The study considers place of complex notion and the elements which composes the "Placeness" and its formation process in a point of worthiness to discuss about the "place value" on the notion of urban development. It integrates and redefines various notions of place based on geographical, civil engineering, and sociocultural point of view, reconstitutes formation process of "placeness", and combines place and its "placeness" with concept of worthiness, so as to provide logical validity for the term place value" through quality research referring to sundry references on the subject. First, place is dual natured at its conceptual understanding. Second, such place builds up the sense of place, "placeness" and tt shares similarity with the concept of value structurally, allowing logical division and evaluation for place in its viewpoint. Third, in a point of "place value", place is the object of variable values. This study corresponds to the era of fast changing society with cultural base by discussing about place in a point of value and proposes how the notion of "place value" would contribute to urban development in a new method to build competitive places.