Since the first-time revise of The Equalization of Land Rights Act in 1958, urban land readjustment has become a dominant strategy of urban land development and the tool of planning, one of the crucial factors affecting financial self-liquidation of urban land readjustment is the distribution of the cost equivalent land, it is the land used to pay for public facilities within the urban land readjustment region, and funds the readjustment operation through the market bidding process. Past studies on land prices have proved that related factors such as land-use intensity, individuals, and regions do affect the price of land transactions. In recent years, studies have begun to focus on whether the nature of land transactions within the scope of urban land readjustment is like common land transactions.

This paper aims to exam the influence of the land assembly on land prices of the cost equivalent land and to identify other factors by constructing Hedonic Price functions. Based on model testing, this paper indicates that variables referring to general attributes and the land assembly are land price determinants. Variables related to general characteristics, including floor area ratio, width of the adjacent road, width of the base, depth of the base, corner, and time, have proven to have a significant effect on cost equivalent land’s bidding price. Fragmentation of the ownership of adjacent land has little effect on bidding price. It is recommended that the government handling land allocation operations should consider the original land location of the landowner. Still, the influencing factors mentioned above are crucial as well, which all could create higher-value land.