In recent years, the large scale land development is being implemented through urban development projects based on the Urban Development Act. Particularly, numerous urban development projects are being carried out by private sectors through land Replo...
In recent years, the large scale land development is being implemented through urban development projects based on the Urban Development Act. Particularly, numerous urban development projects are being carried out by private sectors through land Replotting approach. Although urban development participants of private sector prefer land replotting approach, it has a problem that it takes longer than other development approach due to various risk factors. With consideration of the problems, this study aims to identify risk factors of land replotting approach in private sector-led urban development projects and to figure out the priority of risk factors for every stage of development projects.
To this end, Analytic Hierarchy Process (AHP) was used for this study and risk factors appearing in private sector-led urban development projects of land replotting approach were derived from reviewing preceding studies and having interviews with experts. In addition, a survey was conducted for urban development project experts based on the derived risk factors, and with this, the importance of development stages and risk factors for each participant was identified and priorities were determined.
The results of this study are summarized as follows. First, as a result of analyzing the importance of development stages by each participant, it was found that local governments and landowners cooperatives had high importance in planning stages, and the business agencies in implementation stages. Through this, it was confirmed that there was a difference in the role importance of participants by each development stage. In addition, as a result of analyzing the importance of risk factors for each participant, 'designation cancellation due to incorrect legal procedures when designating a zone' for local governments, 'difficulty in procurement of project costs' for business agencies, 'lack executives and representatives with development knowledge' for landowners cooperatives, and 'suspension of construction due to civil complaints after construction starts' construction companies were found to be the most important risk factors.
Second, as a result of comparative analysis by respondent group, it was found that there was no significant difference among respondent groups in the importance of development stages and risk factors of local governments and construction companies. On the other hand, in case of business agencies and landowners cooperatives, the importance of development stages and risk factors differed among respondent groups, which means that each participant has different perspectives on determining causes of a problem.
This study suggests the following. First, the important risk factors of participants appeared in development stages in which the importance was high. Therefore, it is urgently necessary for each participant to discuss policies to improve the risk factors that appeared in the important development stages. Second, it is necessary for business agencies and landowners cooperatives to discuss how to resolved problems by comprehensively considering not only the self-diagnosed risk factors but also risk factors pointed out by participating experts. Third, when establishing a development plan, which is the initial stage of the project, a sufficient explanation of land replotting plan is required for landowners, and efforts are required to reach an agreement with landowners based on this.