• Korean Journal of Construction Engineering and Management
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• v.20 no.3
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• pp.3-11
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• 2019

The construction of a facility is an act whereby infrastructure such as roads and railways and other facilities such as housing and office spaces are constructed, and due to the characteristics of the relevant industry where such construction is carried out in a custom order method, it requires a long period of time mostly. While the construction is carried out over a long period of time, fluctuations in the price of raw materials required for the construction occur. Therefore, the cost of the construction also fluctuates inevitably. The fluctuation of the construction cost meshes closely with the profit of a constructor and the efficiency of government spending. Therefore, it is necessary to maintain the construction cost at a reasonable level by adjusting the construction cost rationally in order to secure the required construction quality and spend the budget efficiently. The buffer system for solving such problem is the contract amount adjustment system by fluctuations in prices (Escalation/De-Escalation). In this study, the method combining the escalation method based on the item adjustment method was suggested for an efficient contract amount adjustment method. In addition, it is proposed that there be an investigation and codification of matters not applied to government acts and regulations on contracts related to the adjustment of fluctuations in prices legally.

• Land and Housing Review
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• v.5 no.1
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• pp.53-56
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• 2014

Hong Kong, a well-known metropolis characterized by skyscrapers on both sides of the Victoria Harbour, consists mainly of 3 parts, namely the Hong Kong Island, the Kowloon peninsula and the New Territories (N.T.) which is the land area north of Kowloon plus a number of outlying islands. Located in the N.T. are all the new towns, market towns; and in the plains and valleys lie scattered village houses of not more than 3 storeys within the confines of well-defined village. These village houses are governed by a rural housing policy that could be traced back to the very beginning of the former British administration in the N.T. By the Convention of Peking of 1898, the N.T., comprising the massive land area north of Kowloon up to Shenzhen River and 235 islands, was leased to Britain by China for 99 years from 1st July 1898. Soon after occupation, the colonial government conducted a survey of this uncharted territory from 1899 to 1903, and set up a land court to facilitate all land registration work and to resolve disputed claims. By 1905, the Block Crown Leases with Schedule of Lessees and details of the lots, each with a copy of the lot index plan (Demarcation Plan) were executed. Based on the above, Crown rent rolls were prepared for record and rent collection purposes. All grants of land thereafter are known as New Grant lots. After completion and execution of the Block Crown Lease in 1905, N.T. villagers had to purchase village house lots by means of Restricted Village Auctions; and Building Licences were issued to convert private agricultural land for building purposes but gradually replaced by Land Exchanges (i.e. to surrender agricultural land for the re-grant of building land) from the early 1960's until introduction of the current Small House Policy in October 1972. It was not until the current New Territories Small House Policy came into effect in December 1972 that the Land Authority can make direct grant of government land or approve the conversion of self-owned agricultural land to allow indigenous villagers to build houses within the village environs under concessionary terms. Such houses are currently restricted to 700 square feet in area and three storeys with a maximum height of 27 feet. An indigenous villager is a male descendent of a villager who was the resident of a recognized village already existing in 1898. Each villager is only allowed one concessionary grant in his lifetime. Upon return of Hong Kong to the People's Republic of China on July 1st, 1997, the traditional rights of indigenous villagers are protected under Article 40 of the Basic Law (a mini-constitution of the Hong Kong Special Administrative Region). Also all N.T. leases have been extended for 50 years up to 2047. Owing to the escalating demand and spiral landed property prices in recent years, abuse of the N.T. Small House Policy has been reported in some areas and is a concern in some quarters. The Hong Kong Institute of Land Administration attempts to study the history that leads to the current rural housing policy in the New Territories with particular emphasis on the small house policy, hoping that some light can be shed on the "way forward" for such a controversial policy.

