With an eye on new urban renewal projects in Taipei City, privately held real estate developer Fabulous Group (將捷集團) plans to increase its capital by 30 percent to NT$1.5 billion (US$46.3 million) next year, company executives said.
“We will aggressively take part in the city’s upcoming urban renewal projects,” chairman George Lin (林長勳) told a media briefing yesterday to celebrate the opening of the company’s new Taipei headquarters near Xingtian Temple (行天宮) in the city’s Songshan District (松山).
Saying that rising land costs are posing a challenge to the urban renewal projects, Lin urged the city government to play a bigger role in promoting the projects, which he said would “greatly help to upgrade one-fifth of the city’s living environment.”
The number of approved renewal projects in Taipei is expected to exceed last year’s 20 projects, with 14 projects having been approved in the first half of this year, Fabulous said.
Between 2002 and June this year, a total of 84 urban renewal projects have been approved, with a total floor space of 83,776 ping (276,945m²), group vice president Frank Shen (沈祖立) said.
Meanwhile, Fabulous has won a 50-year contract from the city government to build a 17-story commercial building near the intersection of Nanjing E Road and Songjiang Road. The building will have a total floor space of 15,000m².