Print

Mail

wiki links

Nangang property prices rise steadily

With the Nangang Software Park (南港軟體園區) and exhibition hall near completion, along with transportation facilities at the Nangang train station, property prices in the district are set to rally, market watchers said.

Over the past four years, housing prices in Nankang have surged approximately 76 percent from NT$250,000 per ping (3m2) to NT$440,000 per ping, said Wang Tsai-wang, (王財旺), an associate manager at Evertrust Rehouse Co (永慶房屋).

With construction of the third phase of the Nangang Software Park expected to be completed by the end of this year and a larger exhibition hall complementing the Taipei World Trade Center Exhibition Hall set to open next year, the property market in Nangang should experience further growth, he said.

Betting on the uptrend, Huaku Construction Corp (華固建設) on Friday won a bid for a 2,185m2 lot of land in Nangang released by the Taipei City Government, paying NT$703 million (US$21.6 million), or NT$1.06 million, per ping.

By floor area, the selling price was NT$471,700 per ping, a record-high in the district, Wang said.

Another 328.5-ping piece of land in Nangang put on sale by the Taipei City Government on Friday sold for NT$335.17 million, or NT$1.03 million per ping, to three individual buyers.

Both bids attracted about 60 tenders, including submissions by major constructors such as Cathay Real Estate Development Co (國泰建設), Shining Group (鄉林集團) and Hung Sheng Construction Ltd (宏盛建設).

Huaku intends to build high-end residential complexes of 50 ping to 70 ping per unit, with presales scheduled to begin in the second half of next year, company chairman Chung Jung-chang (鍾榮昌) said.

Given the market potential, the construction company envisions setting the price at NT$600,000 per ping, or NT$1.7 billion for the whole project, Chung said.

"The property market in Nangang District took off last year and will sustain that momentum even when the overall market sees a correction in the near future," Su Chi-jung (蘇啟榮), director at Sinyi Real Estate Inc (信義房屋), the nation's largest housing agency, said by telephone yesterday.

A report by the Ministry of the Interior's Architecture and Building Research Institute released last month showed that the composite index of the nation's property market in the second quarter of this year had declined one point from the first quarter to 11 points, showing signs of cooling off after two years of prosperity.

Oversupply is the main reason behind the overall market downturn, Su said. But housing prices in Nangang will remain stable, or even rise moderately, because of several factors, he said.

In addition to the exhibition hall and software park infrastructures, ongoing construction at the Nangang train station -- a hub for railways, the high-speed rail and MRT by 2009 -- accompanied by a shopping center, hotels and office buildings, should attract home buyers, Su said.
This story has been viewed 1245 times.