Thu, Feb 28, 2019 - Page 12 News List

Worst is over for the local property market: developer

55 TIMELESS TOWER:Continental Development said sales should increase this year as it is about to deliver a residential project in Taipei’s Xinyi District

By Crystal Hsu  /  Staff reporter

Continental Development Corp (大陸建設) expects its sales to be NT$25 billion (US$812.35 million) this year as the worst is over for the local property market, chairman Christopher Chang (張良吉) said on Tuesday.

The property arm of Taipei-based Continental Holdings Corp (欣陸控股) sold NT$5.3 billion of residential and commercial properties last year, a 25 percent increase from 2017, thanks to the recognition of profits from newly completed housing projects in New Taipei City and Taichung, Chang said.

“The market has bottomed out as evidenced by improved sales,” he said in Taipei.

Sales should increase again this year as the company is about to deliver a luxury residential project named 55 Timeless Tower (琢白) in Taipei’s prime Xinyi District (信義), he said.

The 31-story complex features 42 upscale apartment units of 140 ping (463m2) on the lower floors and 260 ping on the upper floors, and residents would have access to a swimming pool, a fitness center and other luxury amenities, Chang said.

The tower is 50 percent sold, but the company declined to comment on transaction prices, saying buyers require confidentiality.

In addition, Continental Development last month entered into a partnership with Japan’s Daiwa House Industry Co to develop a residential complex in Kaohsiung, Chang said.

It would be the first time Continental Development has a presence in Kaohsiung because it is upbeat about the city’s growth potential, he said.

The company had limited all its ventures in previous years to Taipei and Taichung on concerns that less popular locations might be unprofitable, he said.

The developer owns a 35 percent stake, while the Japanese partner controls 65 percent of the Kaohsiung venture, which aims to build quality, but relatively affordable apartments near the city’s Asia New Bay (亞洲新灣區) area.

The Kaohsiung City Government has sought to attract investment in the area of 600 hectares intended to help local industries transform and upgrade.

Daiwa House would be in charge of designing the complex, which would have 19,000 ping of floor space, Chang said.

Continental Development has also made headway in its investments overseas.

It has obtained a building permit to develop a commercial property in Malaysia and the construction of a 12-floor mixed-use complex in San Francisco, California, has begun.

The San Francisco project is to feature 242 top-grade apartments and 236 fashionable hotel rooms, he said.

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