Jye Tai Precision Industrial Co (捷泰精密) plans to auction off its I-chin office building (宜進大樓), located at the intersection of Songjiang Road and Minquan E Road, with a minimum bidding price of NT$1.78 billion (US$56.5 million), the auction’s organizer DTZ (戴德梁行) said yesterday.
The auction is scheduled to take place on Sept. 29, DTZ general manager Billy Yen (顏炳立) said.
The 12-story building sits on a 439 ping (1,451.24m²) plot of land and has a total floor area of 3,020 ping, the real-estate consultancy firm said yesterday.
The board of Jye Tai Precision yesterday gave its approval for the sale.
The sale is expected to bring in a minimum premium of NT$220 million for Jye Tai Precision after it spent NT$1.56 billion to acquire the building last June.
DTZ said the building had a great location, with an MRT station across the street expected to be completed by next year.
Office space in the building’s vicinity costs between NT$550,000 and NT$600,000 per ping, with a rental price leveling around NT$1,800 per ping, DTZ said.
Local Chinese-language media had previously speculated that the company had hoped to put the building on the market for more than NT$2.4 billion shortly after President Ma Ying-jeou (馬英九) took office, but cut the bidding price following the recent slowdown in the local property market.
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