Characteristics of Unsold Land and Sites Needing Value Enhancement

ABSTRACT This paper defined the concept of unsold land and diagnosed the cause of unsold land of LH business site. The results are showing as follows. First, unsold land is defined as land could not be sold until the completion of the project, and plan to sell the unsold land can be changed partially. Second, the status of unsold land in the 226 project sites were analyzed. 146km 2 area corresponding to 74.8% of the total capital area(195km 2 ) are unsold. By purpose, co-residential(38km 2 ), industry(21km 2 ), exclusive residential(16.4km 2 ), commercial business(12.5km 2 ), education(10.2km 2 ) was larger in order. Third, value enhancement target project sites were selected and its symptoms and the cause of unsold land were analyzed. For the project site over average unsold rate, 6 sites located in province and 2 sites located in capital region were selected through collecting the practitioners and expert opinion. These 8 sites are characterized that sale of land for medium and large co-residential, urban support facilities, block-shaped house and attached house was inactive. Also, these sites commonly experienced economic fluctuations, changes in market demand, supply and demand mismatch, inflexible planning standards.Key words: Unsold Land, Value Enhancement, Characteristics of Project Site