Property developers in southern Taiwan did not fare well last quarter, with revenues plunging by between 30 and 60 percent from the previous year as the bearish sentiment extended from the north to the south of the nation.
Tainan-based Prince Housing and Development Corp (太子建設) booked NT$1.81 billion (US$55.78 million) in revenue in the first quarter, 33.68 percent lower than the same period last year, the company said.
The earnings derived from projects in Taoyuan, Taichung, Tainan and Kaohsiung, the company said, adding that it is to commence NT$15 million worth of new projects in different parts of the nation this year.
Kaohsiung-based Yung Shin Construction and Development Co (永信建設) posted NT$190 million in revenue in the first quarter, representing a decline of nearly 60 percent from the previous year, as its focus on high-priced large apartments proved to be challenging, the company said.
An upscale project near the Love River (愛河) in Kaohsiung could generate NT$2 billion in revenue this year, Yung Shin said.
However, King’s Town Construction Co (京城建設), another Kaohsiung-based property developer, reported NT$380 million in revenue in the first quarter, a slight annual increase of 1.6 percent thanks to price adjustments, the company said.
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