买房时，很多人会问我：
Buyers often ask me:
“如果是自己住，是不是买有地住宅比较好？如果想投资收租，是不是应该选高层公寓？”“If I’m buying for myself, should I choose a landed home? If I want rental income, should I buy a high-rise apartment?”
这是一个值得讨论的方向，但不能只用房产类型来决定。
That is a useful starting point, but property type alone cannot answer the question.
如果你重视家庭空间、停车便利和户外活动，有地住宅可能值得优先考虑。如果你希望经营短期住宿，部分位置合适、管理规则允许、营运条件成熟的高层住宅，也可能值得进一步研究。
A landed home may appeal to buyers who want family space, convenient parking and an outdoor area. Selected high-rise properties may deserve consideration for short-term rental where the location, operating arrangements and applicable rules support that use.
不过，高层住宅不等于会赚钱，有地住宅也不一定适合每个家庭。
However, a high-rise apartment does not automatically make money, and a landed home does not suit every household.
真正需要先想清楚的是：你希望这间房产，为你的生活或财务目标解决什么问题？
First, decide what you need the property to do for you.
自住买家为什么可以考虑有地住宅？Why own-stay buyers may consider landed homes
对于需要更多空间的家庭，有地住宅可以成为一个起点。
Start with the features your household would actually use: extra rooms, accessible parking, outdoor space or room for changing family needs.
你可能希望有更多房间、方便搬运物品的停车空间，或让孩子与家人活动的户外区域。如果这些是你每天都会使用的条件，它们带来的价值就很实际。
但看房时，也要把未来的生活考虑进去。
Then consider the responsibilities.
父母年纪渐长后，上下楼梯是否方便？每天上班、接送孩子需要多长时间？房屋清洁、屋顶维修和户外空间维护，由谁负责？
Will stairs remain practical as parents grow older? What would the daily commute and school run involve? Who will manage cleaning, roof repairs and outdoor maintenance?
不要只比较“同样预算可以买多大”。也要比较：这间房子会让你的日常生活更方便，还是增加更多需要处理的事情？
Compare more than the amount of space your budget buys. Ask whether the home makes everyday life easier.
高层住宅同样可以适合自住。如果你重视地点、单层生活空间和公共设施，或不需要太大的房子，它也可能更符合你的需求。实际选择仍要看单位设计、管理和周边环境。
A high-rise home may also suit own stay, particularly when location, a single-level layout or shared amenities matter more than additional space. The actual unit, building management and surroundings still need assessment.
想做短租，为什么不能只看公寓漂亮不漂亮？A beautiful apartment is not evidence of rental income
对于投资买家，漂亮的大堂、泳池和样板间，可以成为吸引力，但不是收入证明。
A stylish lobby, swimming pool and attractive show unit can help create an appealing stay. They do not establish how much an owner will earn.
短租需要面对真实的住宿选择：客人为什么选你的单位，而不是附近的酒店或另一间公寓？
我会先看以下七个问题。
For rental investment, I would investigate seven questions.
1. 谁会住这里？他们为什么需要来？1. Who would stay here—and why?
不要只用“游客很多”或“靠近新加坡”来解释需求。
“Near Singapore” or “popular with tourists” is too broad to support a forecast.
你需要更具体地识别客群，例如：
- 周末到新山购物和用餐的旅客。
- 探亲或参加家庭活动的家庭。
- 有短期工作安排的商务访客。
- 因活动、医疗或其他行程需要住宿的人。
Identify a potential guest group: weekend visitors, families visiting relatives, business travellers or people attending particular appointments and events.
这些是需要调查的潜在客群，不代表每个地点都有稳定需求。
These are audiences to investigate, not demand that can be assumed.
例如，跨境工作人士可能更需要长期租约，而不是每晚付费的短租。附近有人流，也不代表这些人需要在附近过夜。
For example, a cross-border worker may prefer a long-term tenancy. People visiting an area during the day may not need accommodation there.
先了解住宿需求，再判断房产能否满足它。
Identify an overnight accommodation need before assuming the property can serve it.
2. 地点对客人来说，实际方便吗？2. Does the location work in practice?
地图上距离很近，不一定代表使用起来方便。
Trace a guest’s journey from arrival to parking, collecting access cards, checking in, finding food and leaving.
评估时，可以模拟一次客人的完整行程：
从抵达到停车、领取门禁卡、办理入住，再到吃饭、购物和离开，整个过程是否顺畅？
如果目标客群没有开车，就要检查步行路线和交通选择。如果是家庭客群，就要考虑行李、孩子、停车和晚间抵达的安排。
For guests without a car, examine the actual walking routes and transport options. For families, consider luggage, children and late arrivals.
