• Journal of the Korea Institute of Building Construction
• /
• v.13 no.4
• /
• pp.424-433
• /
• 2013

There have been few attempts made to perform a systematic analysis of the various risk influence factors in building development projects. This study suggests an analysis of the risk influence factors in the process of feasibility studies for apartment building development projects. To reflect the voice of professionals, surveys were carried out. In addition, an FD-AHP method was applied to identify the importance of the risk influence factors. Through the surveys, major risk factors were separately identified as direct and/or indirect elements. An analysis of risk influence factors supports an effective feasibility study of apartment building development projects.

• KIEAE Journal
• /
• v.12 no.1
• /
• pp.83-90
• /
• 2012

Over the world, social demands and concerns of energy and resource depletions and environmental conservation have resulted in many researches and applications on sustainable development and construction. In order to support these demands and concerns, international green building certification systems such as LEED(Leadership in Energy and Environmental Design) and BREEAM(Building Research Establishment Environmental Assessment Method) were developed. In Korea, the green building certification system was introduced in 2000 and widely applied to all types of new buildings in order to induce the diffusion of sustainable buildings on May, 2010. This paper investigates the importance of assessment criteria on multi-unit apartment projects among certification rating systems using the AHP(Analytic Hierarchy Process) method and suggests a new direction on certification assessment standards. For applying the AHP method, the survey of staffs in green building certification consulting companies and architectural design companies was conducted via e-mail. As a result, criteria like energy, indoor environment, land use, pollution control, and ecological environment among 9 main ones turned out important on assessing green building certification at multi-unit apartment projects, while criteria like water resource, transportation, maintenance management, and material and resource did relatively unimportant.

• Journal of the Korea Institute of Building Construction
• /
• v.19 no.5
• /
• pp.439-448
• /
• 2019

There are various factors affecting the success and failure of an apartment building project. However, after the unit sale price has been determined and the sale has started, the most important factor affecting on the project is the initial sales ratio for one month after the sale. Generally, developers predict an initial sales ratio by various data such as economic situation, the trend of the housing market, and the house price near the business place. However, it is very difficult for these factors to be calculated quantitatively in connection with the initial sales ratio. Therefore, the purpose of this study is to develop a regression model for forecasting the initial sales ratio of apartment building projects. For this study, pre-sales data collection, correlation analysis between influencing factors, and regression model development are performed sequentially. The results of this study are used as basic data for predicting the initial sales ratio in the feasibility analysis of apartment building projects and are used as key data for the development of the risk management model.

• Journal of the Korea Institute of Building Construction
• /
• v.11 no.3
• /
• pp.221-228
• /
• 2011

This study is on the development of a System Dynamics Model for business feasibility analysis of an apartment house development project. In this study, we analyzed other apartment development projects and research projects, and identified the cash flow items, which consist of revenue and expenditure items. In addition, we made efforts to find the influence relationship among these using the system thinking method and developed a system dynamics model. In order to test the model, a case study was conducted in which it was applied to an apartment development project. Vensim, a System Dynamics Modeling and simulation software package was used to analyze and test the model. The model suggested in this study can help a developer to make decisions on project financing at the initial stage of an apartment house development project.

• Proceedings of the Korean Institute of Building Construction Conference
• /
• 2021.05a
• /
• pp.151-152
• /
• 2021

The sale price of apartment buildings is a key factor in the success or failure of apartment projects, and the factors that affect the sale price of apartments vary widely, including location, environmental factors, and economic conditions. Existing methods of predicting the sale price do not reflect the nonlinear characteristics of apartment prices, which are determined by the complex impact factors of reality, because statistical analysis is conducted under the assumption of a linear model. To improve these problems, a new analysis technique is needed to predict apartment sales prices by complex nonlinear influencing factors. Using machine learning techniques that have recently attracted attention in the field of engineering, it is possible to predict the sale price reflecting the complexity of various factors. Therefore, this study aims to conduct a basic study for the development of a machine learning-based prediction model for apartment sale prices.

