About 90 households from a 22-year-old building in Neihu, which was found to contain sea sand in its structure, potentially weakening it, are expected to move into a new 22-story building in 2012, benefiting from the city’s urban renewal awards, the new project’s lender, Taipei Fubon Bank (台北富邦銀), said yesterday.
The new 141-unit project, which broke ground yesterday on an 827 ping (2729m²) plot of land on Kangle Street, will cost NT$670 million (US$20.8 million) to build.
EXTRA INCOME
It is expected to generate an extra income of about NT$780 million after each household from the original community is given one unit back, Hung Wen-hsing (洪文興), an assistant manager at the bank, said on the telephone.
Hung added that, upon completion, the remaining 51 units will have a total floor space of 1,676 ping, which will be put up for sale for a possible unit price of between NT$430,000 and NT$450,000 per ping, along with 50 parking lots.
Via the renewal project, the community’s residents, who originally lived in 18 five-story apartments, will be able to embrace a better living environment or a better value for their properties, with the extra return sufficient to repay construction costs, the banker said.
Hung said the new project has secured a loan of up to NT$900 million from his bank.
COMMUNITY
Taipei Fubon Bank has also financed a community in Tucheng (土城), Taipei County, for another renewal project, which was completed in May, the bank said in a press statement.
The bank hopes to help more Taipei community buildings that are considered structurally hazardous to take the initiative and launch renewal projects as about 1,800 households still live in 43 buildings that have been found to contain sea sand, its statement said.
It added that another 19 similar communities had been demolished.
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