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논문 기본 정보

저자정보
(Kangnam University)
저널정보
대한국토·도시계획학회 국토계획 國土計劃 第61卷 第5號(通卷 第293號)
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    초록·키워드

    Conventional profitability ratio formulas in Korean urban redevelopment assume that the ratio increases monotonically with the floor area ratio (FAR), thereby incentivizing developers to maximize building density. This study challenges that assumption by constructing a profitability ratio model that incorporates three nonlinearities: a convex construction- cost function, density discount in post-development asset values, and progressive public-contribution schedule. The construction cost per unit area was modeled as a convex quadratic function of FAR, calibrated to cost data from 28 Seoul Housing (public housing complexes) and the Sanggye-14 redevelopment project. The asset value function allowed unit housing prices to decline with density, deviating from the standard appraisal practice of FAR-invariant pricing. The public contribution function utilized a quadratic-progressive structure that activates beyond the permitted FAR, reflecting the current Seoul regulatory framework. Numerical simulation demonstrated that the profitability ratio exhibited a single interior maximum, establishing the existence of an optimal FAR strictly below the legal upper bound. Under the baseline calibration with a public contribution index of 0.5, the optimal FAR was calculated as 258%, substantially lower than the 420% implied by the conventional flat-unit-cost assumption. Comparative statics confirmed that this gap persisted across the entire range of the public contribution index. These findings suggest that current appraisal practices may systematically overestimate the financially optimal density in redevelopment projects.

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