• Proceedings of the Korean Institute of Building Construction Conference
• /
• 2022.11a
• /
• pp.215-216
• /
• 2022

Profit, the performance of an apartment development project, is directly affected by the sales ratio, unit sale price, financial costs, land costs and construction costs. However, these factors fluctuate in response to changes in the environment, including various stake holders, and the profits fluctuate as a result. In order to ensure that profits are managed within target levels, these factors must be able to be predicted, controlled and monitored and managed up to the start, sale, and end stages of the project. The purpose of this study is to develop a profit risk management model for apartment development projects. The results of this study will contribute to the establishment of academic basis for the dynamic management of project profits that fluctuate with time and environment. And in practice, it will help project developers manage their business revenue to the proper level. In addition, the risks that occur from time to time can be identified quantitatively and visually, and it is expected that it will be easier to derive consensus points for smooth business progress by reducing conflicts of interest among stakeholders.

• KIEAE Journal
• /
• v.10 no.5
• /
• pp.159-164
• /
• 2010

High-rising buildings are a sort of solution to recent cities. Till now real estate development was concentrated in new development on vacant lots, and it resulted urban sprawl. Generally large cities are confronted with the exodus of industry and population from city. High-rising buildings solve many problems associated with this problem. The purpose of this research is to identify the effect of super high-rise mixed use building project process on apartment price. For this study, the hypothesis is that price of apartments is influenced by project process of super high-rise mixed use building. The study concerned 4 variations of project process that is building permits stage, sale stage, construction starting stage and stage of moving into building. The target projects of buildings are selected by number of floor(over 40 floors) and construction time. And 48 apartment complex are selected around super high-rise mixed use building. This study uses hedonic price function to analysis effect of project process of super high-rise mixed use building. A price of apartments is defined as a dependent variable. Characteristics of residence, complex, district and super high-rise building are defined as independent variables. The results are as follows; first, there is no error in price model of this study. Second, it is found that apartment price was influenced negatively by building permit stage and sale stage of super high-rise mixed use building. But that was influenced positively by construction starting stage and stage of moving into building of that. Third, as the project process of super high-rise mixed use building was proceeded, price of apartments was increased.

• International conference on construction engineering and project management
• /
• 2009.05a
• /
• pp.847-855
• /
• 2009

While many studies on feasibility analysis for housing projects have been released, the main focus was on economic feasibility and factors related to developers were not clearly identified enough to be used in practice. In order to establish a feasibility analysis model for apartment development projects requested by developers in Korea, 31 driving factors behind projects' success were identified under seven different categories. Criterions of the each factor were also developed, and weight of each factor was assigned by applying the Analytical Hierarchy Process(AHP). Finally, based on the Monte Carlo simulation, the feasibility analysis model was established, providing probability distribution of project's grade. The model was applied to 12 housing projects to verify its reliability, and found that the model properly filtered projects that are unlikely to be profitable, indicating reasonable reliability of the model. The model can be a useful tool for contractors, especially with less experience in analyzing project development feasibility.

• Proceedings of the Korean Institute of Building Construction Conference
• /
• 2021.11a
• /
• pp.250-251
• /
• 2021

A subcontract work order is the basis of the construction process and consists of the root and trunk of the construction industry. The construction process through a subcontract work order is an important element of project success, and it is the basic unit of creating profit in the construction industry. Therefore, correct analysis and forecasting of subcontract work orders allow correct estimation of construction cost and profit which is the foundation of corporate decision making. This study has started to provide predictions of subcontractor's bidding-ratio for decision-making. Since the actual project data has been used in this study, the contribution level of the model is highly expected in actual field. The statistical confidential level of adjusted decision coefficient is concluded low because of limited sample numbers. However, its accuracy and confidence level can be increased through increasing sample numbers, considering more variables, and studying of reducing error.

• Journal of the Korea Institute of Building Construction
• /
• v.11 no.6
• /
• pp.609-617
• /
• 2011

For the past several decades, the residential housing market has been led by construction firms rather than consumers; in essence, it has been a suppliers' market. However, the market is experiencing a transition to a buyers' market, the implication of which is that there will be increased competition among the residential building suppliers. For this reason, it is necessary for construction firms to prepare new strategies to respond to the rapidly changing market environment. Furthermore, consumer satisfaction should be valued more highly than in the past, and should be a baseline in formulating construction product development strategy. For the pre-classified 13 apartment building segments, questionnaire surveys are conducted for the 50 CS (Customer Satisfaction) experts to evaluate their perceptions on the weighing of the quality of each apartment segment. Data obtained from a survey of experts was analyzed from an industry perspective utilizing the AHP technique. Analysis results indicate that the CS experts valued the kitchen & dining area more highly than all other segments. Specific analysis results and implications drawn from the study can be a valuable basis for marketing, product development, and quality management.