Taipei’s Nangang District (南港) could become the next hot spot for property investment, as funds aim to take advantage of a high-speed railway station opening next year, Evertrust Rehouse Co (永慶房屋) said in a report yesterday.
Evertrust, the nation’s largest broker by number of outlets, issued the report after the Taipei City Government unveiled an urban renewal program that calls for a NT$25 billion (US$798.41 million) investment in infrastructure, housing and industrial development over the next eight years to build upon the opening of Taiwan High Speed Rail Corp’s (THSRC, 台灣高鐵) Nangang Station next year.
“The development is set to help support the district as the eastern entrance to Taipei and spur demand for new office and retail space, as well as residential homes,” Evertrust associate manager Jeffery Huang (黃增福) said.
For the past century, transportation has fueled the world economy, with railway density playing a key role in the rise of cities internationally, the broker said in another report.
Seoul leads the pack, with an average 40km of rail lines for each 1 million of its inhabitants, followed by Tokyo and Singapore. Greater Taipei ranks eighth, with 18km of railway per million residents.
Transportation has a far-reaching influence on local property markets, as evidenced by the take-up and rent increases for office space situated along MRT lines, Evertrust wrote.
As in other areas, the government initiates the development with infrastructure improvement projects and the private sector follows suit, Evertrust said.
The building above Nangang Train Station is expected to add 50,000 ping (165,290m2) of commercial space to the leasing market that could be turned into hotel rooms, eateries, shops and other retail spaces, Huang said.
Taipei plans to invest in biotechnology development and office space for startups at the site of the former Nangang Bottlecap Factory.
In addition, the city has signed a contract to turn the Nangang Marshalling Yard into an international hotel development in 2020, Evertrust said.
In response to the developments, large corporations have established presences in Nangang. CTBC Financial Holding Co (中信金控), the nation’s No. 3 financial service provider by assets, last year relocated its headquarters to Nangang from Taipei’s prime Xinyi District (信義).
Major technology firms have in recent years made Taipei World Trade Center’s Nangang Exhibition Hall the venue for showcasing their newest devices and solutions during important international trade fairs.
“The series of changes will extend the city’s central business district east to Nangang, creating job opportunities and raising property demand,” Huang said.
The city has also announced plans to add 10,000 public housing rental units in Nangang over the next eight years in a bid to mitigate the soaring costs of housing in the capital.
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