Browse > Article
http://dx.doi.org/10.6106/KJCEM.2015.16.6.003

A Business Model for Application of the Modular Building in the Rental Market  

Yoon, Jongsik (Department of Architectural Engineering, Graduate School of Ajou University)
Shin, Dongwoo (Department of Architectural Engineering, Graduate School of Ajou University)
Cha, Heesung (Department of Architectural Engineering, Graduate School of Ajou University)
Kim, Kyungrai (Department of Architectural Engineering, Ajou University)
Publication Information
Korean Journal of Construction Engineering and Management / v.16, no.6, 2015 , pp. 3-11 More about this Journal
Abstract
The current real estate market is in a state that is considerably shrink due to the recession and long-term reduction of trading. In response, the government recently announced an innovative way for the middle-class residential housing and it is taking the lead to activate the real estate market. Meanwhile, the domestic housing market is entering a transition period, including structural changes of household structure, changes from joeonse to rent increasingly. Also single-member households will rise steeply, so that makes the high demand of small houses. In addition, the domestic construction industry is interested in new technology called Modular building. The Modular construction is an off-site construction system that shorten construction period, eco-friendly building technology and mobility etc, which can be used in various field. Overall, there are two major issues of the current market, one is the change of the real estate market, and the other is the modular construction. This study will propose modular business model in the rental market through the analysis the profitability of the modular business scenarios and IRR analysis.
Keywords
Modular Construction; REITs; LCC; IRR; Rental housing;
Citations & Related Records
Times Cited By KSCI : 4  (Citation Analysis)
연도 인용수 순위
1 Cho, B, H., Lee, J. S., and Cha, H. S. (2010). "Development of a Modular Building System for the BOQ Using Six-sigma." Korean journal of Construction Engineering and Management, KICEM, 11(6), pp. 89-99.   DOI
2 Construction Economy Research Institute of Korea (CERIK) (2015). Global Engineering-Construction Strategies for Korean Construction Companies, CERIK Research Report, 2015-03, pp. 8-10.
3 KB Management Information Report (2012). "Housing Market Outlook 2013"
4 KB Management Information Report (2013). "Housing Rental Market Analysis"
5 Kim, D., Kim, K., Cha, H. and Shin D. (2013). "A Study on the Strategy for Creating Demand of Modular Construction through Case Analysis by Building Type", Korean journal of Construction Engineering and Management, KICEM, 14(5), pp. 164-174.   DOI
6 Kim, K. T., Lee, Y. H. (2011). "Economic Feasibility Study on the Unit Modular Fabrication Method According to the Life Cycle Costing Methodology", Journal of the Korea Institute of Building Construction, (2011.12) pp. 207-214.
7 Lee, H. B. (2012). "The Scheme to Revitalize the Small Rental Housing Market", Myoungji Graduate School of Real Estate Master's Thesis.
8 Lee, K., Kim, K., Shin, D. and Cha H. (2011). "A Proposal for Optimizing Unit Modular System Process to Improve Efficiency in Offsite Manufacture, Transportation and On-site Installation", Korean journal of Construction Engineering and Management, KICEM, 12(6), pp. 14-19.   DOI
9 Lee, S. J. (2012). "Study on how to supply and manage small residential units as real estate investment", Konkuk Graduate School of Real Estate Master's Thesis.
10 Lee, S. Y. (2012). "Alternative View of a Sustainable Private Rented Sector", Korean Social Science Research Institute, Trends and Prospects, pp. 321-354.