Shining Building Business Co (鄉林建設) plans to roll out three new construction projects through joint ventures in the second half of the year, as the market looks set to recover after the government eased its tightening measures.
“The [property] market might finally emerge from the doldrums caused by unfavorable [government] policies,” said Lai Cheng-yi (賴正鎰), chairman of Shining Group, which includes Shining Building Business and luxury hotel chain Lalu (涵碧樓).
The government has encouraged redevelopment of 30-year buildings to enhance building safety as well as private investment. Renewal projects are not subject to the 30 percent cap on real-estate financing on the part of lenders and renewed homes enjoy higher floor space ratios and housing tax discounts.
The three planned projects are joint ventures with landowners in New Taipei City’s Sinjhuang (新莊) and Sanchong (三重) and Taichung, which are expected to generate NT$4.9 billion in sales.
This business model allows Shining to lower development costs and could become increasingly popular given the lack of land supply in good locations, Lai said.
Small two-bedroom apartments continue to be the mainstream, because they are relatively affordable and easier to rent out for property investment buyers, Lai said.
Despite government incentives, the company would shun future urban renewal projects because it is difficult to win approval from all homeowners, and the review process is lengthy and unpredictable, he said.
The company is still awaiting regulatory approval for its plan to redevelop an apartment complex in Taipei’s Wanhua District (萬華) due to environmental protests, said Shining vice manager Lin Chang-chih (林昌智), who has spent eight years trying to overcome resistance by homeowners.
The fate of another renewal project in Taipei’s Nongan Street also remains in limbo, Lin said.
Shining expects to put the two projects on the market next year now that the government welcomes urban renewal projects, Lin said.
The developer reported NT$7.46 billion in revenue last year, with 80 percent of it in Taiwan, company data showed.
The company also plans to build luxury and service apartments in China.
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