Extell Development Co, an American real-estate developer of residential, commercial, retail, hospitality and mixed-use properties, yesterday sought Taiwanese buyers for its presale home project in the lower east side of Manhattan in New York City.
The upcoming condominium tower “One Manhattan Square” will offer 815 luxury apartment units of one to four bedrooms priced at NT$2.17 million (US$65,744) per ping (3.3m2) with rental yields of 4 percent, said Jones Lang LaSalle Taiwan (JLL, 仲量聯行), the project’s exclusive agency in Asia.
The American developer has noted keen purchase potential among Asian buyers, who account for 15 to 20 percent of the residential building market in the US, senior sales executive Graham Spearman told a media briefing in Taipei.
The US developer is touring Taipei, Beijing, Shanghai, Hong Kong, Singapore and Kuala Lumpur in the hope of finding buyers for the 80-story tower, with construction slated to finish in 2018, Spearman said.
“Geographic closeness to the waterfront, Central Park and midtown Manhattan matters most for real estate in the area where property values gain 21 percent in recent years and inventory decrease stands at 11 percent,” Spearman said.
It is the first time a residential project in Manhattan has sought buyers from Taiwan, where housing transactions have plunged due to unfavorable tax policies and political uncertainty.
JLL investment manager Sherry Wu (吳瑤華) said Taiwanese investors have sought stakes in overseas markets and some have voiced interest in New York.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
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FUTURE PLANS: Although the electric vehicle market is getting more competitive, Hon Hai would stick to its goal of seizing a 5 percent share globally, Young Liu said Hon Hai Precision Industry Co (鴻海精密), a major iPhone assembler and supplier of artificial intelligence (AI) servers powered by Nvidia Corp’s chips, yesterday said it has introduced a rotating chief executive structure as part of the company’s efforts to cultivate future leaders and to enhance corporate governance. The 50-year-old contract electronics maker reported sizable revenue of NT$6.16 trillion (US$189.67 billion) last year. Hon Hai, also known as Foxconn Technology Group (富士康科技集團), has been under the control of one man almost since its inception. A rotating CEO system is a rarity among Taiwanese businesses. Hon Hai has given leaders of the company’s six