Phoenix Property Investors Ltd (豐泰地產投資), a global property investment fund based in Kong Kong, plans to introduce its first upscale residential project in Taipei later this month, to tap into the fledgling luxury housing market here, company executives said yesterday.
With capital of US$600 million from the US, Europe and Asia, Phoenix aims to launch residential properties with values of at least NT$40 billion (US$1.3 billion) in Greater Taipei in the coming three years, company board director Tina Kan (簡淑婷) told a media briefing in Taipei.
“The company will go ahead with the investment plan, unruffled by the increasing global economic uncertainty,” Kan said. “We maintain a positive view about the sector’s long-term growth and will ignore short-term volatility.”
Phoenix Property made Global Asset Management Co (全球資產), an asset management segment of Sinyi Realty Inc (信義房屋), its sales partner to put the premiere product, a nine-unit apartment complex in Tienmu, Taipei, on the market in Greater China and Japan.
RENOVATED
Phoenix bought the four-year-old building from Taiwan Life Insurance Co (台灣人壽) for NT$550 million in 2009 and renovated it with help from New York-based architect and interior designer Calvin Tsao (曹慰祖), Kan said, adding that the project is Tsao’s first work in Asia.
Phoenix intends to import its successful business model from Hong Kong, whereupon the investment fund seeks to take profit from acquiring dilapidated buildings in prime locations and upgrading them into artistic, luxurious residential and commercial properties, Kan said.
Taiwan’s warming trade ties with China open the door to many new investment opportunities for foreign firms and Phoenix Property decided to jump on the bandwagon, she said.
The upcoming project in Tienmu has nine apartment units measuring 85 ping (280m2) each and is expected to generate NT$1.5 billion in revenue, although Phoenix has yet to agree on the price tag, Global Asset president James Ko (柯宏安) said.
LUXURY
Luxury housing units in the neighborhood cost about NT$1.4 million per ping, Ko said.
Phoenix Property also plans to launch a revamped villa complex in Xindian District, New Taipei City (新北市), next year and is evaluating participation in auctions of landmark commercial properties in Taipei City’s Xinyi District, Ko said.
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