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Evaluation of the Business Value and the Optimal Selling Point of Housing Redevelopment Project Using Real Options
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실물옵션을 이용한 주택재개발사업의 최적 분양시점과 사업가치 평가

논문 기본 정보

Type
Academic journal
Author
Journal
KOREA APPRAISAL SOCIETY 감정평가학논집 감정평가학논집 제19권 제1호 KCI Accredited Journals
Published
2020.1
Pages
125 - 163 (39page)

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Evaluation of the Business Value and the Optimal Selling Point of Housing Redevelopment Project Using Real Options
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Research history (18)

2023

A Study on the Impact of Government-led Urban Regeneration Priming Project on Resident Satisfaction : Focusing on the Mediating Effect of Local Assets, Resident Participation, and Urban Regeneration Performance
Jin ,  Yeon Hwa ,  Hwang 지역정책연구 2023.08 Academic journal
A Study on the Effect of the General Neighborhood Type Urban Regeneration Priming Water Project on Resident Satisfaction: Focusing on the Mediating Effect of Local Assets and Resident Participation
Jin ,  Yeon Hwa ,  Hwang Journal of The Korean Regional Development Association 2023.06 Academic journal
A Study on the Impact of General Neighborhood Type Urban Regeneration Priming Water Projects on Urban Regeneration Performance: Focusing on the Mediating Effect of Resident Participation and Connected Projects
Jin ,  Yeon-Hwa ,  Hwang GRI REVIEW 2023.05 Academic journal
A Study on Priority Assessment of Importance of Urban Regeneration Project using Fuzzy AHP method : Focusing on the General Neighborhood Urban Regeneration New Deal Project
Jin Yeon-Hwa ,  Hwang Jae-Hoon 도시재생 2023.04 Academic journal
일반근린형 도시재생 마중물 사업에 대한 주민인식이 주민 만족도에 미치는 영향 연구 : 잠재변수 매개효과와 다중집단 조절효과를 중심으로
진연화 도시재생학 학과 2023.01 Thesis

2022

Priority Evaluation of Urban Regeneration New Deal Projects using AHP: Focusing on General Neighborhood New Deal Projects selected in 2017
Jin ,  Yeon-Hwa 한국지역개발학회 학술대회 2022.02 Proceeding

2021

Evaluation of the Business Value of the Private Sector Post-Sales System Using Real Options: Focusing on the Case of Wirye New Town
Jin Yeon-Hwa ,  Jung-Suk Yu 감정평가학논집 2021.12 Academic journal
A Study on Legislative Measures to Improve Business Implementation of the General Neighborhood Urban Regeneration New Deal Project Using In-Depth Interview(IDI) Method: Focusing on the New Deal Project in Uncheon·Sinbong?Dong, Cheongju-si
Jin Yeon-Hwa ,  Hwang Jea-hoon 도시재생 2021.08 Academic journal

2020

The Valuation of Feasibility of Public Participated Block-unit Housing Rearrangement Project Using Fuzzy Real Option
진연화 도시계획 및 부동산학과 2020.01 Thesis
Domestic Real Estate Experts' Perception of Real Options Technique and Evaluation of the Business Value of Block-unit Housing Rearrangement Project
Jin Yeon Hwa ,  Jung-Suk Yu 감정평가학논집 2020.01 Academic journal
Evaluation of the Business Value and the Optimal Selling Point of Housing Redevelopment Project Using Real Options
Jin ,  Yeon Hwa ,  Jung-Suk Yu 감정평가학논집 2020.01 Academic journal

2019

Analysis of the Risk Factors of Block-unit Housing Rearrangement Project Using Fuzzy Multi-Criteria Decision-Making Method: Focusing on Incheon Metropolitan City Case
Jin ,  Yeon Hwa ,  Yu Journal of the Korean Urban Management Association 2019.06 Academic journal
Valuation of Incheon metropolitan City Urban Development Combined Development Project using Real Options: Focused on Residential Environment Improvement Project
Jin ,  Yeon-Hwa ,  Yu Journal of The Korean Regional Development Association 2019.06 Academic journal
The Valuation of Pilot Project of Innovation Zone for Urban Renovation New Deal Using Fuzzy Real Options – Focusing on ‘Mansu 1’ Housing Development Project Southeastern-Gu Incheon Metropolitan -
Jin ,  Yeon-Hwa ,  Yu GRI REVIEW 2019.02 Academic journal
The Valuation of Block-unit Housing Rearrangement Project Using Fuzzy Real Options
Jin ,  Yeon Hwa ,  유정석 주택연구 2019.01 Academic journal

2017

The Optimal Investment Timing of Housing Redevelopment Projects using Real Options
Jin ,  Yeon-Hwa ,  Yu GRI REVIEW 2017.04 Academic journal
The Valuation of Housing Redevelopment Projects Using the Sequential Compound Real Options by Business Stage
Jin ,  Yeon-Hwa ,  Yu Journal of The Korean Regional Development Association 2017.03 Academic journal

2016

The Valuation and Optimal Investment Timing of Housing Redevelopment Projects using Real Options
진연화 부동산경영학과부동산경영 2016.01 Thesis
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  • Check the research history of this article

Abstract· Keywords

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In this study, the case of the housing redevelopment project has various business risks depending on the uncertainty of the future. In addition, the project has been delayed for a long time due to the business downturn due to the economic downturn, and the business promotion has drifted for a long time. Therefore, as an evaluation method of business value to be applied to this study, the S-M(Samuelson-Mckean) model, which is an infinite expiration real option of the continuous time system, can be said to be a suitable analytical method. Basically, the S-M model can estimate the economically reasonable optimal threshold as the optimal development time rather than the temporal concept. In this study, we proposed an S-M(modified) model that estimates the optimal selling point by reflecting the value of real estate use in the S-M model. As a result of calculating the optimal selling point of the housing redevelopment project with this model, the basic asset price was calculated to be lower than the optimal selling point(critical point). In addition, the results of this model were compared and analyzed with the NPV model. In conclusion, it was calculated that, at the time of management disposition in 2016, the business feasibility of this project was low, and the pre-sale time was postponed for a certain period of time into the future, and the business delay was inevitable. In addition, after three years have passed, the optimal selling point is calculated using the SM (modified) model at the time of sale in 2019. When the value of use is lowered due to the rise in the price of the underlying asset and the decrease in the Cheonsei rate, the optimal selling point(threshold point), But it can be confirmed that the sale is possible.
#Housing Redevelopment Project #Real Options #S-M #Modified) Model #Volatility #Option Elasticity

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