Abstract
This study investigates the integration of methods for real estate development planning and feasibility studies in the changing business environments of emerging big-data. It examines high-rise mixed-use development projects for the highest best use by combining fuzzy theory; thus, it identifies a big data-based innovative decision-making method for systemizing the various factors expected to influence real estate development. In this context, the study creates new evaluation fields and factors by integrating both conventional and big-data based high-rise mixed-use projects. The weight of each value was calibrated by relative significance and fuzzy measure using the Analytic Hierarchy Process (AHP) method. A measuring technique that applies analysis methodology to the evaluation areas was developed for more objective and clearer evaluation, and its application in the field was proposed. Evaluators can systematically assess the concerned evaluation areas during development project planning by examining the process. The findings also provided implications for the evaluation system’s operation by reflecting the variability of specific conditions of the varying projects in real estate and urban and land use planning.
Highlights
With advances in information and communications technology (ICT), the amount of data being disseminated is growing exponentially; as a result, big data technology has become one of the most innovative, garnering much attention among other recent information technologies [1]
This study focused on a decision-making method in the feasibility study of real estate development planning, amid the rapidly changing business environments faced by real estate development firms
At a time when big data are used across all industries due to advances in ICT, this study was conducted through a convergent process that established an evaluation method based on big data for high-rise building mixed-use development projects, and combined it with fuzzy theory
Summary
With advances in information and communications technology (ICT), the amount of data being disseminated is growing exponentially; as a result, big data technology has become one of the most innovative, garnering much attention among other recent information technologies [1]. Firms are interested in introducing big data systems to analyze and use various types of data and create new businesses [2]. In response to this change, real estate developers who oversee the planning of development projects are making efforts to create and implement a data-based decision-making system in their primary areas of real estate development planning and feasibility studies [3]. High-rise building mixed-use development projects, which are one of the most recognizable types of sustainable real estate development, are the ultimate method of development; they encompass all situations, including policy legislation, business entities’ planning, and the modification of consumer patterns to implement a compact city, one of the future urban strategies [4].
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