The auction of two small apartments above a mass rapid transit station in New Taipei City (新北市) yesterday drew sharp competition and yielded generous premiums, reaffirming strong demand for small and relatively affordable housing, property analysts said.
The two apartments, measuring 22.65 ping (74.745 m2) and 16.79 ping on the 14th and 17th floor of a building above the MRT station in Sinjhuang District (新莊), attracted 151 offers with the winning bids being NT$7.39 million (US$246,563) and NT$5.32 million respectively, according to information revealed by the apartment’s owner, the Taipei City Government’s Department of Rapid Transit Systems (DORTS).
That is 43 percent higher than their floor prices and equivalent to NT$450,000 per ping, a significant increase from NT$320,000 to NT$350,000 per ping in the same location last year, Sinyi Realty Inc (信義房屋) said in a note yesterday.
“The low entry level and convenient transportation accounted for the heated competition which in turn pushed up the winning bids,” Sinyi researcher Tseng Chin-der (曾敬德) said in the note.
Taiwan Realty Co (台灣房屋) echoed similar views, saying in a separate note that yesterday’s auction lends support to a recovering housing market after the introduction of price registration requirements last year.