The prices of old luxury apartments in Taipei’s prime Xinyi District (信義) have fallen 30 percent from their high in 2015 as buyers favor newer properties despite a pickup in buying interest.
The government’s latest real-price transaction figures include a deal worth NT$125 million (US$4.04 million) for apartments in a residential complex near Taipei 101 in February. The figures suggest they cost NT$959,800 per ping (3.3m2) for 144.36 ping of floor space including parking space, or a 30 percent drop from NT$1.37 billion for transactions at the same location in 2015, said H&B Business Group (住商不動產), the nation’s largest real-estate broker by number of franchises.
It is the first time that apartments in the district have sold for less than NT$1 million per ping, even though buying interest for upscale housing has recovered somewhat, H&B researcher Mandy Lang (郎美囡) said.
“While people with high net worth have demonstrated a better interest in acquiring luxury homes, they generally insist on price concessions from sellers,” Lang said.
At issue are apartments on the 13th to 15th floors of a residential complex near Xiangshan MRT Station (象山站), according to government data.
The district has several new upscale apartments designed by internationally famed architects that attract the nation’s most wealthy and picky buyers, Lang said, adding that changing tastes probably explained why 10 or 20-year-old apartments in the area have lost their appeal and value.
Continental Development Corp (大陸建設) is about to deliver a luxury residential project named 55 Timeless Tower (琢白) that features 42 upscale apartment units of 140 ping on the lower floors and 260 ping on the upper floors.
BES Engineering Corp (中華工程) is waiting for a use permit for its high-profile residential building Taozhu Garden (陶朱隱園) that might be Taiwan’s most expensive apartments yet. Local developers have refused to unveil price tags, saying such details are sensitive, because clients require confidentiality.
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