REITs 制度의 活性化 方案에 關한 考察

유미숙 建國大學校 不動産大學院 2001 국내석사

Solved asset deflation shortly after foreign exchange crisis and introduce REITs system by one of expedient to promote restructuring of corporation and financial institution. Legal ready readied by enforcement of real estate Investment Company Act July 2001. This was thing to sell real estate for restructuring smoothly that REITs is circulated to capital market making value of real estate into security, introduce investment opportunity offer about small investor and reform of real estate market REITs by purpose. Domestic real estate investment market could expect effect of scientific computation of real estate price and latency rising and so on of real estate connection information REITs' property rating and going public process met regular portfolio investment age herewith. Possibility that investment capital that do not find befit investment target by the low interest of long term and security market stagnation recently is flowed in REITs market rose. But, can know that many efforts of REITs connection subjects are required with systematic repletion for croaker fixing and activation of REITs system when examine development process of United States of America REITs system that more than 40 years is cost. Therefore, treatise that see settles REITs system at early time and there is the purpose to grope activation way. Because grasp general concept for REITs islands for this and look for suggestion point through ancient temple for representative United States of America REITs islands for (Chapter 2), comparison with activated abroad REITs system and ancient temple and analyze (Chapter 3), introduction early contents of our country REITs system that is and characteristic, present condition and view, (Chapter 4), investigated about way for croaker fixing and activation of REITs system in our country (Chapter 5). Use way of REITs system and system improvement way for croaker fixing and activation of REITs system are as following. First, because K-REITs' activation is urgent to rescue introduction meaning of REITs system, must give corporate tax exemption benefit such as CR-REITs about K-REITs and secure return on investment of schedule. Second, must construct trust for real estate investment trust through reinforcement of investor canister that solidify latency security through information public notification, construction of suitable control structure and watch and superintendence. Third, specialization of real estate operation for greatest anger of REITs value must consist by link construction of REITs connection infra and development businessman, CRC etc. with other investments in real estates means that can back creation and this of stable profit through special real estate operation ability improvement. Finally, must mitigate activation restriction regulation by repletion of public notification and so on about financial integrity with superintendence of debt ratio about public trust upgrade of estimation and real estate investment trust do real estate surrounding through application of profit reductionism about investment in kind prohibition regulation and borrowing restrictive regulations etc. that restrict activation of REITs system.

住宅品質保證制度 改善方案에 關한 硏究 : 共同住宅 瑕疵를 中心으로

김태규 建國大學校 不動産大學院 2001 국내석사

There were several problems that are connected with apartment house so far. Specially, examined claim occurrence type through house building company's claim repair actual conditions analysis regarding claim repair. Expense of connection claim increases every year and by action and dispute connected with this increase, building company and all occupancy could know that suffer damage. Legislations is readied many apartment house warranty of quality connection to solve all sorts problems of this apartment house. But, such systems without uses by several factors that fair difference happens with quality certification system of van abroad because efficiency drops be. Therefore, in this research warranty of quality connection of apartment house as well as full equipment of legislation, analyzed that various system improvements such as active induction of house quality certification system and claim repair system that do warranty of quality and housing company's judging and various part such as registration than to achieve limited business for claim's estimation as can know in foreign house quality certification system may have to consist. Quality is decided by factor that apartment house is very various until construction from design. Must do so that can combine various factors that influence in quality of house on the best condition and prevent claim. But, house can do that occurrence of bug is necessary by factor that appear at various elements and material, design process etc. Therefore, must examine gradually various effect factors that appear at defect estimation process for prevention of bug and try in technical development for quality sophistication.

