| Abstract: | 建築投資業經營相對於製造業，它的生產原料就是土地，而且土地不像一般生產原料具有可移動性，所以建商在取得土地時，幾乎已經決定了它的產品定位、定價及經營績效。土地成本占經營成本之比例非常高，一旦土地取得之後業者會隨即快速投入土地加工流程，因為以大坪數土地開發建案為例，依據推案規模大小往往需3到5年時間才可能結案，因此土地取得後加工推案期之前的投資評估，尤其在房地產景氣低迷時期，實在是建築投資業經營之最重要課題。本研究係以實例探討建築開發商在最精華地段，取得土地後，產品定位為超高層豪宅，從建築規劃設計、銷售執行、營建施工、完工交屋、遞延銷售到完全銷售結案，進行全案開發之前的投資評估。本研究以資本預算評估法則，改變業界慣用投報分析方法，採用折現觀念再行樂觀、普通、悲觀三種情境分析風險狀況，來對本案評估分析是賣地或是進行開發，哪一種決策比較有利。
Construction investment management in relation to manufacturing, it is raw land, and land is not like a general move of the production of raw materials, so developers in obtaining land, almost already decided its product positioning, pricing and performance. Land cost accounted for business cost of proportion very high, operators will quickly once acquiring land into land process, because with few land development and construction, for example, based on scale sizes will usually take 3-6 years to push case may be closed, so push the land obtained after processing period before evaluation, especially in the real estate downturn, it was building investment management the most important topic.This research discussed building developers at most locations, after acquiring land, product positioning for high-rise luxury mansion, architectural planning and design, sales, construction, completed housing, deferred sales to unsold housing in full closed, the entire case before the development of investment appraisal. This research focuses on capital budget review law, changed the industry's usual complaint analysis, discounted concepts be optimistic, normal, pessimistic situation analysis for three kinds of risk status to assess in this case analysis of land sale or development, what kind of decisions more favorable. |