不要只看某个地标离项目多少米。要看客人实际会怎样使用这个地点。
A short distance on a map is only one part of convenience.
3. 这个单位是否允许经营短租？3. Is the intended rental use permitted?
这是需要在计算收入之前确认的事项。
Check this before projecting revenue.
不要把“服务式公寓”“商业地契”或“已经有人放上住宿平台”，当作所有单位都获准短租的证明。
The labels “serviced apartment” and “commercial title”, or the existence of other online listings, do not establish permission for every unit.
购入前，应核对适用的地方要求、建筑物管理规则，以及拟采用的营运安排。涉及法律解释时，向合资格律师确认。
Review applicable local requirements, building rules and the proposed operating arrangements. Obtain legal advice where their interpretation matters.
马来西亚联邦法院在 Verve Suites 案中维持了管理机构禁止短租的相关规定。这说明建筑物的管理规则不能被忽略。[1]
In the Verve Suites case, Malaysia’s Federal Court upheld the relevant management rule prohibiting short-term rentals. Building rules therefore require attention.[1]
如果是尚未交付的新项目，还应确认目前的安排依据，以及未来管理规则改变可能带来的影响。
For an uncompleted project, establish the basis of the current arrangements and consider the possibility of future changes.
4. 同一区域的竞争是什么？4. What would compete with your unit?
选择几个真正可比较的单位，而不是只挑最高价的例子。
Compare accommodation with similar locations, room counts, guest capacity, furnishing, parking and review quality.
比较时，尽量保持相近的：
- 地点与交通便利程度。
- 房间数量和可入住人数。
- 装修、设施及停车安排。
- 评价水平。
- 入住日期和住宿天数。
Use comparable dates and lengths of stay.
再问自己：你的单位有什么具体优势，足以让客人选择它？
Then ask what would make a guest choose your unit at a realistic price. Do not assume it can consistently command the highest rate among competing properties.
如果很多单位提供相似的空间与体验，就不能假设自己的单位长期都能收取最高价格。
5. 收入预测有没有实际依据？5. What supports the revenue forecast?
住宿平台显示的每晚价格，只是某个日期的报价，不是已经收到的收入。
An advertised nightly rate is an asking price, not achieved revenue.
同样，日历显示不可预订，也不一定表示房间已经售出；可能是业主自用、维修或主动关闭日期。
An unavailable calendar date is not necessarily a booking. It could reflect owner use, maintenance or a manually blocked date.
如果有现成营运记录，可以要求查看匿名化的连续十二个月资料，包括：
- 已完成住宿的收入。
- 实际售出晚数和可售晚数。
- 平日、周末及淡旺季表现。
- 取消、退款和折扣。
- 扣费后的业主结算单。
For an existing operation, request anonymised records covering twelve consecutive months, including completed-stay revenue, booked and available nights, refunds, discounts and owner statements after deductions.
如果是新项目，没有实际记录，就应明确标注为预测，并说明比较对象和假设。附近另一栋楼的表现，不能直接当作这间单位未来的成绩。
For a new development, clearly label projections and explain the comparable properties and assumptions. Another building’s results are not this unit’s track record.
6. 谁来管理？扣完费用后，还剩多少？6. Who manages the property, and what remains after costs?
不是每个项目都有配套的营运商。有些业主需要自行管理，或另行委托代理机构、短租管理团队或酒店管理公司。
Not every development has an appointed rental operator. Some owners manage the property themselves or appoint an agency, short-stay management team or hospitality company.
不同服务商的收费比例、计算基础和服务范围都可能不同。有的按营业收入收费，有的采用扣除部分费用后的金额计算，也可能另收清洁、平台、布草或其他费用。
Providers may use different fee percentages, calculation bases and service packages. Some charges are calculated on gross revenue; others use an amount after specified deductions. Cleaning, platform, linen and other fees may also be charged separately.
因此，看到“管理费20%”时，应该继续问：按什么金额计算？包含哪些服务？还有哪些费用需要另外支付？
When you see a “20% management fee”, ask: 20% of what? Which services are included? What else will I pay?
营业收入不等于利润，平台付款也不一定是业主最终可以保留的金额。
Gross bookings, platform payouts and the amount an owner retains are different figures.
需要核算的项目包括平台费、营运管理费、清洁与洗衣、水电网络、物业管理及储备金、维修、家具更换、保险，以及适用的税费。
Account for platform and management charges, cleaning, laundry, utilities, internet, building charges, reserves, repairs, furniture replacement, insurance and applicable taxes.