테마파크 개발을 위한 유기시설물 도입 타당성의 검증에 관한 연구

양성우 建國大學校 不動産大學院 2003 국내석사

A theme park can be defined as a place where the environment, attractions, and events are designed around a central theme with the purpose of providing the guest with an enjoyable and memorable experience. The Korean theme park industry has grown rapidly in recent years, reflecting the nation's economic expansion and the accompanying increase in demand for recreation. This study investigates the feasibility of purchasing new attractions for a theme park by comparing the results of a pre-purchase feasibility analysis with post-purchase operating results. This study also provides guidelines for the selection and replacement of attractions, and also the establishment of an appropriate mix of attractions by generalizing factors which should be considered in the purchase of an attraction. Results of this study are as follows. First, the final total investment was 50% higher than planned due to an unpredicted drop in the value of the Korean won following the restructuring of the Korean economy in the late 1990s. Second, while original plans called for outright purchase of the attraction, the actual result was a lease contract. During the first five years of operation, the lease contract resulted in maintenance fees that were higher than anticipated, which in turn resulted in lower income and a longer payback period on the investment. Third, calculation of NPV (net present value) and IRR (internal rate of return) indicated that despite the delayed payback, the lease method was still a profitable means of acquiring the attraction. The coefficient of utilization and rate of operation for the new Columbus Adventure ride were the compared with those for previously existing attractions. Although the goal of reduced overall waiting times was reached, it was determined that the actual investment was more than needed as it resulted in excess capacity. Regression analysis was used to determine the effect of introducing the new attraction on the number of total visitors to the park, but results were not statistically significant. It is understood that many variables other than the introduction of a new ride affect the total number of visitors to the park. Conclusions reached include first of all, the need to consider leasing as an alternative to purchasing in the acquisition of new rides. In addition, in order to minimize opportunity costs, the following items should be considered when evaluating the feasibility of the acquisition and creating a long-term operational plan: the overall mix of attractions; customer characteristics; lifespan of the attraction; degree of deterioration over time: and finally, customer satisfaction. The limitations of this study are as follows: first, effects of the economic restructuring in Korea were not explicitly factored into the study. Second, the sample considered is very restricted and third, the study lacked sufficient time and data needed to analyze the effect of new attraction acquisition on the total number of visitors to the park. Further efforts are needed to explore this effect in order to more fully determine the feasibility of new attraction acquisition.

宅地開發事業推進에 따른 土地買入 關聯 民願의 問題點 및 改善方案 硏究

김홍교 建國大學校 不動産大學院 2001 국내석사

A lot of public works had been conducted in the process of remarkable economic development since the foundation of Korea, and even today, they are being conducted. Especially in a welfare state, it is necessary to effectively utilize the land to provide people with agreeable living space. Due to this, the need for public works is gradually getting large. As public works need a lot of land in nature, the cooperation of landowners is an indispensable condition. That is, we could say whether public works are successful or not depends on the issue of loss compensation. The inevitable problem of loss compensation that people should undergo in the process of public works is a serious infringement on private ownership that is the backbone of capitalism. However, the national policy that tries to accomplish public works that is more important than the above problem is possible only at the cost of loss compensation. This thesis has been written in my own way to find out the problems and improvements on the civil appeals that arise in relation to the execution of housing site development project, which is one of the typical public works. The purpose of housing site development project lies in directly solving the housing problem, which is one of fundamental human needs of clothes, food and housing. One of related laws, housing site development promotion law defines "The purpose of the law is to contribute to the improvement of stability and welfare as to people's housing problem". The government has recently not only tried to secure necessary housing sites to solve people's housing problems but also minimized the conflicts with landowners and tried in its own way to shorten the periods of the projects. Nevertheless, the national consciousness has been improved and the expectation on the compensation has also been elevated. That is why the conflict between compensators and compensation recipients is getting serious. Because of this, the housing site development project has been delayed and this delay eventually led to the burden of people. Consequently, invisible expenses due to the delay of national policy have reached the level of not being neglected. Therefore, it is necessary to take measures to minimize the conflicts with the compensation recipients in the process of public works. In relation to this, the government is in the process of unifying compensation related laws by abolishing "special law of public land acquisition & loss compensation" and "eminent domain law " of late and arranging "land compensation law". However, the "land compensation law" is mainly focused on the shortening of work period through the improvement of procedural systems on land acquisition. So it is true that the law still appears to be insufficient on the part of compensation recipients. Therefore, this thesis approached from the following aspects to find out the problems and improvements focusing on housing site development projects from the viewpoint of compensation recipients. First, the issue of reliability on appraisal and of appropriateness of compensation price as the solutions to the complaints of compensation price Second, the issue of moving measures due to the execution of the project Third, the issue of securing the transparency of exclusion and maintenance of a system that arise in relation to the designation of scheduled district for housing site development The fundamental purpose of the land compensation law (proposed) is to improve the problems and contradictions in compensation related systems, and eliminate the obstacles to shortening work period by unifying the eminent domain law and the special laws of public land acquisition & loss compensation. Especially in relation to the compensation, the shortening of work period becomes conflicting concerns when it is seen from the viewpoints of project executor and compensation recipients. Therefore, the top priority issue for the future land compensation law to solve is the compensation price, which is the core in the harmony of both parties, and to establish reasonable moving measures in order to make the compensation recipients to participate so that the successful public works can be accomplished.

