Sat, Jul 23, 2016 - Page 12 News List

Shin Ruen, YeaShin sign Banciao development deal

‘AFFORDABILITY’:The two and three-bedroom residential units are priced reasonably and located in Banciao’s redevelopment zone, near Jiangzicui MRT

By Crystal Hsu  /  Staff reporter

Shin Ruen Development Co (新潤興業) yesterday signed an agreement with YeaShin International Development Co (亞昕) and Ever Glory Construction Co (長耀建設) to jointly develop a residential complex in New Taipei City’s Banciao District (板橋).

The residential project is to feature apartments with two to three bedrooms and priced between NT$10 million and NT$15 million (US$311,818 and US$467,727) per unit, making them affordable, the Taipei-based Shin Ruen said.

“Affordability sits atop our concerns when we plan this project,” Shin Ruen chairman Ben Huang (黃文辰) said, adding that the project is aimed at first-time buyers and people with relocation needs.

The three builders plan to roll out the project next year as housing transactions are expected to remain sluggish this year, but they will need more time to finalize construction details, such as the number of units, floors and buildings.

Presale residential projects in neighboring areas cost more than NT$600,000 per ping last year and earlier, analysts said.

Market rates have declined for the past year and a half. Recently, a presale project nearby sets its price tags at between NT$420,000 and NT$480,000 per ping to facilitate transactions.

The project sits on a land plot of 1,288 ping (4,250m2) in Banciao’s redevelopment zone, not far from the Jiangzicui MRT Station, the companies said in a statement.

The project is expected to generate total revenue of NT$4.5 billion, it said.

Shin Ruen has focused on redevelopment zones near Taoyuan’s high-speed rail station and New Taipei City’s Danhai New Town in recent years.

Construction on residential projects in the two areas are soon to be completed, allowing the company to book profits, Shin Ruen said.

Shares in Shin Ruen closed up 0.21 percent to NT$24.4 yesterday on the over-the-counter Taipei Exchange.

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