Taipei developers and builders are increasingly launching “bird-cage” projects — construction on land plots measuring 100 ping (330.6m2) or smaller — as land costs keep rising and supply dwindles, a property report said.
Of the 147 pre-sale and newly completed construction projects in the capital city, 50 sit on plots measuring less than 200 ping and 21 on plots of less than 100 ping, the Chinese-language Housing Monthly said.
ONE OR TWO BEDROOMS
The publication described the latter construction as bird-cage projects that feature one-bedroom or two-bedroom apartments with relatively affordable price tags.
“Despite limited flexibility for floor plans, more developers and builders would settle for bird-cage projects, given the scarcity of land in Taipei,” magazine spokesman Ni Tze-jen (倪子仁) said.
Soaring land costs and the difficulty of renovating old apartments help boost the number of bird-cage projects, Ni said.
Bird-cage projects are mostly concentrated in popular locations such as Zhongzheng (中正), Zhongshan (中山), Xinyi (信義) and Songshan (松山) districts, the magazine said.
Despite lower entry levels, small apartments tend to cost more per ping than a building in Daan District (大安) priced at NT$1.6 million (US$54,090) per ping, Ni said.
COSTLIER PER PING
Another building in the same district has an asking price of NT$2.2 million per ping due to its proximity to Daan Forest Park, Ni said.