• Korean Journal of Construction Engineering and Management
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• v.16 no.5
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• pp.77-85
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• 2015

The Hedonic Pricing model is the predominant approach used today to model the effect of relevant factors on real estate prices. These factors include intrinsic elements of a property such as floor areas, number of rooms, and parking spaces. Also, The model also accounts for the impact of amenities or undesirable facilities of a property's value. In the latter case, euclidean distances are typically used as the parameter to represent the proximity and its impact on prices. However, in situations where multiple facilities exist, multi-colinearity may exist between these parameters, which can result in multi-regression models with erroneous coefficients. This research uses Variance Inflation Factors(VIF) and Ridge Regression to identify these errors and thus create more accurate and stable models. The techniques were applied to apartments in Guro-gu of Seoul, whose prices are impacted by subway stations as well as a public prison, a railway terminal and a digital complex. The VIF identified colinearity between variables representing the terminal and the digital complex as well as the latitudinal coordinates. The ridge regression showed the need to remove two of these variables. The case study demonstrated that the application of these techniques were critical in developing accurate and robust Hedonic Pricing models.

• Korean Journal of Construction Engineering and Management
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• v.16 no.5
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• pp.31-41
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• 2015

The telecommunication industry has been considered as a national fundamental infrastructure. However, due to the rapid evolution of technology and the change of industry market conditions, the telecommunication infrastructure needs no more huge space for facility and it leads its use to the mixed-use development based on private investment. This study intends to examine the financial feasibility of the development project for the optimal alternative use of telecommunication facility purpose site as a case study based on two types: contributed acceptance and multi-level designation. The NPA and IRR has been analyzed by the simulation of stochastic variables including rent price and its variation rate, vacancy rate, construction cost, capitalization rate and discount rate. The research finding indicates that the two types of development are satisfied with the financial feasibility and it is noteworthy that the rent price turns out to be the most critical factor for the project. Accordingly, it is expected that these research finding can be applied for providing the solid cases of financial feasibility analysis for the development project in limited use of telecommunication facility purpose site.

• Korean Journal of Construction Engineering and Management
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• v.14 no.1
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• pp.23-31
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• 2013

Following the U.S sub-prime mortgage crisis and a slump in properties market, the probability is rising that housing investment would not yield high profit as it used to do until early 2000s. For this reason, the nature of properties market is undergoing a change from a source of lucrative investment to a source of a relatively low but stable profit, such as profit-oriented real estate. This trend is likely to promote REITs market, which is a leading product for indirect investment. Until now, the REITs market has been growing slowly compared to a general housing market or financial markets. However, as the importance of risk management based on portfolio theories increases, stable profit generation of REITs can be effective in risk management. This study conducts an empirical analysis on how investment risks can be diversified by including REITs-a source of relatively stable profit in the equity market-in investment portfolio. The analysis results showed that, similar to food and beverage stocks of highly defensive nature, REITs has a relatively weak correlation with KOSPI that reflects the overall market performance. It also showed very low standard deviation in case of minimum variance portfolio. This suggests that including REITs in investment portfolio can be as effective as including food and beverage stocks for risk diversification. Due to uncertainties, investment always accompanies risks, and balancing potential profits and risks is essential.

• Journal of the Economic Geographical Society of Korea
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• v.18 no.1
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• pp.17-44
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• 2015

This paper aims at elucidating the characteristics of immigration path and residential location, and analyzing the factors influencing housing ownership structure and preference of residential location factors of Korean immigrants in Los Angeles. The main results of this study are as follows. Firstly, immigration paths of Korean Immigrants are divided by spatial assimilation type and network of mainstream society oriented type. Secondly, according to the results of binomial logistic regression analysis, Korean town as a current residential location is selected by low-income class, aged migrants group, housing non-owner group and longer migration period group. Thirdly, migrants tend to retain detached housings in residential area of mainstream society while migration period go beyond 10 years and incomes exceed $60,000. Finally, according to ANOVA tests on the preferences of residential location factors. high-income and home owers groups more prefer location factors such as economics, natural environment, housing interior facilities, network of mainstream society.

• Journal of the Economic Geographical Society of Korea
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• v.15 no.4
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• pp.660-675
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• 2012

This paper aims at, analyzing the characteristics of immigration path, residential status and residential location preference of Korean immigrants in Washington State of United State. The main results of this study are as follows. Firstly, according to the questionnaire survey results, respondents tend to prefer own housing as their incomes are higher. Secondly, Location factors which respondents most prefer are safety, natural environment and school district. Thirdly, household income influences the housing ownership rate of respondents, according to the result of binomial logistic regression analysis on the impact of individual characteristics of the respondents on the housing ownership structure. Finally, according to the results of logistic regression analysis on the impact of individual characteristics and housing ownership structure of the respondents on the residential location preferences, (1) respondents who own housings more prefer school district as residential location factor, (2) respondents their age are over 40 years old prefer safety/amenity as residential location factor, (3) respondents their immigration period are more than 10 years prefer safety/amenity as residential location factor, (4) respondents their initial immigration region are not Washington state prefer safety/amenity as residential location factor.