共同住宅 리모델링의 必要性에 관한 硏究

서수민 建國大學校 不動産大學院 2003 국내석사

One of the most significant changes in a construction market is that a company is more focusing on customer's demand than supply. As stuck of buildings and that of social overhead capital have been accumulated, the growth of new construction and the supply of buildings without much concern have been decreased. Also, we have had a lot of construction for business, residential, and industry use since 1960. As time goes by, it is time to have a remodeling because of deterioration. One of the ways to maintain and manage properties is a remodeling which is very popular in advanced countries and most governments usually have a supporting policy on remodeling. People also have a high value to remodeling. The purpose of this study is to investigate the concept of the remodeling, current market situation, background of introduction, and amount of a remodeling market. Demonstrations of economic feasibility fro the perspective of customers are also analyzed to achieve the successful establishment of the remodeling. This study can be summarized as follows: First, the definition of the remodeling & words related to remodeling and the background of introduction of apartment housing remodeling are analyzed. Second, it has been tried to anticipate the future remodeling market in comparison with advanced countries and the amount of the remodeling market based on stuck of apartment. Third, it has been investigated why the remodeling market of Korea hasn't beensuccessful in regard to each sector and how to solve these problems. Fourth, through its demonstrations, it's been tried to compare and contrast with reconstruction so that we can see how competitive the remodeling is in a construction market. Even though the remodeling can minimize the social cost and improve the quality of housing, it is difficult for customers because of its economical defrayment and customers cannot expect a short-term profit from remodeling. Furthermore, people in Korea generally think that they can have a short-term profit in apartment, which leads to a major obstacle of the remodeling. As a result, it is recommended for government to have a policy that people wanting to have a remodeling can have tax reduction & exemption according to apartment size or borrow money easily. However, financial support is not recommended. The social atmosphere of the remodeling seems to be good and we expect more people want to have a remodeling. It's time to invest more money and time so that the remodeling can be successfully established

우리나라 住宅政策의 發展方向에 관한 硏究

이상학 建國大學校 不動産大學院 2001 국내석사

In Korea, the government has been operating the national housing system which focused on rapid economic growth so that housing policy, which is closely connected with the national welfare, has not been recognized as important issue in distributing national resources. During rapid economic growth, people have been immigrated into the big cities and the number of divided families has increased so that the balance between demands and supplies in the housing market has been serious as a grave social issue. The Korean housing systems have no specific supplemental policies to housing issues excepting reliance on the middle class who has spare capitals, because the governmental budget is not enough, the housing financial system has not advanced and investment profit has been distributed in a post order. As a result, the supply has been not enough to cope with the demand according to the economic circles. And the government has operated inhibitive policies against housing speculative demand to be restrained temporarily so that the housing market has been unbalanced. The housing policies' purposes are that the government help houseless people to be settled down and the housing level of the nation has been improved so that the lowest living standard has to be made. And houses which are not satisfied for the lowest standard have to be the first subjects of housing policies and the more affirmative housing policies are essential for improvement of weak housing environmental conditions. To supply more cheaper houses, supplementary policies of housing taxation has to been expanded and to improve poor people's living conditions, public rental houses has to been constructed in a large scale. Of course, the public rental housing policies cannot solve shortage of poor people's houses, but this policy is the most mighty and effective for stabilization of poor people's housing conditions. Especially, I think that the public rental housing policy is essential for poor people's housing stabilization in such nations as density of population, speed of economic growth and urbanization are increased. To actualize the purpose of housing construction, housing construction quantity has not to be concentrated at a certain short-period but to be properly distributed according to construction years. And the housing scale has to be miniaturized continuously for such effects of housing supply as increase of housing supply ratio, restraint of overconsumption and prohibition from disguised demand. Also after crisis of financial system and foreign exchange, the problems in the housing market are as follows. In the housing demand sector, there were decline of purchasing power and loss of buying willingness. And in the housing supplying sector, there are shortage of liquidity in real estate finance and demand. So in the first half of 1998, the government was eager to operate policies to activate a depressed market. From the latter half of 1998 to the first half of 1999, he was eager to make the housing market out of depression. After the middle stage of 1999, he operated policies for housing construction to be activated and for living condition of middle class to be stable. These amended policies would be difficult to be recognized as effective for new housing demand to increase, but do much for the housing market to overcome depression after crisis of financial system and foreign exchange. I would like to issue housing policies' indexes which we have to head toward as follows. First, in social welfare sector, the housing policies have to be rearranged. On the preassumption of income redistribution and actualization of social balance, the government should supply household right to poor class and restrain compulsory removal of illegal houses though redevelopment business. Second, preparations, against opening of the domestic housing market, have to be made at the simultaneous time of globalization and localization. There have to be policies which can strengthen the weak domestic housing finance system and housing construction to cope actively with the foreign capital and technology which invade into the domestic real estate market.

