Yulon Motor Co (
"We are still talking to a number of bidders for the project ... The winning proposal will best serve the interests of both parties," Yulon Motor president Chen Kuo-rong (
Yulon Motor's development of an abandoned factory site into a residential and commercial complex in Sindian City, Taipei County, has lured a number of interested developers.
Expected developers
The media has earlier reported that Ruentex Development Co (潤泰創新國際) and Yuanta Construction Development Co (
According to Yulon Group (
Project description
The land development project allots 40,000 pings (3.3m2) for residential use and 60,000 pings for commercial development.
Construction will begin at the end of next year on the commercial complex.
Construction started yesterday on a 10,000-ping public park that is also included in the land development project.
Channeling profits
Yulon Motor hopes to channel profits from the land development project into its core business of auto manufacturing, Chen said.
"Real estate is not our main business, but revenues from these office buildings and hotel development will ensure a smooth cash flow," he said.
Affected by lackluster local auto sales, Yulon Motor last month lowered its revenue forecast for this year to NT$26.8 billion (US$819.4 million) -- a 41.7 percent cut from its earlier projection.
Its income forecast was also slashed to NT$4 billion from NT$5 billion.
The company's shares closed down 1.9 percent to NT$41.2 on the Taiwan Stock Exchange yesterday.
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