• Journal of the Korean Institute of Landscape Architecture
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• v.39 no.6
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• pp.46-56
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• 2011

This study an alyzes the spatial experience of a notable sense of place in five cities-Seoul, Gyeongju, Chuncheon, Anseong and Gwacheon. A survey targeting 300 citizens was carried out to survey meaningful, memorable places and measured spatial experiences in those places. The types of spatial experiences were divided among places to determine the implications thereof. To do this, first, those places that have a notable sense of place have relevance in natural and historical resources such as parks, cultural assets, etc. Second, the main experiences in making sense of place included 'relaxation and walking' and 'a view and appreciation'. These were divided into two types, Spatial Contact and Human Contact. Third, cities such as Seoul, Anseong, Gwacheon offer a variety of experience in places having a notable sense of place. Fourth, in cities noted for natural landscape, history and culture, those spaces with a notable sense of place are concentrated in the center of the city. They exhibit a variety of behaviors, complexly and simultaneously. These results-based spatial experiences of citizens and spatial character have important meaning for city identity and city marketing. Through defining those places that have a notable sense of place and understanding the spatial features in these places, this study can suggest basic information for forming the development strategy of the city.

• Korean Journal of Construction Engineering and Management
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• v.16 no.1
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• pp.74-81
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• 2015

As one of urban infrastructure system, the electricity substation is critical for urban life and industrial activity as the electricity demands get higher than ever. However the substation is generally regarded as unpleasant or dangerous facility, which finally results in the continuous opposition movement by resident due to the belief of unidentified negative effect in apartment prices. Accordingly, as the scientifically objective and quantitative analysis is required to solve the social conflict, this study intends to examine the variation affected by urban infrastructure system, expecially for substation. After the independent variable defining the price of apartment and the dependent variable, which is apartment price, are identified and their spatial data has been filed, the forecasting model has been developed through the hedonic price function as well as artificial neural networks system. The research finding indicated that the spatial range affected by substation is not notable and the range of some case was applicable for less than 600m. It is expected that these research findings can be applied for establishing the one of solid cases for the analysis of economical effect to local housing market by the urban infrastructure system.

• Spatial Information Research
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• v.20 no.6
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• pp.77-90
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• 2012

In this paper, we examined how to utilize QR codes for meeting the information demand and making better use of the paper map. By Decision Tree Analysis, we investigated whether to have any intention to use the paper map with QR codes for receiving more information and what decision variables affect the answers. Thus, we also surveyed the area of providing information and sectoral demand for deriving additional information demand to being provided through QR codes. In the results of our study, we confirmed that the decision variables, to make any intention to use the paper map with QR code, are the frequency of using the paper, the experience of using the paper map, the intention to buy the paper map, the experience of using QR codes and the experience of buying the paper map. In these variables, the frequency of using the paper map is a major factor to decide whether it is intended to use the paper map with QR codes. we also identified that there are various additional information demand using the paper map with QR codes in the area of 'Daily life', 'Real estate', 'Education', 'Travel and Leisure', and 'Entertainment'. Especially additional information demand is high in the area of 'Travel and Leisure'. These results could be used to find a way how to vitalize the usage of paper map by introduction of QR codes and how to develop QR codes for the paper map and concerning applications.

• Spatial Information Research
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• v.20 no.6
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• pp.23-32
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• 2012

This study applied an exploratory analysis based on Self Organizing Map and GIS to cause specific age-standardized regional death rates data related to ten types of male cancers to find meaning patterns in the data. Then the patterns revealed from the exploratory analysis was evaluated to investigate possible relationship between these patterns and regional socio-economic status represented by regional educational attainment levels of head of household. The results from this analysis show that SI-GUN-GUs in Korea can be clustered to eighteen unique clusters in the stand point of male cancer death rates and these clusters are also spatially clustered. Also, the results reveal that regions with higher socio-economic status show lower level of the death rates compared with the regions with lower socio-economic status. However, for some cancer types, the regions with higher socio-economic status show relatively higher death rates. These patterns imply that the prevention, detection, and treatment of male cancers might be strongly affected by regional factors such as socio-economic status, environmental factors, and cultures and norms in Korea. Especially, one of the eighteen clusters, which includes Gangnam-Gu and Seocho-Gu, shows lower death rates in many of male cancer types. This implies that socio-economic status may be one of the most influential factors for regional cancer control.

• Journal of Korean Ophthalmic Optics Society
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• v.21 no.3
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• pp.159-171
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• 2016

Purpose: This study investigated medical accessibility on optical stores and ophthalmic clinics of Seoul Special City and six other metropolitan cities. Methods: By using a number of households, population, optician stores, ophthalmic hospitals, and real estate (apartments) standard market price of Seoul Special City and six other metropolitan cities provided by the Commercial District Information System (2016.6) of Small Enterprise & Market Authority, we analyzed the level of healthcare accessibility and business area zones, Statistical analyses were performed with SPSS 18.0. Results: Inchon (household 2,227/population 5,723) had the highest household and population rate per optical store, and Gwangju (1,146/2,979) had the lowest. Gwangju (24,612/63,987) had the highest household and population rate per optical store, and Seoul (10,021/24,432) had the lowest. From the consumer and patient's point of view, lower household rate per optical store is a city with good accessibility to healthcare, but from an optical store and ophthalmic clinic's view, it will have great difficulty due to issues of competition. Conclusions: Consumers and patients should be the center of healthcare. A healthcare system that can provide smooth service anywhere anytime should be constructed. However, most metropolitan cities, including Seoul, have optical stores and ophthalmic clinics densely populated where profitability and liquidity are ensured and causing unbalanced distribution of healthcare. To solve such problems, we need proper distribution of optician stores according to the population proportion and industrial-educational research to find balance point of local healthcare.