Thu, Jun 07, 2018 - Page 12 News List

TAMC selling 88 foreclosed units across the nation

By Crystal Hsu  /  Staff reporter

State-run Taiwan Asset Management Corp (TAMC, 台灣金聯), the nation’s largest bad loan operator, yesterday announced the sale of 88 residential and commercial properties it acquired from the foreclosure market to make a profit and help stabilize housing prices.

The firm bought 86 residential units and two office spaces mostly in the greater Taipei area and Taoyuan, where foreclosed properties are relatively rare due to rigid pricing.

“The units are priced at NT$4.03 million [US$135,517] on average this time around — affordable for most potential buyers,” TAMC chairman Cheng Ming-hua (鄭明華) told a news conference in Taipei.

It is the eighth consecutive year the company is selling properties around the country to help digest foreclosures.

The decreasing number of foreclosures has prompted TAMC to slow the pace of inventory adjustments and double as a landlord of properties that are converted into hotels or commercial spaces.

This is why the firm last year only introduced 60 residential and commercial properties, compared with 100 in each of the previous six years.

Starting from yesterday until June 27, buyers can file purchase applications with TAMC and pay a NT$30,000 deposit for properties they intend to buy, Cheng said, adding that the company would draw lots for properties that draw more than two applicants.

Acting general manager Kuo Wen-jin (郭文進) urged buyers to act quickly, because all units are discounted from market rates.

The unit with the lowest price is a 58.39 ping (193m2) townhouse in Pingtung County that is selling for NT$660,000, Kuo said.

Several vacation studios in Kaohsiung have price tags of NT$928,000 each, Kuo added.

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