Three property developers and one life insurance company yesterday met qualification tests to join the auction for the superficies rights to a state-owned plot of land near Jinmei MRT station in Taipei.
The four qualified bidders are Nan Shan Life Insurance Co (南山人壽), Huaku Development Co (華固建設), Kindom Construction Corp (冠德建設) and Prince Housing & Development Corp (太子建設), the Ministry of Finance’s National Property Bureau said.
The development came after the government increased incentives for potential developers by extending the superficies rights from 50 years to 70 years, and cutting the rental rate and floor space reserved for the ministry.
Previous auctions fell through because few Taiwanese firms are interested in developments without permanent ownership, Evertrust Rehouse Co (永慶房屋) associate manager Jeffery Huang (黃增福) said.
“The rights extension and looser restrictions make the development economically viable,” Huang said.
The residential plot on Roosevelt Road, Sec. 6, measures 10,676 ping (35,230m2).
The auction, scheduled for the middle of next month, is part of the government’s efforts to revitalize idle assets and boost the nation’s treasury, the property bureau said.