Farglory Realty (遠雄房屋), a subsidiary of Farglory Group (遠雄企業團), yesterday vowed to meet its sales target of NT$40 billion (US$1.2 billion) by the end of the year, after achieving NT$19 billion in property sales to date this year.
“Our goal is to achieve NT$100 million in sales each day of the coming months,” the company said in a press statement.
“Despite the government’s measures to curb the property market, sales at several of our projects performed far better than we expected,” group chairman Chao Teng-hsiung (趙藤雄) told a media briefing after a company sales award ceremony yesterday.
Chao said that the company, undeterred by the recent stock slump, aims to see 10 percent annual volume growth for future property projects.
He also vowed to accelerate the company’s internationalization by tapping into markets in Chinese cities, including Shanghai and Tianjin, as well as the US and Abu Dhabi.
As a personal investment, Chao said he would ink a contract in land deals with Abu Dhabi later this year to team up with two private funds and develop housing and tourism projects there.
To fund these overseas projects, the company plans to raise US$200 million by the end of the year by issuing global depositary receipts. Chao said the first US$50 million tranche was approved by regulators early this month.
Chao expressed confidence in the domestic property market, citing Daiwa Institute of Research Ltd’s GDP forecast of 9.4 percent growth for the local economy this year — the highest among its peers at home and abroad.
However, he urged the government to refrain from heavily curbing the property boom because “if property prices fail to see a 10 percent hike each year, the [president’s] call for a new golden decade will be a dream,” he said.
In related news, statistics from the Chinese-language Housing Monthly yesterday showed that major pre-sale housing projects to be launched next quarter will total NT$98.93 billion, up 39 percent from one year earlier.
However, that would be far from the NT$216.3 billion recorded in the third quarter of 2008 and the NT$297.44 billion made during the same period in 2007, the monthly said in a press statement.
“In addition to several projects’ recent lackluster performance, global economic uncertainty and a stock market slump have forced land developers to become conservative,” the magazine said, adding that several top-tier developers such as Cathay Real Estate Development Co (國泰建設) and Ruentex Development Co (潤泰創新國際) had no plan to launch any new projects in the third quarter.
That will put pressure on property pricing, which will see limited room for further hikes next quarter, the monthly added.
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