The first stage of a government project to build affordable housing units in Taiwan got off the ground in New Taipei City (新北市) yesterday.
The units will be constructed in Fujhou Borough (浮州) in Banciao District (板橋) at a cost of NT$43 billion (US$1.42 billion) and are scheduled to be completed by April 2015. The project comprises 4,480 residential units, ranging in size from 15 ping (49.6m2) to 35 ping, and 138 storefront units.
The housing units will be sold at NT$195,000 per ping and 10 percent of the units will be made available for rent.
The project is part of a government policy to create more affordable housing, said Premier Wu Den-yih (吳敦義), who presided over the groundbreaking ceremony with New Taipei City Mayor Eric Chu (朱立倫).
In the next stage of the plan, 3,000 residential units will be constructed in the area near the currently designated “A7” station of the MRT line that is being built to connect Taipei and Taiwan Taoyuan International Airport, Wu said.
“They will provide great assistance to young people who need affordable housing,” he said.
To prevent speculation, buyers would not be permitted to resell the properties within 10 years of purchase, the premier said.
In addition to the construction project, the government would make unused state buildings in downtown urban areas available to young residents for purchase or rent, Wu said.
Young people interested in purchasing such units would have access to low-interest government loans administered by the banks, while those who wish to rent would be offered a government subsidy, he said.