Radium Life Tech Co (日勝生) yesterday secured a syndicated loan of NT$12.45 billion (US$402.9 million), the largest of its kind, from 10 domestic banks for the construction of its MeHAS City (美河市) project in Sindian (新店), Taipei County.
The loan will cover about 65 percent of the project’s construction cost of NT$20 billion, Radium Life spokesperson Amme Chou (周惠玉) said yesterday.
However, Chou said, the construction cost could increase by as much as 10 percent as a result of rising material costs.
The loan will stretch over six years with a 4 percent interest rate, said Mega International Commercial Bank (兆豐國際商銀), one of the three banks involved in the deal. The other two are Taiwan Cooperative Bank (合作金庫銀行) and Land Bank of Taiwan (土銀).
Radium Life, founded in 1980, expressed confidence in its MeHAS City project, or “Mass Rapid Transportation (MRT) Xiaobitan Station Joint Development,” which sits on 28,000 ping (9.3 hectares) of land along the riverside and includes NT$300 billion in residential homes, offices, shopping malls and a movie theater. MeHAS City is located at the Xiaobitan MRT Station.
Pre-sales of the project, which is slated to be completed in late 2011, reached NT$17 billion earlier this month, Chou said.
The developer started promoting the project last October, with a unit price of between NT$400,000 and NT$600,000 per ping, which represents a premium of more than 50 percent on the selling prices of housing projects nearby, she said.
The MeHAS City project also includes 13 buildings, which range from 18 to 28 stories for a total floor space of 12,000 ping, with each unit measuring from 20 ping to more than 100 ping.
“Location, transportation, living convenience and a river view are the reasons why our project, which suits residents of all ages, outperforms its rivals,” Chou said, adding that buyers included Xindian and Taipei residents, as well as overseas Taiwanese businesspeople.
Radium Life shares rose 6.98 percent to close limit-up on the Taiwan Stock Exchange yesterday at NT$21.45.
The slowing economy has had a negative impact on the real estate market. Radium Life’s shares have declined 14.5 percent since the beginning of the year, the stock exchange’s tallies show.
But Chou was positive on the market’s long-term prospects: “In the long run, the property market will prosper once the economy rebounds, although each project will perform differently.”
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