• The Journal of the Korea Contents Association
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• v.18 no.3
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• pp.472-485
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• 2018

The purpose of this study is to analyze debt zeroing policy process of Yong-in city based on the Kingdon's Multiple Stream Framework in order to contribute to strengthening financial capacity and competitiveness of local governments. This study focused on the Yong-in case because the city had a local debt of about KRW 800 billion as of 2012, but it completed the debt repayment in early 2017. The results are as follows. First, policy problem streams are the perception of Yongin City's debt indicator, the failure of the LRT project, and the failure of sale of buildinglots of Yukbuk district. Second, in the political stream, there have been the election of new governors, cooperation of local administration and citizens like budget cut. Third, policy alternative streams are the reduction of large-scale investment projects, the expansion of revenues through the sale of idle shared properties, the increase of tax revenues, and the activation of light rail. As the each streams flowed independently, the window of policy change opened by the revitalization of the real estate market and the sale of buildinglots of Yukbuk distric and combined with other policy factors such as the activation of the light rail. In this process, the role of the policy entrepreneurs such as negotiation and persuasion of the related institutions influenced achieving tight fiscal policy. As a result of this policy output, Yongin City achieved zero debt. This study suggests that it is necessary not only the importance of the role of policy entrepreneurs but also of the administrative and citizen cooperation and the institutional complement such as a large scale of the investment review system.

• Korean Journal of Construction Engineering and Management
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• v.16 no.5
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• pp.31-41
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• 2015

The telecommunication industry has been considered as a national fundamental infrastructure. However, due to the rapid evolution of technology and the change of industry market conditions, the telecommunication infrastructure needs no more huge space for facility and it leads its use to the mixed-use development based on private investment. This study intends to examine the financial feasibility of the development project for the optimal alternative use of telecommunication facility purpose site as a case study based on two types: contributed acceptance and multi-level designation. The NPA and IRR has been analyzed by the simulation of stochastic variables including rent price and its variation rate, vacancy rate, construction cost, capitalization rate and discount rate. The research finding indicates that the two types of development are satisfied with the financial feasibility and it is noteworthy that the rent price turns out to be the most critical factor for the project. Accordingly, it is expected that these research finding can be applied for providing the solid cases of financial feasibility analysis for the development project in limited use of telecommunication facility purpose site.

• 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.5 no.3
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• pp.151-167
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• 2014

Urban space structure in South Korea when through drastic changes ever since public housing policies began their full-fledge implementation. That is, public housing policies represent the main cause for formation of the current urban space structure, as the public houses are constructed in accordance with changes of demographic/social structure, considering changes of housing demand, in urban spaces demanded by the end users. After rapid industrialization and urbanization in the 1960's, each government in different periods have implemented housing supply policies through massive urban developments, to resolve the issue of housing shortage and residential instability. Phase 1 New Towns were developed in the 1980's resulting in suburbanization of the Seoul Area, followed by urban sprawl due to construction of small-size New Towns after deregulation in the 1990's, and construction of Phase 2 New Towns for resolution of housing shortage in the early 2000's and the resulting urban problems. In the mid-2000's, construction of Bogeumjari houses in GB areas led to insufficient housing supply in downtown areas, and the period after 2010 witnessed continuous deterioration of existing urban areas and acceleration of the rental housing crisis caused by rental housing shortage in downtown areas. Moreover, the residentially vulnerable classes consisting of young, 1~2-member households is expanding, with the real estate market in recess. Therefore, the government is trying to achieve urban regeneration through public housing policies so as to resolve the urban space problem and the housing problem at the same time, and the Happiness Housing Project has been implemented as a policy to achieve that goal. The Happiness Housing Project for young, residentially vulnerable classes in downtown areas, is going through diversification aimed at conjunction with urban regeneration projects in downtown areas, as exemplified by conversion of rental houses in residential environment improvement project districts and redevelopment/reconstruction project districts into happiness housing, and supply of happiness housing in conjunction with small reorganization projects for deteriorated residential areas in such areas as those excluded from New Town designation. Continuous supply of Happiness Housing in conjunction with urban regeneration requires mixed-use residential development which includes convenience facilities and public facilities, along with improvement of rental conditions (rental period/rent) and diversification of project methods, considering that the project is implemented in downtown areas.

• Journal of Digital Convergence
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• v.18 no.2
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• pp.197-204
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• 2020

The purpose of this paper is to find the direction by analyzing the synchronization phenomenon and the change rate of apartment charter rate in Korea, Seoul, Busan, Daegu, Gwangju and Daejeon. For this purpose, this study used a total of 239 monthly data from January 2000 to November 2019 in Kookmin Bank housing statistics. In the correlation analysis, Korea showed the highest relationship in order of Seoul, Busan, Incheon and Daegu. Seoul showed a low figure of 0.3 without any distinctive features from other cities. On the other hand, Busan, Daejeon and Daegu showed high correlations. As a result of the regression analysis, Korea and 5 major cities were all moving in the same direction with positive(+) values. And Busan and Seoul responded significantly to Korea. In the shock response, Korea is most shocked by the change in Seoul. Daegu is relatively shocked by Busan and Daejeon. Seoul's charter rate has declined most strongly in the last three years. Therefore, it is time to be careful not to incur losses due to gap investment. If we look at the relationship between the charter rate and the sale price in future studies, we can better understand the Korean apartment market.