도시재생사업의 ‘지분분할’에 관한 연구 : 최소 주거전용 면적을 중심으로

金明順 建國大學校 不動産大學院 2009 국내석사

The urban regeneration project transforming the downtown of Seoul newly is progressed in accordance with several laws and regulations, which include ‘National Land Planning and Utilization Act’, ‘Urban and Residential Environment Readjustment Act’, ‘Special Urban Readjustment Promotion Act’, ‘Urban Development Act’ ‘Seoul City Ordinance’ and the like. But the variable of share splitting has emerged in the urban regeneration project implemented by diverse statutes and methods, derogating from the progress of the project and becoming a social problem factor of real estate speculation. ‘Share splitting’ means extending the ownership relationship of building or land to several ones in order to gain the 'right of occupancy' into apartment house given to the member of the association within the readjustment project district or within its prospective district. The share splitted in this way is expressed as the so-called 'share splitting'. In the past, this share splitting was practiced largely where the redevelopment project was reserved or in the area which was predicted to be designated as the readjustment promotion district. But the reality is that it has recently extensively been practiced throughout the city of Seoul regardless of regions. In addition, share splitting brings about an increase of the number of association members within the readjustment project district, not only having a vicious effect on project feasibility but also causing the adverse effect of failing to progress the readjustment project by failing to meet the requirements for decrepitude. As the multi-family or neighborhood living facilities built by share splitting are given the qualification for installment sale as much as the number of households registered, the builders selling their built houses individually can gain more profits, and investors can gain the qualification for sale of apartment housing at the comparatively small amount. So it has extensively been prevailing. The present situation is that the share split through the building of neighborhood living facilities is becoming a greater problem because they can be used for the residential purpose by taking advantage of the loophole that they can be splitted into smaller shares through the new building of multi-family houses and changing their use illegally after permission to build the shopping center of officetel. Therefore, the Seoul City government put restrictions on the share split through the building of neighborhood living facilities in pursuance Subsec. 1 of Sec. 24 by amending the Urban and Residential Environment Readjustment Ordinance' in July, 2008. The newly established provisions of Para. 6 of Subsec. 2 of Sec. 24 require that ‘In case the detached house or the non-residential building is newly established as apartment housing(including the case that existing apartment houses are newly built by increasing their number),a number of applicants for sale shall be calculated as one applicant. But in case the exclusive residential area of the pertinent apartment house is more than the minimum exclusive residential area of the apartment house for installment sale to be built in the readjustment project, it is not the case.’ The provisions that put restrictions on the right to installment sale of the housing redevelopment project were newly established that regards a number of applicants for installment sale as one applicant in case the detached house or non-residential building is newly built for the purpose of apartment housing. But though the outcome of putting restrictions on share split through the amendment of statutes and ordinance made several times for the years may be tremendous, the amendment of the Seoul City ordinance made this time overlooks their effect on the progress of the urban readjustment project and common people's residential life. 무릇 도시라함은 시간이 흘러감에 따라 정치적·사회적·행정적으로 변화가 생기기 마련이고, 자연적으로 건물이나 시설이 노후화 되어 물리적·기능적으로 쇠퇴해가는 것은 당연하다 할 것이다. 우리나라 서울의 경우를 살펴보면 전후(戰後) 인구의 급증 및 60년대 이후 산업화의 과정에서 많은 변화를 겪으면서 도시로의 급격한 인구집중 현상이 초래한 문제점을 안게 되었다. 도시의 기반시설과 노후·불량주택들을 효율적이고 체계적으로 관리하고 정비할 필요성이 사회적으로 대두되었는바, 정부는 그동안 개별법으로 운영되어오던 주택재정비사업의 통합 및 종합관리로 사업의 일관성과 ‘선계획-후개발’에 입각한 도시관리 체계를 도모하고자 2002년 12월 30일에 ‘도시 및 주거 환경정비법’을 제정하고 2003년 7월1일부로 시행하였다. 서울 도심을 새롭게 변모시키는 도시재생사업은 여러 가지 법령에 기초하여 진행되고 있는데 ‘국토의 계획 및 이용에 관한 법률’, ‘도시 및 주거 환경정비법’, ‘도시재정비촉진을 위한 특별법’, ‘도시개발법’ 등 이다. 그런데 다양한 법령과 방법에 의해서 실시되는 도시재생사업에 과도한 지분분할(持分分割)로 인하여 도시재생사업 추진을 저해하고 부동산 투기라는 사회적 문제 요인이 발생되고 있다. ‘지분분할’이란 정비사업구역내 혹은 예상지역에서 개발 후 조합원에게 주어지는 아파트 등의 ‘입주권’을 얻기 위해 건물이나 토지 등의 소유관계를 여러 개로 늘린 것으로, 일명 ‘지분쪼개기’ 로 표현하기도 한다. 이러한 지분분할은 과거에는 재개발사업이 보류된 곳이나 향후 재정비촉진지구지정이 예상되는 지역에서 주로 행하여 졌으나, 최근에는 지역에 상관없이 서울시 전역(全域)에 걸쳐 광범위하게 진행되고 있는 실정(實情)이다. 또한, 지분분할은 정비사업구역내 조합원 수의 증가를 가져와 사업성에 악영향을 끼침은 물론, 노후도 요건을 충족시키지 못해 정비사업 자체를 진행하지 못하게 하는 폐해가 발생되고 있다. 근린생활시설 건축을 통한 지분 분할은 다세대 신축을 통한 쪼개기보다 더 작은 지분으로 쪼갤 수 있다는 법의 허점을 이용해서 상가나 오피스텔 등으로 건축허가를 득한 후, 편법으로 용도변경을 해서 주거용으로 사용하고 있기 때문에 더욱 문제가 되고 있는 상황이다. 이에 서울시는 2008년 7월 ‘도시 및 주거환경정비 조례’를 개정하면서 제24조1항1호를 통하여 근린생활시설 건축을 통한 지분분할에 대하여 규제를 가하였고, 24조2항6호를 신설하여 ‘단독주택 또는 비주거용 건축물을 공동주택으로 신축한 경우 수인의 분양신청자를 1인의 분양대상자로 한다. 다만 해당 공동주택의 주거전용 면적이 당해 정비사업으로 건립되는 분양용 공동주택의 최소 주거전용 면적 이상인 경우에는 그러하지 아니하다.’ 라고 하여 단독주택 또는 비주거용 건축물을 공동주택으로 신축한 경우 수인의 분양신청자를 1인의 분양대상자로 하는 주택재개발사업의 분양권 제한 규정을 신설하였다. 그러나 그간 수차례 법령 및 조례 등의 개정을 통하여 지분 분할을 규제한 성과가 지대함에도 불구하고, 이번 서울시 조례 개정은 규제에 몰두한 나머지 도시정비사업 진행 및 서민주거생활에 미치는 영향을 간과한 면이 있어서 서민주거안정이라는 문제에 초점을 맞추어 연구해보기로 한다.

