Taipei County Government yesterday successfully auctioned off 12 parcels of commercial land in the planned sub-center of Sinjhuang City (新莊) for a total of NT$13.974 billion (US$434.6 million).
This represented a 99.6 percent premium on their combined floor price of NT$7 billion, the county government said.
The land deals averaged a record-high unit price of between NT$1.48 million and NT$2.13 million per ping ( 3.3m2) in the district, realtors said.
Lih Pao Construction Co (麗寶建設) was the winner of the land deal with the highest unit price, with 1,024.95 ping of land selling for NT$2.183 billion, representing a 137 percent premium on its asking price of NT$920 million.
Meanwhile, Farglory Life Insurance Co (遠雄人壽) and its sister company Farglory Land Development Co (遠雄建設) were the biggest winners, acquiring five plots of land there, Taiwan Realty Co (台灣房屋) and Yungching Rehouse Group (永慶房仲集團) said in their press statements.
On its newly-acquired land, Lih Pao will be allowed to build a 25-story commercial complex, whose eighth to 25th floors can be luxury residential homes with a minimum price of between NT$550,000 and NT$600,000 per ping, Taiwan Realty analyst Chiu Tai-hsuan said in the press statement.
Yungching Rehouse also said prices for the project’s residential units would exceed NT$550,000 per ping.
Lih Pao’s complex, whose first seven floors will be reserved for commercial use, will boast attractive views as it will sit next to a 5,941-ping park, he said.
“The competition [at yesterday’s auctions] was stiff among bidders to compete for land in Sinjhuang, where public transportation will be facilitated, since the supply of land remains tight in the Greater Taipei area,” Chiu said on the telephone.
A total of 76 bidders took part in the auctions yesterday, the Taipei County Government said.
Farglory Life Insurance outbid four other bidders to acquire the largest, 1,430 ping plot of land for NT$2.517 billion, or NT$1.76 million per ping and a 95 percent premium on its asking price of NT$1.29 billion, the realtors said.
After having acquired an adjoining 1,779 ping plot of land, the life insurer will have a plot of land here with a total area of 3,209 ping, Taiwan Realty said, adding that a 40-story skyscraper would be built on the site.
The life insurer’s sister company Farglory Land Development, yesterday closed another four land deals, with a total area of 2,407 ping, for a combined closing price of NT$4.223 billion, the realtors said.
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