Wed, Sep 18, 2019 - Page 11 News List

Yulon Towns project delayed

By Kwan Shin-han  /  Staff reporter

Yulon Group (裕隆集團) has postponed the construction of Yulon Towns (裕隆城), a residential-commercial complex in New Taipei City’s Sindian District (新店), due to the weak economic outlook, fierce competition in the real-estate market and difficulties in the construction process, a group official said yesterday.

The complex has a commercial zone on a 6,500 ping (21,488m2) parcel, on which construction began in the second quarter of 2017, and a residential area on a 7,500 ping parcel, on which construction has yet to begin, the official said.

“We expect to see more competition in the real-estate market after new projects in New Taipei City are completed over the next few years,” the official said by telephone.

“The construction of Yulon Towns has been more complex than we expected, so we recently asked the contractors to put off preparing building materials,” the official added.

The group is still evaluating changes to the project, such as adjusting the number of total floors, the official said on condition of anonymity, without further details.

Yulon Towns, designed by the late Iranian architect Zaha Hadid, has a unique curving glass surface.

The completed project would feature Eslite Bookstore (誠品), Vieshow Cinemas (威秀影城), retail stores and restaurants, as well as 632 residential units ranging from 25 to 50 ping, the group said.

News of the project’s postponement prompted investors yesterday to offload shares of the group’s companies, including Yulon Motor Co (裕隆汽車), which closed down 5.85 percent at NT$20.1, its lowest level since early May.

Shares in Yulon Nissan Motor Co (裕隆日產) fell 0.4 percent to NT$247, while China Motor Corp (中華汽車) fell 0.79 percent to NT$25.05.

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