Encouraged by an improving infrastructure, developers have been launching new projects in New Taipei City’s Sinjhuang District (新莊), as the Taipei MRT’s circular line is expected to start service before the end of this year.
Construction of a 15.4km section of the circular line, also known as the first-stage of the Yellow Line, should be completed toward the end of the year, connecting Dapinglin Station to New Taipei Industrial Park Station and covering 14 stops, Shining Building Business Co (鄉林建設) said in a report yesterday.
Housing prices in Sinjhuang rose 12.3 percent from NT$448,000 (US$14,463) per ping (3.3m2) in 2016 to NT$503,000 per ping last quarter, bucking a general decline in the market, the Taichung-based developer said.
The new segment would make it more convenient to commute between Sindian (新店), Jhonghe (中和), Banciao (板橋) and Sinjhuang, it said.
Major developers such as Kindom Construction Corp (冠德建設), Farglory Land Development Co (遠雄建設), Lih Pao Construction Co (麗寶建設) and Ruentex Development Co (潤泰創新) have launched housing projects in emerging urban areas near New Taipei Industrial Park.
Shining is to introduce its fourth residential project in the neighborhood later this month after selling out three apartment complexes over the past three years, it said, adding that more than potential buyers have expressed an interest or made inquiries.
Housing transaction data lent support to Shining’s optimism.
Property deals in New Taipei City totaled 42,428 units in the first three quarters of the year, an increase of 9.3 percent from 38,816 during the same period last year, Shining said, citing official data.
Most transactions are concentrated in areas along the circular line, with the exception of Tamsui (淡水), it said.
Transactions in Banciao soared 64.2 percent to 6,501 units, followed by 5,290 in Tamsui, 3,618 in Jhonghe, 3,581 in Sinjhuang and 3,364 in Sinidian, data showed.
The improvement came even though the market remains soft due to lingering expectations of a price fall, Shining said, attributing Shinjhuang’s growing popularity to the presence of government buildings, the Taiwan Film Institute, the Film Culture Center and other public infrastructure.
Shining’s upcoming venture will be an urban renewal project that is expected to be completed in 2020, allowing buyers to spread the costs over two years’ time, it said.
Located within walking distance from an elementary school, the project features apartments of between 31 ping and 66 ping at prices of NT$480,000 to NT$550,000 per ping, the developer said.
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