Cathay Life Insurance Co (國泰人壽), the nation's largest life insurer, will pay NT$8.2 billion (US$248 million) for land for commercial development in Taipei's eastern Hsinyi business district, the company said in a statement.
The parcel of land measures 3,600 pings in total.
"Cathay outbid Shin Kong Mitsukoshi Department Store (新光三越) at yesterday's auction by offering NT$8.2 billion to buy the parcel of land, which had a floor price of NT$8.1763 billion," said a press statement released by the Ministry of Finance's national property bureau.
Shin Kong's bid was NT$20 million less than Cathay's, the statement said.
According to the bureau, four deals were closed at yesterday's auction of eight government-owned parcels of land for a total of NT$9.23 billion.
The bureau said the auction showed that a recovery of the property market was underway.
Cathay's new property, priced at NT$2.2 million per ping, adjoins an MRT station. The company's bid was equal to about NT$688,000 a square meter.
"The district is now the main location of the city's businesses, offices and high-class residences," the company said. "The overall development of the district and the business potential looks good."
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