Shin Kong Life Insurance wins bid to lease land plot in New Taipei City

By Crystal Hsu  /  Staff reporter

Fri, May 24, 2013 - Page 13

Shin Kong Life Insurance Co (新光人壽), the life insurance arm of Shin Kong Financial Holding Co (新光金控), yesterday won a bid for the lease of 50-year superficies rights to a plot of land in New Taipei City (新北市) for NT$1.49 billion (US$49.55 million), 20.36 percent higher than the asking price, the insurer said in a statement.

Shin Kong Life intends to build its headquarters on the plot, 300m from Banciao Train Station, the insurer said.

The insurer was the only participant in the auction for the plot that measures 727.07 ping (2,403.5m2) and is owned by Taiwan Tobacco and Liquor Corp (台灣菸酒公司).

“The plot is ideal given its size and location in a district that has seen rapid improvement,” Shin Kong said.

The 20 percent premium is the highest paid for land auctioned by the government.

The plot was earlier forecast to generate NT$1.24 billion in premiums for the state-owned tobacco and liquor maker, company data showed.

Fubon Life Insurance Co (富邦人壽) and Cathay Life Insurance Co (國泰人壽), as well as Huang Hsiang Construction Co (皇翔建設) and Lih Pao Construction Co (麗寶建設) attended briefings on the land, but had decided not to place a bid, the bidding’s organizer said.