The Taipei 101, the nation’s highest skyscraper, in the city’s Xinyi District (信義), has squeezed out Shin Kong Life Tower (新光摩天大樓) across the Taipei Railway Station as the “King of the Land,” with an estimated value of NT$5.02 million (US$169,000) per ping (3.306m2).
Taipei 101’s value rose 17 percent from last year, while Shin Kong Life Tower, valued at NT$4.99 million per ping, climbed 13.8 percent during the same period, according to the annual land price assessment report released by Taipei City’s Department of Land.
Department commissioner Huang Rong-feng (黃榮峰) said that the value of the Taipei 101 has risen in recent years thanks to rapid development in the district and the launch of the MRT’s Xinyi Line last month.
Lower interest rates, combined with better public infrastructure and more major property development projects around the city, contributed to a rapid growth in real-estate prices, he added.
Following the government’s introduction in August last year of a policy on the registration of actual real-estate transaction prices, the city government assesses property values in accordance with the transaction database, and expects to narrow the gap between the government-assessed land value and real-estate market prices.
“The actual real-estate price registration policy allows us to offer more accurate assessments on land prices in the city. We will also conduct analyses of land price changes for individual properties or urban renewal projects to provide the public with more information,” he said.
For next year, land prices in the city are forecast to rise by an average of 13 percent from this year — the biggest increase in the past 22 years, he said.
The report also showed that among the city’s 12 administrative districts, Daan (大安), Zhongzheng (中正) and Xinyi recorded the biggest increase in value, rising by more than 14 percent from last year.
The Palace (帝寶) residential complex on Renai Road in Daan District remains the most expensive complex in Taipei, with a land price of NT$2.8 million per ping. Second is the Royal Castle (皇翔御琚) in Xinyi District, valued at NT$2.3 million per ping.
Wanhua (萬華) and Wenshan (文山) districts showed the slowest increase in value at just over 10 percent, the report showed.