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Cost-effectiveness analysis and evaluation of a ‘three-old’ reconstruction project based on smart system

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Abstract

The ‘three-old’ reconstruction refers to the urban transformation and renovation activities of ‘old town’, ‘old factory building’ and ‘old village’ in a land intensive development after a city builds up to a certain stage. To accomplish the reconstruction need a continuous monitoring, but this would cause high costs for the government and the contractor. The use of information and communication technologies (ICT) jointly with artificial intelligence and smart devices can reduce these costs, help the contractors. In this study, total reconstruction cost was estimated by analyzing surrounding real estate prices and business environment changes from the urban three-old reconstruction project, based on a cost-effectiveness analysis model and smart system. We have developed a system with intelligent sensors to monitor all the reconstruction procedures. Research results demonstrated that: (1) the return on investment of the reconstruction of Pazhou Village was 27%, indicating its considerable economic benefits. This conforms to the economic benefits that real estate developers pursue. (2) For the same reconstruction project, different reconstruction modes will involve different cost-effectiveness. (3) The implicit benefits attached to the urban three-old reconstruction, such as social benefits and environmental benefits, influence the reconstruction benefits to some extent. (4) Smart system could be use in the construction project and achieve a successful result. The research conclusions and suggestions will provide support to government, developers, and related departments in making decisions about urban renewal projects.

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Acknowledgements

DW and JKL conceptualized the project, proposed the method, analyzed and interpreted the data. XTW acquired the data. DW and YJC wrote the main manuscript text which all authors have reviewed. All authors approved the final version of the manuscript. Study supervision was performed by DW and JKL.

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Authors and Affiliations

  1. School of Business Administration, Guangzhou University, 230 Waihuanxi Road, Higher Education Mega Center, Guangzhou, 510006, People’s Republic of China

    Dong Wang, Jingkuang Liu & Xuetong Wang

  2. School of Insurance, Guangdong University of Finance, 527 Yingfu Road, Tianhe District, Guangzhou, 510521, Guangdong, People’s Republic of China

    Yujing Chen

  3. School of Management, Guangdong University of Technology, 161 Yinglong Road, Tianhe District, Guangzhou, 510520, Guangdong, People’s Republic of China

    Yujing Chen

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  1. Dong Wang
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  2. Jingkuang Liu
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  3. Xuetong Wang
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Correspondence to Yujing Chen.

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Wang, D., Liu, J., Wang, X. et al. Cost-effectiveness analysis and evaluation of a ‘three-old’ reconstruction project based on smart system. Cluster Comput 22 (Suppl 4), 7895–7905 (2019). https://doi.org/10.1007/s10586-017-1490-3

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