複合商用不動產開發與經營 南港車站BOT與台北雙星聯合開發個案研究分析

Abstract

商用不動產的產品豐富，包含商場、酒店及辦公室等三種主要產品。商場有不同的業態，例如量販賣場、百貨公司、購物中心、暢貨中心與電商平台等等。酒店主要包括商務型酒店、度假型酒店及酒店式公寓。辦公室則有一般辦公室、服務型與共享辦公室。另外還有景觀餐廳、觀景台、休憩娛樂中心及餐飲空間等等眾多產品。 商用不動產的開發規模一般都比較大，屬於重資產、高財務槓桿與投資回收期較長的行業。商用不動產的各種產品具有不同功能與價值，開發案件的產品定位、組合與定量影響資產的收入與價值甚鉅。 產品的功能不同、建築物的規格與要求不同，所以規劃設計的複雜度較高、涵蓋的專業種類較多、專業能力與成功經驗的甚為重要。 基於複合商用不動產開發的產品複雜、難度高、投資金額龐大、需要整合各種資源與多種專業領域的人才，作者彙整數十年的工作經驗，並分享複合商用不動產開發實際工作案例的資產價值優化與精益設計之邏輯、過程與成效，提供專業與經驗，分享不動產開發公司與相關人士參考。

The products of commercial real estate are abundant, mainly including marketplaces, hotels and offices. There are different business formats for marketplaces ,such as hypermarket, department store, shopping center, outlet mall, and E-commerce platform, etc. The hotels mainly include business hotel, resort hotel and serviced apartment. Offices include general office, serviced office, and shared office. In addition, there are many products such as landscape restaurants, observation decks, rest and entertainment centers, and dining spaces. Commercial real estate is generally developed on a larger scale, and is an heavy asset, highly financial leveraged and long payback period business. The various products of commercial real estate have different functions and value. The positioning, portfolio and areas of each products for every development projects have significant influences on the incomes and value of assets. The functions of each products are different, the specifications and requirements of the buildings will be different. The complexity of planning and design are much higher, various of building professions are needed, and the demand for the ability of professional and successful experience are much higher. The development process for complex commercial real estate is complicate and difficulty, for the different types of products, costly investments, and need to integrate various resources and professionals in lots of fields. The author summarizes decades of work experience to share the logic, process and beneficial result of asset value optimization and lean design in the practical experience of complex commercial real estate develop projects and provides professional knowledge and experience to share with the real estate development companies and related parties.