Airbnb 本身存在不同收费结构，因此不要直接假设每个房东都支付同一个平台费率。应以实际账户和营运合同为准。[2]
Airbnb uses different fee structures, so do not assume a universal host fee. Check the actual account and operating agreement.[2]
如果某项费用已经包含在管理套餐中，不要重复扣算；如果没有包含，也不能遗漏。
Avoid double-counting costs included in a management package, but do not overlook expenses that are excluded.
先看懂计算方法，再代入你的项目数据Understand the formula, then use your own project’s figures
计算方法示例｜并非实际收益预测Formula illustration only — not a rental-income forecast
以下数字仅用于说明计算方法，并非任何项目的实际收益预测或统一收费标准。
The figures below show how the calculation works. They are not actual returns for any project or standard charges that apply to every property.
不同项目的每晚房价、入住晚数和营运收费都会不同。部分项目没有配套营运商，业主可能需要另行委托代理机构、短租管理团队或酒店管理公司，各家的收费比例与服务内容也不一样。维修及家具更换费用同样会随单位状况和使用情况变化。
Nightly rates, booked nights and operating charges vary between projects. Some developments do not have an appointed operator, so owners may need to engage an agency, short-stay manager or hospitality company. Each provider may charge a different percentage and include different services. Repairs and furniture replacement costs also vary with the property’s condition and use.
请把示例数字替换成你所考虑项目的实际数据及服务商报价，再进行评估。
Replace these example figures with relevant project data and actual service-provider quotations before assessing a purchase.
| 项目Item | 示例 AIllustrative Example A | 示例 BIllustrative Example B |
|---|---|---|
| 假设平均每晚房费Assumed average nightly room rate | RM250 | RM220 |
| 假设每月售出晚数Assumed booked nights per month | 22晚22 | 18晚18 |
| 每月房费收入Monthly room revenue | RM5,500 | RM3,960 |
| 假设按房费收入扣除20%的营运费用Assumed operating deduction: 20% of room revenue | −RM1,100 | −RM792 |
| 假设其他每月开支及维修储备Assumed other monthly expenses and repair reserve | −RM900 | −RM900 |
| 融资及所得税前现金余额Cash balance before financing and income tax | RM3,500 | RM2,268 |
为方便说明，表格暂用20%作为按房费收入计算的营运扣费，并以RM900代表其他每月开支及维修储备。这两项都是示例假设，不是市场标准；RM900也不是单指维修费。
For simplicity, the table uses a 20% operating deduction calculated on room revenue and RM900 for other monthly expenses and a repair reserve. Both are illustrative assumptions, not market benchmarks. RM900 does not represent repairs alone.
实际计算时，请按合同确认20%或其他收费比例包含什么，并把未包含的费用逐项加入。若清洁费等另向住客收取，也应分别记录相关收入与成本。
For an actual assessment, confirm what the operator’s percentage covers and add excluded expenses separately. Where cleaning or other charges are collected from guests, record the corresponding income and costs separately as well.
最后一行尚未扣除贷款还款及所得税，不是最终净利润，也不代表保证不亏损。
The final row excludes loan payments and income tax. It is not final net profit or evidence that the investment cannot lose money.
每位买家的首付比例、贷款金额、利率及贷款年限不同，因此这里不采用统一月供。请根据自己的贷款条件，再判断余额是否足以承担还款，并预留收入波动和额外开支所需的资金。
Buyers have different down payments, loan amounts, interest rates and loan tenures, so no standard monthly instalment is assumed. Apply your own financing terms to assess repayment coverage and the reserves needed for income fluctuations and additional expenses.
购房、初始装修及重大额外维修费用未计入本表；评估整体投资回报时，还需要把这些投入考虑进去。
Acquisition, initial furnishing and major exceptional repairs are excluded from this table. They must also be considered when assessing the overall investment return.
7. 如果短租表现不理想，有没有其他可行安排？7. What is the alternative if performance disappoints?
购买之前，也要检查较弱情境。
Investigate whether longer-term rental would work, including realistic rent, vacancy, conversion costs and relevant rules.
如果只能做长期出租，租金是否有依据？转换用途需要多少成本？自己是否愿意入住？没有租金时，现金储备可以承担多久？
Consider whether you would use the property yourself and how long your reserves could cover expenses without rental income.
长期出租也不是自动成功的后备方案，需要重新核算租金、空置、费用和管理规则。
Long-term rental is not an automatically successful fallback. It needs its own calculation.