• Korea Science and Art Forum
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• v.37 no.1
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• pp.249-260
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• 2019

Recently, the proportion of single-person households is on the increase in Korea, expected to reach 34.6% in 2035. Among the single-person households, Young single family households are facing greater difficulties due to high house prices in Korea. The government is expanding its support to Young single family, executing various policies such as public lease housings, private lease housings for youth, youth dormitory, etc. The purpose of this study is to understand the exact housing requirement of Young single family households who have different lifestyles with other age groups and provide base line data for youth house planning which will be in use later on. Study methods are shown below. First, this research studied the status and characteristics of Young single family households by looking into literature. Second, by studying previous studies concerned with life style and housing preferences of youth, the tool for investigating preferences and needs of housing environment by Young single family households was composed. Third, survey on characterstics of space usage, preferences and needs on flat composition, and preferences of interior design were conducted based on lifestyle of Young single family-households. The survey was conducted as an online survey using SNS for 150 Young single family holds from the age of 20 and 39, including students and office workers from December 2018 to January 2019. The results are as following. (1) Looking into the space usage characteristics, considering that various activities other than basic functions take place in bedroom and living room of small-sized Young single family households, we need to consider this additionally when planning the housing. (2) Looking into the preferences and composite needs of flat composition, the subjects demand separate bed room and more living room space, and also demand expansion of living room space where various activities take place and additional storage such as dress room in bed room (3) The preferences toward interior design show preferences toward modern style and achromatic color, a representative color. The subjects also prefer floor finishing materials normally used for living spaces, and indirect, soft lighting that uses wall. Also, there are differences between interior design preferences between students (20's) and office workers(30's) due to their different lifestyles. Research is needed to propose practical residential environment requirements and plans through a case study of actual public rental housing and a wider range of users.

• Environmental and Resource Economics Review
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• v.29 no.3
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• pp.335-362
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• 2020

Using the Hedonic pricing model using Box-Cox transformation, this paper estimated the marginal effect (implicit price) of odors from landfill in the metropolitan area on housing prices and the willingness to pay for changes in certain odor conditions. This paper utilized the proximity from the landfill in the metropolitan area as a environmental variable, and analyzed the effect of various housing characteristic variables on the sale price of apartments within a radius of 5 km from the landfill. In particular, because odors factor have various heterogeneity, we applied hedonic price models instead of stated-preference methods with various types of functional forms through Box-Cox transformation, considering the heterogeneity of each region. Estimates show that the marginal value (implicit price) for the distance from the odor source was 0.227 to 0.533 depending on the function type of the estimated model. In addition, when other house factors are the same, the marginal willingness to pay for a distance of 1km from the odor source was calculated to be 16.79 to 51.76 thousand dollar depending on the type of function. Finally for the general Box-Cox model, the annual WTP was estimated to be 3,229dollar.

• Korean Journal of Construction Engineering and Management
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• v.16 no.1
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• pp.74-81
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• 2015

As one of urban infrastructure system, the electricity substation is critical for urban life and industrial activity as the electricity demands get higher than ever. However the substation is generally regarded as unpleasant or dangerous facility, which finally results in the continuous opposition movement by resident due to the belief of unidentified negative effect in apartment prices. Accordingly, as the scientifically objective and quantitative analysis is required to solve the social conflict, this study intends to examine the variation affected by urban infrastructure system, expecially for substation. After the independent variable defining the price of apartment and the dependent variable, which is apartment price, are identified and their spatial data has been filed, the forecasting model has been developed through the hedonic price function as well as artificial neural networks system. The research finding indicated that the spatial range affected by substation is not notable and the range of some case was applicable for less than 600m. It is expected that these research findings can be applied for establishing the one of solid cases for the analysis of economical effect to local housing market by the urban infrastructure system.

• Land and Housing Review
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• v.2 no.4
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• pp.439-452
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• 2011

The goal of this research is to suggest the desirable directions of the land policies implement system based on analysis of existing those of Korea with the paradigm shift of land policies. We classify the land policies into land ownership, land use, land development and land management ones, and then analyze their implement system characteristics. The results are follows : firstly, the land policies implement systems have been set to large scale and rapid development. Secondly, although the systems have been specialized by their areas, the comprehensive manage systems for the harmony between development and conservation are lacking. Thirdly, the parts of the central government powers related to land use has been hand covered to local governments. And the participations of residences private companies have enlarged in the land development. Fourthly, the purposes of the information management on land use have been changed from tax collection into planned land use, but the information management has not met the need of planned land use. This study shows that firstly, the implement system focusing on large development projects might be no longer effective because of high possibility of the property prices stabilization, so moderately small ones must be found. Secondly, the system cope with the climate change and to realize the efficient utility of land is needed. Thirdly, it is necessary to take the actual measures to participate a variety of subjects. Fourthly, the system modification of the land information manage system as land policies infra is also needed to establish integral land policies.

