International real estate consultancy DTZ (戴德梁行) yesterday announced that the floor price for sale of the five-star hotel Agora Garden (亞太會館) has been set at NT$15 billion (US$459 million), saying the property was an ideal site for developing upscale housing units in Xinyi District (信義).
DTZ general manager Billy Yen (顏炳立) said the auction, to be carried out in two phases and end on Oct. 25, would make Agora the second-highest priced property at NT$6.07 million per ping (3.3m²), next only to an adjacent land plot sold at NT$6.98 million per ping in August last year.
VALUE
Yen said Agora Garden and DTZ arrived at the price in the hope that the would-be land developer would charge at least NT$2 million per ping for the housing complex later.
“We’re seeking a buyer who can see the real value of Agora Garden and make best use of it,” Yen told a media briefing.
“The property market will witness a long-term boom once Taiwan and China sign an economic cooperation framework agreement,” he said.
IDEAL SITE
Paul Sung (宋江澄), general manager of Agora Club and Hotel Development Co, said the land, measuring 2,468 ping (8,144m²), is an ideal site for a 25-story apartment complex with between 40 and 50 units at the most.
Sung said five buyers had expressed interest in Agora Garden and his company would have to screen their development plans before closing the deal.
The seller is due to publish bidding rules and details on Sept. 23. Interested buyers are invited to submit their bids parties by noon on Oct. 20 and start negotiations in the following five days.
LOWER PRICE
Yen said domestic developers should find the price more affordable this time around.
Plans to sell Agora Garden last year for NT$19.9 billion fell through, as potential buyers considered the price too steep.
“The chance of real estate property moving down is unlikely, if not totally impossible,” Yen said.
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