Thu, Feb 17, 2011 - Page 12 News List

Apartment sells for NT$1.49m per ping

By Crystal Hsu  /  STAFF REPORTER

A two-story apartment in Taipei’s Xinyi District (信義) was auctioned for NT$114 million (US$3.87 million) in foreclosure bidding yesterday, 47.59 percent higher than the asking price, organizer Taiwan Financial Asset Service Corp (台灣金融資產服務公司) said.

The outcome translated into NT$1.49 million per ping (3.3m2), the second-highest behind a NT$1.97 million per ping record set last month for an apartment unit in The Palace (帝寶), the nation’s most expensive complex.

A woman named Kuo Yi-fang (郭懿芳) won the bid for the 10-year-old apartment that measures 71.38 ping on Zhongxiao E Road Sec 5, near Taipei City Hall, the organizer said, adding that the auction drew five bidders.

Stanley Su (蘇啟榮), head researcher at Sinyi Realty Co (信義房屋), the nation’s only listed brokerage, said the auction result showed real estate investment was gaining popularity amid growing concern about inflation.

“It makes sense to increase stakes in real estate investment as rising commodity costs erode wealth,” Su said by telephone. “The recent stock correction helped facilitate the trend.”

The single-family apartment had a floor price of NT$96.54 million in the first foreclosure auction. Buyers probably did not know about the place earlier, Su said.

He expects prices for homes in prime locations to stay high because of limited supply.

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