| Title |
Development of Evaluation Criteria for Real Estate DevelopmentP rojects |
| Authors |
Kim, Sung-Il ; Bae, Yu-Jin ; Chang, Chul-Ki |
| DOI |
http://dx.doi.org/10.6106/KJCEM.2015.16.2.086 |
| Keywords |
Real estate development project ; Feasibility ; Evaluation criteria |
| Abstract |
Real estate market has rapidly grown by active use of project financing in the early 2000s. However, many projects have been in trouble due to global economic recession after that period. It is mainly because those projects were pushed forward a business without comprehensive business feasibility analysis. This paper investigated current evaluation system for real estate development projects and then introduced new evaluation system including evaluation factor and criteria for real estate development projects to prevent implementation of the project without business value and to be able to evaluate potential projects in objective manner. This new evaluation system for real estate development projects can be applied to any type of real estate development projects by modifying evaluation items and weighting factor in accordance with the type and characteristics of project. Through the new evaluation system, the evaluation process for real estate development projects will be able to be standardized, be consistent, and the results of evaluation can be accumulated in consistent way. |