• Land and Housing Review
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• v.5 no.4
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• pp.259-269
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• 2014

After global financial crisis, the ratio of household debt to GDP was decreasing in other advanced countries such as the U.S., and the U.K. and so on. But, in Korea, household debt (of which residential mortgage loan account for a large part) ratio is still increasing. This paper focuses on the scale and characteristics of households in negative housing equity (those are called House-poors in Korea), and also the socio-economic backgrounds of the formation process. In financial perspective, the problem of negative housing equity depends on financial debt repayment capability. We used DSR (Debt Service Ratio) and LTA (Loan to Asset ratio) as financial indicators to evaluate the debt repayment capability. The critical value of DSR is assumed as 40%, and LTA 100%. The socio-economic backgrounds of the House-poors are as follows : increasing households debt dependency, over lending competition of financial institutions and unreasonable loan in household economy, instability of real estate market, week regulation on mortgage loan. Finally, this paper suggests some implications about the range and the target of public intervention.

• Journal of Cadastre & Land InformatiX
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• v.49 no.2
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• pp.23-38
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• 2019

The National Land Census Project aims to survey the national land regularly to resolve the land category disagreement and reflect the actual land use. The objective of this study is to investigate whether not only the National Land Census Project but also related land and housing surveys bring about the improvement of social welfare in light of the invested budget, and to measure the project feasibility. The potential benefit after the National Land Census Project is not traded in the market. To determine the economic value of this potential benefit, the Contingent Valuation Method was used. This study utilized the single-bounded and double-bounded dichotomous choice models simultaneously to estimate the project feasibility of the cadastral system improvement. According to this study, cost-benefit ratio of the project was estimated larger than 1, which means that social benefits are larger than social costs.

• Journal of Korean Society for Geospatial Information Science
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• v.23 no.1
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• pp.89-99
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• 2015

Recently, our construction industry is actively participating in numerous city planning projects in the third world countries. Considering the current depression of domestic real estate market, the emerging foreign demands could certainly provide substantial opportunities for the domestic industry to overcome the trough. For the field planners dealing with such foreign projects, though, the immediate problem is the lack of public statistics and geographic information to perform spatial analyses and/or prepare master plans. This study, in this context, tries to simulate a process to construct a digitized basemap of the case area, 'Bab Ezzouar,' in Algeria of Northern Africa. The area is a typical municipality that lacks the IT databases. To overcome the data shortage, the study uses the satellite map tiles so as to digitize the roads and building structures. It then estimates the block-wise populations based on the building image interpolation as well as the supplementary field survey data. The topographic TINs are also built by the SRTM (Shuttle Radar Topography Mission) digital elevation maps so that the three-dimensional configuration of the structures and terrains are rendered to check the urban scenery and skylines.

• Journal of The Korean Digital Architecture Interior Association
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• v.10 no.1
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• pp.39-47
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• 2010

The officetel introduced into Korea in the mid-1980s has thus far been in the limelight as the object of investment for the substitute for small-sized housing and for lease income. But to raise the possibility of succeeding in officetel investment in the future, it has been necessary to make a systematic analysis of the changed direction of the officetel market and the profitability and stability of investment. Accordingly, this study attempted to analyze demand for officetel with a focus on the possibility of increase in the households composed of one or two members, the major consuming bracket of small-sized housing. And it attempted to analyze the possibility of investment in officetel as the investment goods for lease income due to the entry of Korea into aging society. And past analysis of investment in officetel was confined to profitability analysis, but this study sought to develop the stability indicator of the officetel for the analytical purpose. As a result, it is predicted that demand for small-sized housing will increase due to the increase in 1-to 2-person households. Accordingly, it is predicted that demand for officetel as the place of residence will come to increase. And taking into consideration the more serious degree of sustained aging in the population, older people's preference for real estate and need for lease income, it is predicted that preference for officetel as the object of investment will increase. An attempt was made to analyze the profitability and stability of investment in the metropolitan area which the officetel has principally been supplied, in order to analyze the profitability and stability of officetels. For the purpose of this study, Yeoksam-dong in Kangnam-gu, Yeoui-dong in Youngdeungpo-gu, Bongcheon-dong in Kwanak-gu were selected in Seoul as the area for analysis. Jung-dong in Wonmi-gu, Bucheon, Seohyun-dong in Bundang-gu, Seongnam, Janghang-dong in Ilsan-gu, Koyang were selected in Kyonggi province as the area for analysis. As a result, it was found that the small-sized officetel had higher profitability and stability than the large-sized officetel. It was found that the area of Kyonggi Province had the larger deviation by size. That is, it was found that the small-sized officetel in the area of Kyonggi Province was significant as the object of investment for stable lease income.

• Korean Journal of Construction Engineering and Management
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• v.10 no.6
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• pp.146-153
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• 2009

The year 2008 was a hard year for Korea's construction companies. The real estate downturn resulted in halting new construction and stopping existing work, and inflation of global oil prices caused price hikes in rebar and concrete materials. As a solution to reducing the budget, the newly appointed government announced plans to increase low cost bid contracts from 10 billion to 30 billion won. When such economical and political factors negatively impact the construction market, projects based on low cost contracts are the hardest hit. Many problems already inherent in low cost bid contracts become accentuated. Consequently, this provides an opportune time to actually study and analyze the issues in these projects. This paper introduces the findings made from investigating four projects struggling to make ends meet in the year 2008. Results show that flow of cash (i.e., liquidity), or lack thereof, was the root cause which in turn was hampered by failed mechanisms for design changes, material inflation. Attributing cash flow risk to the bottom of the production structure (i.e., small business subcontractors) was also a problem within the industry. Contractors need a better way to prepare against material price fluctuations, and owners need to assist in expediting payment during times of extreme downturn.