The Palace most expensive building

By Crystal Hsu  /  Staff reporter

Thu, Dec 26, 2013 - Page 13

Taipei luxury residential complex, The Palace (帝寶) has reclaimed the title of the nation’s most expensive building after two of its units recently traded at NT$2.98 million (US$99,270) per ping (3.3m2), according to government data released yesterday.

The latest registration information showed that four apartment units in The Palace in Daan District (大安) were recently sold at between NT$2.75 million per ping (3.3 m2) and NT$2.98 million per ping.

The other two, more expensive units are two unfurnished apartments on the 19th floor of the building near Daan Forest Park.

The figure of NT$2.98 million per ping outperformed the record five months ago when a relatively new luxury housing unit in Xinyi District (信義) was sold at NT$2.7 million per ping, data showed.

The transactions showed for the first time that the market value of luxury homes in central Taipei approached NT$3 million per ping mark, about three times the levels when construction on The Palace was completed in 2005, Sinyi Realty researcher Tseng Chin-der (曾進德) said.

The handsome returns lent support to real-estate investment in popular locations, Tseng said.

The soaring prices of luxury homes have led the central bank to cap housing loans at 60 percent of their value in Greater Taipei since June last year, compared with 75 percent to 80 percent for average price houses.