産業集積地 競爭力과 知識産業立地政策에 關한 硏究

문문철 建國大學校 不動産大學院 2002 국내석사

The era of the infinite competition with no border has been developed in a world economy. To survive in the whirlpool of such competition, the work to heighten competitive power of the industry is essential. In the knowledge economy society of the 21th century, the field of the competition in the manufacturing industry is moving from the manufacturing stage to the design and R&D(research and development) stage. The R&D(research and development) and innovation ability have been raised to important competition elements. As a result, the place to get knowledge resources easily has been recognized as one of the very important industry location. In this thesis the research into the desirable policy of the knowledge industry location has been performed as one of the tasks to raise competitive power of Korea industry facing rapid industrial environment changes in the world and domestic such as globalization, localization and informatization. General subjects of Korea industry location have been looked into briefly and the problem and current situation about the industry cluster policy have been deduced in the research. On the basis of this the regional industry cluster activation plans and regional innovation system establishment and legislation improvement plans have been presented to build the knowledge foundation industry cluster according to the industry environment changes. The regional industry cluster activation plans are as follows ; firstly to make regional industry cluster development plans and propel related policies through master plan establishment for the purpose of regional industry cluster development of the national dimension, Secondly to creat various networks in and among clusters for the formation of the industry cluster network and synergy creation, thirdly to make technique cooperation activation condition in order to expedite industry cluster technique cooperation, fourthly to suggest the necessity of structure reformation and reimprovement of the existing outdated industry complexes. The ways of legislation improvement for the establishment of the regional innovation system are as follows ; firstly to perform synthetically the regional industry policies of the central government department and set up industry cluster headquarters as a organization for controlling the local government's need of the regional industry support and manage the regional industry cluster support center such as the platform system of Japan. secondly to appoint 'the knowledge based industry cluster area' from each region's strategy industry for the purpose of expediting the accumulation of the university, company and public research institute operating the knowledge based industry, thirdly to enact 'industry cluster promotion law' accelerating industry cluster and regional innovation system establishment, fourthly to suggest the supplementation of the current systems such as the improvement of technique enterprise commencement environment and the establishment of technique transfer center and technique transfer professional organization.

