Owing to the commanding importance of urban land to urban development, its marketization has been a central concern among politicians and the academic discourses. On the basis of the alternative theoretical discourses, efforts have been made to devise ideal land allocation methods. Yet, models and methods developed to date rarely, if any, bridge the theoretical ground into practice which this book, therefore, address the gap in customizing the theoretical framework into the local context by considering local institutional regime. Existing theoretical perspectives are also extended in that land allocation, which is local in its application, should be treated under conditions of macro level political economy environment. The findings shed light to the possible consequential political economy of the land market and broadens the theoretical perspectives in land market.