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We analyse the factors involved in the selection of a development site to secure the economic feasibility and profitability of a public development real estate project through a comparative analysis with private development projects. Logistic regression was used as the analysis method. In the case of public development projects, whether or not the investment screening passed was used as a dependent variable, and in the case of private development projects, the successful bid rate was used as a dependent variable. Independent variables were selected based on prior research on variables suitable for the purpose and situation of the project. The results show that the greater the total development costs of a public development project and the greater the size of a private development project, the greater the rate of approval and bidding success. For public projects, the rate of approval decreases when there are several subways, train stations, and supermarkets; however, this is not the case for private projects, owing to differences in development methods and project purposes. From a public standpoint, the balanced regional development, revitalisation of old city centres, and implementation of social overhead capital projects in neighbourhoods lacking infrastructure have a strong influence. From a private sector perspective, the mobile/resident population, modification in extra demand, and feasibility analysis have a strong influence. In sum, if the private sector avoids large-scale supermarket projects, they can be conducted as public development projects to enhance residents’ quality of life and revitalise the regional economy. Researchers should examine what could be benchmarked in the private sector in the operational stage and explore ways to maximise profitability and reduce financial burden.

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Determinants of the Economic and Financial Feasibility of Real Estate Development Projects: A Comparative Analysis between Public and Private Development Projects in South Korea