, J. H., Park, J., Kim, M. C., Kim, S. C., Ryu, K. R., Kim, S. Y., Lee, H. L., and Bae, Y. J. (2013). "Plan for Assessment of Real Estate Projects" Korea Housing Guarantee Co. Ltd.
2 Kim, J. Y. and Lee, S. S. (2009). "A Study on the improvement of real estate development" Ministry of Land, Transport and Maritime Affairs.
3 Kim, M. H. (2006). "Trends and Management of Overseas Real Estate Development" Construction Engineering and Management, KICEM, 7(4), pp. 3-7.
4 Kim, M. J., Kim, J. H., and Hyun, C. T. (2012). "Improvement of Evaluation Criteria for Developer Selection of Public-Private Partnership Project of Mixed-use Development" Journal of the Architectural Institute of Korea, AIK, 28(9), pp. 155-164.
5 Kim, S. C., Park, C. J., and Yoon, J. S. (2004). "A Feasibility Study on Small-sized Rental Residential Building Project through Risk Management" Korea Journal of Construction Engineering and Management, KICEM, 5(3), pp. 97-105.
6 Lee, I. H. (2011). "Influence of Revision of Real Estate Investment Cooperation Law on the Construction and Real Estate Market" Hana Institute of Finance Report.
7 Lee, S. Y. (2005). "Current Status and Task of Korean Real Estate Projects" Construction Engineering and Management, KICEM, 6(4), pp. 3-7.
8 Oh, D. H. (2008). "A Study on Distinction and Direction of Subscription Guides by Comparing and Analyzing Writing Standards by Item on PF Subscription Guide for Developing Center of Commercial Area in Newtown" Journal of Korean Urban Management Associatio, KUMA, 21(2), pp. 259-276.
9 Shin, W. S., and Park, G. J. (2005). "Identifying Criteria for Feasibility Study of Housing Development Projects" Korea Journal of Construction Engineering and Management, KICEM, 6(5). pp. 110-118.