Factors Affecting the Land Returns During Urban Land Consolidation

• Main Authors: Heng Sheng Hsia, 夏恒生
• Other Authors: S. Ping Ho
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/uk4jj8

碩士 === 國立臺灣大學 === 土木工程學研究所 === 106 === Taoyuan City has been promoted to one of the six special municipalities in Taiwan in 2014. Since then both new development and redevelopment projects, such as new residential communities and Taoyuan International Airport MRT, have blossomed. The improvisation plans of public areas and rezoning of private lands are carried out to renew outdated city tasks and to provide mutual benefits to both private landowners and the general public. Although landowners, urban developers, and investors who participated in the rezoning process will most likely benefit from properties that are better consolidated, the process can be inefficient and time-consuming. There are multiple stages throughout the process of land consolidation and this research aims to exploit the best timing for investment that leads to maximum profit. Econometrics method was used on two urban land consolidation projects to conduct the empirical research of this thesis. Variables affecting land investment were recognized and sorted through expert interview, multiple collected references, and public information provided by the government. Furthermore, models of annualized land return rate is built based on Hedonic Price Theory. The significance and coefficient of each individual variable is determined after the regression analysis is conducted by ordinary least square method using statistical software EViews 8.0. The output of the regression indicates that meaningful milestones or important events happened during the rezoning process don’t always reflect on the annualized land return rate. The most influential factors that result in great impact on the return rate are mostly related to land conditions, capability evaluation, and investment timing. Therefore, selecting appropriate property target and investing in the right timing will be the most crucial factors to consider for investors.