Shin Kong Life Insurance Co (新光人壽), subsidiary of Shin Kong Financial Holding Co (新光金控), yesterday auctioned off a plot of land near Taipei’s bustling Ximending area for NT$1.823 billion (US$53.4 million), or NT$5.29 million per ping, to the Seasons Hotel Royal in Taipei.
The closing price was the highest unit price for a commercial-use land deal in the area, although it only represented a meager premium of 6 percent on the asking price, local realtor Evertrust Rehouse Co (永慶房屋) said in a press statement.
Seasons Hotel Royal outbid two other competitors — Fubon Land Development (富邦建設) and Aegon Life Insurance (Taiwan) Inc (全球人壽) — to acquire the 344.5-ping (1,139m²) parcel of land, which is located next to Far Eastern Department Stores Ltd (遠東百貨) and close to Ximen MRT station, the statement said.
Taiwan Realty Co (台灣房屋) said in another press statement that Fubon offered to pay NT$1.78 billion and Aegon Life Insurance offered to pay NT$1.75 billion.
LATE WITHDRAWALS
Evertrust said several developers of luxury housing projects, who would have found building a residential project on the plot of land difficult because of the neighboring commercial environment, withdrew from yesterday’s auction at the last minute.
As many as 12 bidders had earlier expressed an interest in bidding for the property, it said, but given its location, the plot of land would be perfect for a new five-star hotel project as the nation’s tourism sector continues to benefit from visiting Chinese tourists.
TOURISTS
The realtors said an estimated 1.5 million Chinese tourists may tour Taiwan this year.
Ximending is a must-visit attraction for visitors from Japan, South Korea, Hong Kong and Macau, Taiwan Realty said.
After acquiring the plot of land, Seasons Hotel plans to build a 14-story five-star hotel, although its height will be restricted and have to be approved by the Presidential Office, which is two blocks away, for security reasons, the realtor said.
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