• Korea Real Estate Review
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• v.24 no.1
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• pp.39-52
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• 2014

This study examines the degree of global co-movement & spillover effect among the housing price of ten major countries of OECD including Korea, based on the 3 hypothesis. The data used in this study is quarterly house price index of OECD countries from 1975 to 2012. VAR model is used to analyze the co-movement, and Granger causality methodology is used for the analysis of Spillover Effect. It is found that entire period of study is that the global house prices showed the co-movement, but the coefficient was weak. Since 2008 global financial crisis, the co-movement increased significantly and the adjusted R-square of this model increased 78% compared to the entire period (1975-2012). In general, all hypotheses in this study were significant, and the common shock hypothesis were most significant. In case of Korea, the degree of co-movement was weak compared to the other countries and spillover effect was independent since 2008.

• Journal of the Korea Convergence Society
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• v.11 no.12
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• pp.199-205
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• 2020

As many government policies have been announced today regarding real estate, especially housing, interest in prices in the housing market has increased significantly. In this study, I would like to present the direction of government policies by analyzing the relationship among income instability, the psychological condition of real estate price changes and willingness to adjust real estate holding ratio. First, major variables were extracted through the prior study review, and using a survey, data were collected and path analysis was conducted. According to the analysis, the current income instability had a negative impact on the psychological condition of real estate price changes, and a positive influence on the willingness to adjust real estate holding ratio, but the psychological condition of real estate price changes did not have a statistically significant impact on the willingness to adjust real estate holding ratio. Thus, the difference analysis was conducted between groups by dividing the ages and the number of dependents respectively. According to the analysis, the impact of income instability and psychological condition of real estate price changes on willingness to adjust real estate holding ratio differed between groups divided by ages and number of dependents. The results of this analysis will help the government to establish real estate policies and help each household to use the analysis as basic data when they make a decision about real estate. On the other hand, this study has limitations that have only been conducted cross-sectional analysis and analyzing time series changes and differences in perception between regions are going to be conducted in a future study.

• Journal of Popular Narrative
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• v.25 no.4
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• pp.321-359
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• 2019

In the 1970s, the full-scale development of the area now known as Gangnam began, ushering in the era of real estate investment on apartments which transformed housing styles in Korea. Apartments were pitched as the most ideal type of housing, creating a competitive market of high demand and skyrocketing prices. The apartments were also viewed as a means of quick asset investment among middle-class Koreans. Within this apartment frenzy stood the female real estate speculator, the bokbuin. This study seeks to locate the bokbuin in the real estate development market after the late 1970s. The apartment speculation boom cannot be attributed to the bokbuin alone, yet she became the target of public anger and criticism, singled-out as being responsible for fueling illegal and unethical investments. The apartment boom of the 1970s was in fact generated in large part by the government, developers, construction companies and realtors. While their pursuit of profit was deemed as legitimate, the bokbuin's conduct was mostly tainted by presumed illegitimate and greedy motivations. This study problematizes this gendering of real estate investment and treat the bokbuin as a byproduct of the family-centered culture in East Asia. Analyzing Im Kwon Taek's film "Mrs. Speculator", Park Ki Won's conte, "Bokbuin", Park Wan Seo's short story, "Children of Paradise", "The People of Seoul", this study shows that bokbuin's pursuit was not hers alone; it was the collective pursuit with her husband for the enhancement of family finances. This stud y argue that the bokbuin embodied the thickly misogynistic climate of the 1970s that projected the chaotic rise of greed onto the woman.

• Land and Housing Review
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• v.14 no.4
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• pp.47-62
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• 2023

Using the dynamic panel model, this study investigates rent determinants for small and medium-sized office buildings in Korea's CBD and Gangnam areas, key business districts. The results reveal that rents for small and medium-sized office buildings in CBD and Gangnam areas are influenced by macroeconomic fluctuations and characteristics of buildings and locations, suggesting a market with both spatial consumer and investment goods attributes. There are several investment implications as follows. First, even if the location in the CBD area is advantageous, the practical limitations in renovating aging small and medium-sized office buildings must be taken into account when investing. Second, parking conditions are a key factor influencing rent prices in CBD areas, so evaluating the parking facilities and improvement potential of small and medium-sized office buildings is essential for investors. Finally, due to the high sensitivity of Gangnam's small and medium-sized office market to macroeconomic trends, it's vital to prioritize monetary policy shifts as a key factor in investment decisions.