Continental Development Corp (大陸建設) plans to sell NT$32 billion (US$1.09 billion) worth of residential and commercial projects in the nation this year, less than last year, as the firm is seeking to digest existing projects and expand overseas.
The figures include presale and completed property projects nationwide and represent a 15 percent decline from last year’s NT$38 billion.
However, the Taipei-based developer on Wednesday said that transactions increased 25 percent from a year earlier, without giving details.
“Property transactions have shown signs of a recovery since the beginning of last year, but price correction pressures have lingered this year, warranting a cautious approach” for players in this business, Continental Development chairman Christopher Chang (張良吉) told a media briefing in Taipei.
All of Continental Development’s projects are in Taipei’s and Taichung’s central areas, including a presale complex in the capital’s Zhongshan District (中山), as the firm is not confident about building properties in less popular locations, Chang said.
The company is constructing a mixed-use building of 24 floors on a 517.88 ping (1,709m2) plot at the intersection of Songjiang and Nanjing E roads, Continental Development president Liao Tsung-sen (廖淳森) said.
The building is to house a boutique hotel of 108 guestrooms on the first to ninth floors and offer 127 residential units of 25 ping to 52 ping from the 10th to the 24th floors, Liao said.
Price tags for the apartments range from NT$1.6 million to NT$1.8 million per ping, he said, adding that affordability is less of a concern for small apartments.
My Humble House Hospitality Management Consulting Co (寒舍餐旅) has signed an agreement to run the hotel under its own brand and Continental Development will limit its role to a landlord, Chang said.
The developer has sold 50 percent of an upscale housing project in Taipei’s Xinyi District (信義) and the sales rate for a luxury housing in Taichung has reached 70 percent, Chang said.
A lack of land supply in Taiwan is driving the company to tap into overseas markets.
The developer is to launch a mixed-use commercial and residential complex in San Francisco, California later this month, Chang said, adding that the investment is to cost US$367 million and may generate US$524 million in revenue in 2020.
It is also weighing the possibility of investing in Malaysia and elsewhere, he said.
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