Taipei real-estate developer Taroko Development Corp (大魯閣開發) is scheduled to join the nation’s shopping center industry by taking over a shopping mall in Taichung next month and launching another in Kaohsiung later this year, a company executive said.
The new business is expected to generate a combined revenue of NT$8 billion (US$257.8 million) next year for its parent company, Taroko Textile Corp (大魯閣纖維).
Taroko Development announced in the middle of last year that it had leased the Mode Mall (新時代購物中心) — near Taichung Station — from Fubon Life Insurance Co (富邦人壽) and would take over its operation on July 1 after renovations.
“Through the adjustment of operations strategy, the mall’s annual sales could reach NT$4.5 billion in 2017,” chief executive David Kuo (郭大睿) told a news conference.
The company plans to spend NT$300 million next year on redecorating the mall to help raise its sales target in 2017 above the NT$3 billion recorded last year, Kuo said.
The Taichung shopping center is a community-based department store, a style that has strong growth potential in the nation’s second-tier cities, while investment is smaller than in malls in the largest population centers, Kuo said.
That is in line with the company’s strategy to “focus more on operations and less on assets,” Kuo said.
Therefore, Taroko might expand its shopping center business by focusing on mid-sized department stores, aiming to launch one new store per year in the future, Kuo said.
Regions like Danhai New Town (淡海新市鎮) in New Taipei City and Hsinchu County’s Chupei City (竹北) are possible locations under consideration.
However, other than taking over management of the mall in Taichung, the company is ready to launch a large shopping center in Kaohsiung by the end of this year.
With the authorization of Suzuka Circuit of Japan, a racing venue, Taroko is set to establish a kart racing track at Taroko Park Kaohsiung (大魯閣草衙道), making it a shopping center with multiple entertainment and sports facilities.
Taroko Development chairman Jeff Tsai (蔡明璋) said the Kaohsiung mall could generate NT$4.5 billion sales a year, with more than 80 percent of its 300 tenancies already filled.
Various international casual wear brands, such as Timberland, Nautica and Napapijri, as well as sportswear brands including Nike, Adidas and Under Armour, are set to launch stores in the mall, Tsai added.
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate
A Bollywood actor’s face tattooed on his arm, Sandeep Bacche’s devotion shocks few in India where stars enjoy semi-divine status, but even there the hallowed silver screen might be losing its shine to streaming services and pandemic fears. “Whenever things get better and theaters begin operations, I will watch three movies a day for sure just as a way to celebrate,” said the Mumbai rickshaw driver, who is recovering from the virus himself. However, others might not join the party. With cinemas shut for months due to a COVID-19 lockdown, and little prospect they will reopen soon, frustrated Bollywood producers have turned to
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, is to issue NT$13.9 billion (US$469.5 million) in unsecured bonds to help fund its plan to expand production capacity, it said on Friday. In a Taiwan Stock Exchange filing, TSMC said the bonds would comprise three tranches: NT$5.7 billion payable over five years, NT$6.3 billion over seven years and NT$1.9 billion over 10 years. The interest rates would be 0.58 percent on the five-year bonds, 0.65 percent on the seven-year ones and 0.67 percent on the 10-year tranche, TSMC said. Capital Securities Corp (群益金鼎證券) is to serve as the main underwriter in