Analysis of Risk Factors by Business Model for Private Urban Development Projects - Centered around Gyeonggi Province -

Urban development projects aim to supply land, construct urban infrastructure, improve urban environments, and promote economic development. Changes in government policies and legal constraints act as risk factors in project implementation. To address these risk factors, effective improvement measures were proposed by investigating the status and cases of private urban development projects. In the case of private urban development projects, key risk factors occurring during zone designation and project implementation include land acquisition, infrastructure burden, delays in permits/licenses, difficulties in fund procurement, lack of adaptability to institutional changes, and local community conflicts. To mitigate the risk factors of urban development projects, local governments should establish institutionalized integrated reviews and develop basic urban development plans for areas where urban development is possible to prevent haphazard development. Land acquisition for projects should allow conditional repurchase of agricultural land before zone designation, and proactive administration is required to ensure the practical operation of land acquisition and successful urban development. To prevent excessive construction of joint housing for project feasibility, measures such as reducing various fees for private developers need to be devised. Additionally, to reduce the uncertainty of urban development projects, it is necessary to mandate the application of practical urban development project guides and improve regulations to address risk factors by fostering experts in the field of urban development.