同时，不要让现金流缺口依赖未来一定升值来解决。出售价格和出售所需时间，都不能预先保证。
Do not rely on guaranteed appreciation to solve a cash-flow problem. Neither a future selling price nor the time required to sell can be assured.
怎样判断值得进一步研究？What makes a property worth investigating?
我不会只因为一间公寓靠近热门地点，就认定它适合投资。
A stronger investment case should explain:
更值得深入比较的房产，应该能够回答这些问题：
- 有明确、可调查的住宿需求吗？
- 拟采用的出租方式有适当依据吗？
- 与同类住宿相比，有实际竞争力吗？
- 收入假设有证据，而不只是宣传数字吗？
- 按实际营运费用及自己的融资条件计算，结果是否符合目标？
- 表现较弱时，你是否仍能承担？
- An identifiable accommodation need.
- A supported basis for the intended rental use.
- A practical advantage against comparable accommodation.
- Evidence behind revenue assumptions.
- Results assessed using actual operating costs and your own financing terms.
- A weaker scenario you can afford.
这些条件让评估更有依据，但不会消除投资风险。
These checks improve the quality of the decision. They do not remove investment risk.
我的建议：先决定目标，再选房产My approach: understand the goal before recommending the property
自住买家，可以从生活空间、家庭需要和每天的便利程度开始。
Own-stay buyers can begin with daily comfort, household needs and convenience.
投资买家，则需要从客群、使用规则、竞争、营运和现金流开始。
Investment buyers need to begin with customers, operating rules, competition and cash flow.
有些人适合有地住宅，有些人适合高层住宅，也有人比较之后会发现，现在还不是购买的合适时机。
Some buyers will prefer landed homes. Others will prefer high-rise homes. Some may decide to wait.
对我来说，了解这些，比尽快推荐一个项目更重要。
I believe understanding that is more valuable than rushing someone into a purchase.
常见问题Frequently Asked Questions
有地住宅一定比高层住宅更适合自住吗？Are landed homes always better for own stay?
不一定。要比较家庭空间、楼梯或电梯使用、通勤、维护责任和预算，而不是只看房产类型。
No. Compare household space, stairs or lifts, commuting, upkeep and budget.
高层公寓可以放上住宿平台，就代表可以合法做短租吗？Does an accommodation-platform listing prove short-term rental is permitted?
不能这样判断。需要核对适用要求、建筑物规则和具体营运安排。
No. Check applicable requirements, building rules and the specific operating arrangements.
高入住率是否代表赚钱？Does high occupancy mean a property is profitable?
不一定。还要看实际房价、折扣、营运成本及自己的融资安排。
No. Achieved rates, discounts, operating expenses and your financing arrangements also matter.
每个项目都有营运商吗？收费都是20%吗？Does every development have an operator, and is the fee always 20%?
不是。部分项目需要业主自行管理或另行委托服务商。收费比例、计算基础及包含的服务因合同而异，本文的20%仅用于示范计算。
No. Some owners manage their units or appoint an external provider. Fee percentages, calculation bases and included services depend on the agreement. The article’s 20% is only a calculation example.
新项目没有租金记录，应该怎样评估？How can I assess a new development without rental records?
使用相关可比项目建立不同情境，清楚列出假设，并保留收入不及预期的资金安排。预测不能当作实绩。
Build several scenarios using relevant comparables, explain the assumptions and allow for underperformance. Projections are not operating results.
资料来源Sources
- Innab Salil & Ors v. Verve Suites Mont’ Kiara Management Corporation，[2020] 6 MLRA 244（联邦法院）。用于说明：管理机构的相关规则在该案中受到联邦法院维持。此案不代表任何柔佛物业的短租获准或被禁止；它说明的是，必须核对具体建筑物的规则。eLaw 可能只向未登录的访客显示案件引言部分。Innab Salil & Ors v. Verve Suites Mont’ Kiara Management Corporation, [2020] 6 MLRA 244 (Federal Court). Cited for: the Federal Court upholding the management corporation’s rule in that case. It does not grant or prohibit short-term rental for any Johor property; it shows why each building’s own rules must be checked. eLaw may show only the case introduction to visitors who are not signed in.
- Airbnb service fees（Airbnb 帮助中心）。用于说明：Airbnb 存在不止一种收费结构（分摊式与单一收费），费率因房源和地区而异。本文不采用统一的平台费率。Airbnb service fees (Airbnb Help Centre). Cited for: Airbnb describing more than one fee structure (split fee and single fee), with rates that vary by listing and location. This article uses no universal platform fee.
两项资料均于2026年9月24日核对链接可正常打开。Both links were checked and opened correctly on 24 September 2026.
