The land resources inside the city are limited; therefore, high-density and vertical property development is necessary for the sustainable development of the city. In the already-fragmented urban land, the development of medium-scale mixed-use property with high density and revitalization of urban land is feasible only by land assembly. This study uses 175 out of 3,618 real estate development projects conducted in Gwangjin-gu, Seoul, from 2010 to 2020. Moreover, this study focuses on property development projects relating to land assembly. After dividing the property development period into periods of construction start and occupancy permit, we investigated the differences in the influencing factors according to the characteristics of these two sequential development activities.
The analysis results confirmed that the variables related to the pre-sale plan, architectural design, and financial structure of construction loan statistically and significantly influence the period of construction start, whereas the variables related to the quantity of construction significantly affect the period of occupancy permit. Moreover, the direction of the coefficients for the primary research variable and land assembly before construction is statistically significant. This study also determines that among the variables of locally specialized developers, both the “local architect” and the “joint work” variables in the construction start and occupancy permit models, respectively, shorten the property development duration statistically and significantly.