InterviewFrom Excel to AI: L&DC transforms property development planning

L&DC’s LanDup platform provides detailed feasibility analyses for real estate development projects with just an address input. Courtesy of L&DC

Proptech, a portmanteau of property and technology, refers to technologies and services that leverage IT to enhance efficiency and create new value in the real estate industry.

To apply this concept, Lee Doek-heang, also known as Henry Lee and the founder and CEO of L&DC, has focused on one of the most repetitive and labor-intensive areas in the industry: feasibility analysis for real estate development projects.

Traditionally, this process required analysts to manually compare dozens of Excel files to evaluate each potential development site. Reviewing around 20 candidate sites in the Seoul metropolitan area could take one to two days per site, resulting in several weeks of work for a full review.

The manual nature of the process not only made it time-consuming but also prone to human error and forcing teams to start over when mistakes occurred. Such inefficiencies can lead to missed investment opportunities or decisions based on incomplete or inaccurate information.

To address these inefficiencies, L&DC developed the LanDup platform, which was officially launched in July last year.

By simply entering an address, users can automatically generate analyses covering key aspects such as location, profitability and buildability, and receive a report. What once took hours of manual comparison across dozens of files can now be completed in minutes, freeing users to focus on making informed decisions.

In particular, the platform levels the playing field by enabling small- and mid-sized developers to access decision-making tools that were once reserved for large corporations, empowering a broader range of market participants to make more sophisticated, data-driven investment decisions.

"The concept of completing a feasibility review simply by entering an address originated from the practical challenges I faced firsthand in the field. While working at Samsung C&T, I was involved in the full spectrum of the real estate lifecycle, including bidding, project acquisition, project management, completion and obtaining permits," Lee said during a recent interview with The Korea Times.

Lee Doek-heang, founder and CEO of L&DC / Courtesy of L&DC

"During this process, I clearly realized how much time and effort were wasted on repetitive and inefficient tasks such as managing Excel files and data during the initial planning and bidding stages. Anyone with hands-on experience in this line of work has likely wished for a tool that could automate these monotonous and repetitive processes."

The proptech sector in Korea has largely focused on downstream services such as leasing and property management, leading to a notable lack of technological innovation in upstream areas, namely the early planning phases of real estate development.

Recognizing this gap, the startup has significantly streamlined previously cumbersome tasks with its LanDup platform, which organizes its analysis into five key segments: project summary, site evaluation, construction assessment, market environment review and optimal pricing. Each category structures key information and presents it in a comprehensive report format.

The full analysis is visually presented through charts and graphics and compiled into a downloadable PDF report that runs 13 to 15 pages.

Additionally, because critical variables such as construction cost per unit area, project duration and floor area ratio can vary depending on user-specific conditions, the platform offers customization options to adjust these parameters accordingly.

Lee believes that automation driven by big data and artificial intelligence (AI) is essential for survival amid structural shifts in the industry, marked by high interest rates and the retreat of smaller developers. With rising financing costs and limited capacity to absorb early-stage risks, even a single misstep can jeopardize an entire project.

In this context, leveraging AI and data is not just about improving workflows, but serves as a strategic safeguard that reduces risk and increases the likelihood of project success, he said.

"Objective reviews powered by big data and AI play a crucial role in mitigating risk and improving accuracy. Unlike major developers, smaller firms typically lack in-house experts or sophisticated analysis tools," Lee said. "LanDup bridges this gap by providing an automated feasibility assessment that offers users a professional-level starting point, effectively narrowing the information divide through technology."

Buoyed by significant improvements in workflow efficiency, an internal survey conducted by L&DC found that 97.4 percent of respondents considered the AI-generated feasibility reports useful.

Lee said, while most proptech solutions are limited to one-time analyses or visual simulations, the firm's platform has shown high levels of repeat usage among professionals in their day-to-day operations.

Since launching the service last July, LanDup has produced around 16,000 analysis reports, with more than 80 percent of its primary users coming from the brokerage, development, construction and financial industries.

L&DC’s LanDup platform provides detailed feasibility analyses for real estate development projects with just an address input. Courtesy of L&DC

In the latter half of this year, the company aims to prioritize advanced services targeting the brokerage sector to enhance brand recognition. The startup plans to gradually develop specialized features tailored for the development, construction and finance sectors.

"There are common pain points shared across industries, and our objective is to facilitate business matching by linking these shared issues. Building on this, we plan to expand by addressing the entire real estate value chain — from brokerage through development and construction to finance," Lee said.

The company is also moving into propfintech — a portmanteau of property and fintech — through partnerships with financial institutions.

As part of these efforts, the startup signed a memorandum of understanding with NH NongHyup Bank last November to deepen collaboration.

More recently, the startup was selected to join Seoul Fintech Lab as a resident company. Established by the Seoul Metropolitan Government, the incubator provides comprehensive support to fintech startups.

Lee explained, "We are actively collaborating with multiple departments within financial institutions involved in real estate feasibility analysis. Our efforts go beyond basic asset management consulting to include partnerships with project financing loan and credit review teams."

He added, "A major focus is the joint development of risk management models with financial institutions to prevent financial incidents related to real estate."

He also shared the company’s plans for international expansion, noting that promising opportunities have been identified through global investor relations.

He is currently conducting market research with a view to entering the U.S. market this year and aims to launch a local minimum viable product next year.