The study of evaluating residence defer development project on co-construction

• Main Authors: Ping-che Chiang, 江秉哲
• Other Authors: Ching-hwang Wang
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/55517903425860978235

碩士 === 國立臺灣科技大學 === 營建工程系 === 102 === When construction corporations gain the data of land through some brokers, they usually consider either purchasing the land directly for self-development or signing a joint development contract with the landowners. Since self-development and co-construction have its advantages and disadvantages separately, choosing which development way is depend on the different circumstances. For example, when companies’ financial position is allowable and the future market is expected well, construction corporations will choose to wait strategically for better development time, on the contrary, when the market looks poor, they will choose to abandon the plan. The two describing above are similar to the concept of option to defer and option to abandon in real options. Therefore, this study uses the evaluation model of deferral development in the research plan built up by our laboratory to assess the project’s profits and risks on self-development, and further using the concept of real options to establish the evaluation model of deferral development under the condition of co-construction. We assume that the value of the development project conform to Geometric Brownian Motion (GBM) to simulate the uncertain situation of real estate investment project. And, we use the sharing proportion of 0.3 to 0.5 which is commonly used in practical realm to proceed with the risk- benefit assessment on co-construction. By this way we can find out the profits of the developer and the landowners under different sharing proportion. Finally, we carry on the comparison analysis to assist managers in formulating the optimal development strategies.