요약2 |
The .Land development projects, for changingrural use into urban use, have required an amount of cost and time. Hence, the developers have faced on various risks during all project period. Unless managing risks properly, therefore, it is difficult for developers to expect high profitability in land development project. Meanwhile land development projects have mainly been accomplished by public sectors for the public interest in Korea. Being guaranteed by the government, the public sector developers could have hedged the risks and have accumulated risk management skills. however, the private sector developers are inferior to the public sector developers. This paper shows new approach of financial feasibility study considering land development's risks for the private sector developers and analyzes the variations of land cost, construction costs and land sale prices effecting on project profitability. Based on these variations, this paper also conducts the cash flow analysis with Net Present Value and B/C Ratio using Monte Carlo Simulation |