The Bureau of High Speed Rail confirmed yesterday that Cathay Life Insurance was chosen to develop the industrial district near the high-speed rail’s Taoyuan Station, adding that the firm and its investor plan to spend more than NT$20 billion (US$677 million) to develop the 21.88 hectare site.
The deal is currently the largest development project along the high-speed rail route, the bureau said.
Cathay was the only interested developer attending the bid, which was finalized on Monday, the bureau said. A contract is scheduled to be signed before the end of the year, the bureau said.
The bureau said Cathay had teamed up with Gloria Hotel Group to bid for the project because they saw the advantage of the industrial district being near the high-speed rail system, airport rail and the Taiwan Taoyuan International Airport. They plan to turn the property into an “international business town.”
The bureau said the Cathay-Gloria team has planned to bring in the nation’s first outdoor shopping outlet, with more than 250 global brands. In its presentation to the bureau, the team said it has planned to build other facilities, including an office building for international corporations as well as an international hotel resort. It planned to expand the scale of development by attracting international businesses to establish operational bases at the site or build an amusement park, depending on the situation in the market.
The team estimated the entire development project, with its proximity to the nation’s two main railway systems and the airport, could draw more than 7 million visitors per year from around the nation and overseas, generate a tourism output of at least NT$10 billion and create more than 2,000 jobs.
The bureau said the contract would allow Cathay to have the exclusive right to use the property for 50 years, adding that its first stage of development is scheduled to become operational by the end of 2016.