Sat, Jan 08, 2011 - Page 12 News List

Luxury condo to be auctioned again

By Crystal Hsu  /  Staff Reporter

An apartment unit in Taipei’s upscale The Palace (帝寶) complex will be auctioned for the second time on Tuesday after the former bid winner pulled out before the deadline, Taiwan Financial Asset Service Corp (台灣金融資產服務公司) said in a statement yesterday.

The asking price for the unit — measuring 164.86 ping (544m2) on the fifth floor of the complex near the intersection of Renai Road and Jianguo S Road — will remain unchanged at NT$236 million (US$7.9 million), the auction organizer said.

Interested bidders have to post a NT$47.18 million deposit, the organizer said.

The winner of the last bid — Yu Chang-che (俞昌哲), the son of property investor Liu Yue-chai (劉月釵) — pulled out amid reports that unidentified people had occupied the apartment since its former owner, Lin Fu-hui (林富慧), was jailed in 2009.

Lin could not pay back a debt of NT$120 million to another company, owed NT$1 million in back taxes and was reportedly accused of involvement in zoning irregularities in Miaoli County.

Yu will have to pay for the auction expenses and the price difference if the new winning bid is lower, the organizer said.

Yu won the bid in late November for NT$282 million, 20 percent higher than the floor price.

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