| Title |
Risk-integrated Feasibility Analysis Model of BTL+BTO Project - Case of Military Residence Building |
| Authors |
Kwak Soo-Nam ; Han Seung-Heon ; Soh Mu-Sung ; Jung Hoe-Young ; Jung Woo-Yong |
| Keywords |
Private Investment Projects ; BTL(Build-Transfer-Lease) ; BTO(Build-Transfer-Operation) ; Profitability ; Risk Analysis |
| Abstract |
In 2005, BTL(Build-Transfer-Lease) was institutionalized to decrease the government burdens of public budgeting and to provide facilities on schedule. As the BTL projects are widely adopted, it is hard to estimate the project cost and the appropriate profit rate. Especially, the application of BTL alone can decrease profit rate of project. Therefore this study classified facilities to purposes and proposed BTL+BTO model which operated BTL in the low-profitable parts and applied BTO in the profitable parts. It also presented profit analysis model of BTL+BTO based on the concession and risk analysis model which could consider financial risk during construction and operation. The BTL+BTO model was verified by case study of OO official residence project. The concession was 17.6 year shorter than 20 year of original BTL project. Also the IRR(Internal Rate of Return) rose 0.69, and the government payment for construction dropped 1.7billion won. |