Thu, Jul 25, 2019 - Page 11 News List

Property emboldens Jean Group

By Crystal Hsu  /  Staff reporter

Jean Group (新美齊) yesterday said that its property management arm is scouting a new space for upscale serviced apartments, as its first venture is almost fully occupied.

Jean Group has increasingly shifted its focus to property development and management, although vehicle entertainment systems remain a significant interest.

The company is looking to open new serviced apartments in Taipei after its Park 259 near the city’s Daan Forest Park (大安森林公園) proved a success with occupancy of more than 90 percent, chairman Lin Chuan-chieh (林傳捷) said.

Monthly rental rates are NT$4,141 (US$133.22) per ping (3.31m2) on average, a record high among serviced apartments, Lin said.

Foreign executives based in Taiwan account for more than half of Park 259’s occupants, while 20 percent are from Japan, Lin said, adding that the nearby Yongkang Business Circle (永康商圈) is popular among tourists and residents.

The firm is in talks with potential sellers for a new property and is about to close a deal for a building near Taipei International Airport (Songshan airport).

Jean Group, which last week joined the TWSE Corporate Governance 100 Index, plans to set up a realty unit to make its property management business more agile and efficient, Lin said.

To this end, the company is hiring staffers with a starting salary of NT$40,000 per month, it said, adding that it welcomes new college graduates and would train them to be professional brokers.

The company’s property development wing is also faring well, as its luxury home project Jade 12 in Taipei’s Xinyi District (信義區) last month won the International Property Awards, equivalent to five-star recognition for buildings, Jean Group said.

The company has sold an entire residential complex in Taipei’s Tianmu area (天母) to the American Institute in Taiwan, while another complex in New Taipei City’s Sanchong District (三重) has sold out, it added.

The company plans to spin off solar energy, flat panel and vehicle businesses next year and would seek to list them on the stock market the following year, Lin said.

The company last year reported NT$824 million in net income, or earnings per share of NT$3.46, reversing losses in 2017.

Earnings ability should improve further this year, Lin said.

The company’s shares yesterday closed up 0.34 percent at NT$14.55 in Taipei trading, bucking the main board’s 0.11 percent decline.

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