This study evaluates the business value by applying real options that complement the shortcomings of existing methods of Net Present Value (NPV) as a feasibility evaluation of housing redevelopment. The real option is the application of techniques of financial investment options and reflects the variability of step-by-step business risks under the uncertainties of the future. Therefore, the real option is suitable for analyzing housing redevelopment project that it takes a long period of time. The housing redevelopment projects can proceed in the next steps, depending on whether or not the project is carried out by project stages. Therefore, a sequential option to abandon is applied to Bermuda compound option for calculating the valuation of the housing redevelopment projects. The sequential compound option evaluates the business value by separating of primary, secondary and tertiary analysis. As a result, because the exercise price of the put option price is lower than the underlying asset from the 1st analysis to the 3rd analysis, it is reasonable to proceed with the project to the option expiry time than the exercise of the deferral option.