Shin Ruenn sees revenue increase

By Crystal Hsu  /  Staff reporter

Tue, Jan 22, 2019 - Page 11

Shin Ruenn Development Co’s (新潤興業) revenue increased 18.7 percent last year after it booked income from new apartment complexes in New Taipei City and Taoyuan.

The Taipei-based developer expects the figure to rise further this year with planned launches of housing projects at more popular locations, it said.

“The property market witnessed a concrete recovery last year, accounting for an 18.7 percent increase in the company’s revenue to NT$1.34 billion [US$43.43 million],” Shin Ruenn chairman Ben Huang (黃文辰) said.

The company sold 449 apartment units at newly completed complexes in New Taipei City’s Tamsui District (淡水) and near the Taoyuan high-speed railway station, thanks to sales rates of more than 80 percent, Huang said.

First-time buyers and people with relocation needs underpinned the transactions, he said.

Shin Ruenn would continue to focus on developing residential projects in rezoned areas of New Taipei City and Taoyuan, with sales volume likely to reach NT$4.7 billion this year and NT$4.8 billion next year, Huang said.

The company has five construction projects under way and is to book income from projects in New Taipei City’s Banciao District (板橋) and a joint venture in Taoyuan by the end of this year, he said.

There are 600 apartments for sale at the two complexes, with the sale rate already exceeding 60 percent, he said.

“That suggests a bountiful harvest toward the end of the year,” Huang said.

Shin Ruenn is also interested in urban renewal ventures and is in talks with potential partners for development projects in New Taipei City’s Banciao and Yonghe (永和) districts, Huang said.

The company is also seeking opportunities in Taichung and Kaohsiung, he said.