有料실버타운 運營方案과 事業性 分析에 관한 硏究 : 용인시 풍덕천 유료실버타운 사례를 중심으로

손병희 建國大學校 不動産大學院 2003 국내석사

The increase of the old population acts as a burden to people due to the increase in the burden of economic-activity manpower to support the aged, the increase in medical expenses required per old person, the crisis of the pension system and the like. And it causes many problems with the aged such as the lack of long-term nursing facilities, the slowdown of the economic growth rate due to the aging of the economic activity population, the lack of jobs for the aged, alienation from society and family and the like. Old people have diverse background of growth and desires and all kinds of problems. Therefore, it is necessary to establish diverse and high-grade facilities for old-age welfare because the existing facility for old people without dependency can not cope properly with such problems. As mentioned in the previous studies, they dealt with the problem and improvements of the supply system of the 'cost' old-age welfare housing, its realities and the like. This may become helpful in formulating and implementing policy, but indeed be of great help for real businessmen intending to do business operate business. Therefore, this study has become helpful for businessmen or operators by taking actual examples, conducting flexibility study and deriving the business operation plan. The case site located in Pungdeokchun-dong, Yongin City, is the natural green district, and its area amounts to 39,760,60pyong with the architectural area of 20,455.65pyong and the floor area ratio of 43.11%. That is, the building with one basement underground and 8 floors over ground was put on the agenda. The 'cost' old-age welfare housing, commercial establishments, cultural and sports facilities and the like plan to be occupied in this building, and the anticipated area type consists of 23pyong and 33pyong. The 23-pyong housing is intended for 292 households and the 33-pyong housing intended for 288 households. This study adopted as a model for the incidental facility other than this residential facilities the highest quality sports-cultural center located in the gardening district of Suji. And it attempted to make the residence-type mixed-use sports center suited to the maximization of the facility function and the optimization of operation and management, which was designed to make it possible for neighborhood residents as well as occupants to use. This study presented the optimal alternative, taking into all matters related to business operation such as the formulation of the business operation method, the decision on the operator of the residential welfare facility for the aged such as the decision on the operator of the housing sector and the decision on the operator of the incidental facility, the incidental service plan, the estate differentiation strategy, employment placement, the proposal of service to be introduced and the like. An attempt was made to conduct business based on this project. As a result, it was found that net profit equal to about 36,200,000,000won was calculated when estimating the price for land per pyong as 9,000,000won. This illustrates that the feasibility of this project is good and the survey showed that the period in time of the break-even point after the beginning of the project would be the latter half of three years later. The result of sensitivity analysis showed that capital and financial account balance accounted fro about 18,000,000,000won in case the vacancy rate was 10% and the surplus equal to about 600,000,000won occurred in case the vacancy rate was 20%. But it was found that the deficit equal to minus 17,000,000,000won occurred in case the vacancy rate was 30%. This result illustrates that the business surplus would be realized up to the vacancy rate of 20%. Sensitivity analysis related to the selling price on the installment plan showed that capital and financial account balance would amount to about26,000,000,000won in case the selling price dropped to 8,500,000won per pyong, about 16,000,000,000won in case of 8,000,000won per pyong, and drop to about 6,500,000,000won in case the selling price accounted for 7,500,000won per pyong. In this case, it could be found that capital and financial account balance dropped by about 30,000,000,000won more than that in case of the anticipated selling price of 9,000,000won. And capital and financial account balance amounted to about 20,000,000,000won in case the construction cost rose to 4,000,000,000won per pyong and dropped by about 800,000,000won in case the construction cost rose to 4,5000,000won per pyong. Consequently, it was found that the rise of the construction cost would bring about difficulties in the progress of the business. This becomes the example that illustrates how the internal yield of this project changes in case labor cost and construction material cost rise in accordance real estate business conditions.