The areas assessed by the Taipei City Government as having the most valuable land in the city are situated across from the Taipei Railway Station near the Shin Kong Life Tower (新光摩天大樓) and around Taipei 101, the city government said yesterday.
The value of the land in the area across from Taipei Railway Station at Guanqian Road and Zhongxiao W Road was assessed to be worth NT$1.26 million (US$41,628) per square meter, 9.59 percent more than a year ago, according to Taipei City Government’s Department of Land.
The parcel of land on which the 244m-high Shin Kong Life Tower sits, part of the Guanqian Road area, was assessed at NT$1.21 million per square meter, 9.83 percent higher than a year ago.
Several factors contributed to the continued appreciation in land values in the area, including the crowds brought in by the launch of a bus terminal and the opening of a new department store nearby, Department of Land Commissioner Chen Shyi-jen (陳錫禎) said.
The construction of an MRT line connecting the downtown core with Taiwan Taoyuan International Airport along with the Gate of Taipei twin towers (雙子星大樓) project also contributed to the rise in the area’s assessed values, Chen added.
Local governments assess “current land values” on an annual basis. The valuations, used to calculate land value increment taxes, are usually well below actual market prices.
The city yesterday raised the assessed land value in the nation’s capital by an average 9.87 percent for the next fiscal year, down from an increase of 12.08 percent set for this fiscal year, according to the department.
Assessed land values in the city’s Xinyi (信義), Da-an (大安), Songshan (松山) and Zhongzheng (中正) districts increased by 11.08 percent, 10.67 percent, 10.58 percent and 10.46 percent respectively, topping those in other districts, the department said.
The area around the landmark Taipei 101 skyscraper was the second-priciest area in Taipei, assessed as having a value of NT$1.13 million per square meter, up 11.56 percent from a year earlier.
The 508m-tall skyscraper’s land area is expected to become even more valuable after a new subway line running through the area is completed, which is scheduled to open in December next year.
The land in the Shin Kong tower area was considered more valuable in part because it has a floor area ratio — the amount of usable floor space permitted relative to the area of the building site — of 1,600 percent, the highest in the city, Chen said.
The land at the Taipei 101 location has a lower floor area ratio of 710 percent because of its different zoning classification, Chen said.