台北市房地產投資之商業模式與成長策略探析

An Exploratory Study on the Business Model and Growth Strategy of a Real Estate Investment Company in Taipei

殷志勤(Chih-Chin Yin)

指導教授 ： 李吉仁

國立臺灣大學/管理學院/臺大－復旦EMBA境外專班/碩士(2014年)

https://doi.org/10.6342/NTU.2014.11160

摘要

房地產是經濟成長的火車頭，更可謂是國家經濟發展的重要指標，房地產投資市場更是世界上最大的產業之一。台灣不動產市場自2003年起，已經走過10年的上漲多頭行情，持續攀升的高房價使得政府祭出政奢侈稅、實價登錄等多項打房政策來抑制房價，這些政策對台北市的房地產投資產生很大的影響。本研究針對台北市的不動產投資，提出差異化的商業模式，並以一家個案企業的成長發展歷程，探討商業模式的可行性與可持續成長的策略。
本研究首先檢視台灣房地產市場的發展史，台灣房地產的趨勢，再分析台北市房地產投資的模式及獲利的方法。基本上，台北市房地產投資模式分為住用不動產的投資、及商用不動產的投資。住用不動產的投資模式包括：一買一賣〈Flipping〉、裝潢屋〈Rehabbing〉、住宅小套房、法拍屋、住宅改套房分戶、都更屋、預售屋、二房東等等。商用不動產的投資模式包括：店面、店面加值型、住商二樓加值型、商辦加值型等等。最後，本研究探討後奢侈稅的台北市房地產投資機會。
接著，本研究以台北市一家房地產投資公司為個案，分析其能夠快速成長的商業模式與策略，包括：長期房地產租賃、月租型房地產租賃、及代租代管服務。除了深入討論每個商業模式的規劃邏輯與執行細節外，本研究更進一步探討房地產環境改變後，該公司持續成長策略的調適之道。

關鍵字

房地產投資 ； 商業模式 ； 成長策略

並列摘要

Real estate is an important driving force to economic growth, a critical indicator of a nation’s development, and one of the largest sources of wealth worldwide. Taiwan’s real estate market experienced a tremendous price-rising since 2003. With public criticism, Taiwan government has unveiled policies to contain the surging price through luxury tax, and net price cataloging, and caused significant impact to the real estate investment in Taipei City. This thesis aims to present a differential commercial model on Taipei’s real estate investment, examine its feasibility and growth strategy through a case study of an enterprise. The study examines Taiwan’s real estate development history, current trends, and analyzes Taipei real estate models and profitanle methods.
Taipei’s real estate market can be divided into residential and commercial investments. The residential models include: flipping, rehabbing, residential suites, court-auctioned properties, residential units revamped into subdivided suites, urban rezoning properties, presale properties, and secondary landlords. The commercial models include: storefront, value-added storefront or offices, and value-added second floor mixed residential/commercial units. Lastly, this study aims to explore post-luxury tax real estate investment opportunities in Taipei. The research undertakes a case study based on an entrepreurial firm located in Taipei and explore its business model and differential growth strategy, which includes long-term and monthly short-term leasing, rental management service, in-depth discussion on planning and execution, and growth-strategy adjustments amid a changing industry.

並列關鍵字

Real Estate Investment ； Business Model ； Growth Strategy

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