The Gloria Hotel Group (華泰大飯店集團) expects the first phase of its outlet shopping mall — Gloria Outlets (華泰名品城) — to start operations in August and generate as much as NT$4 billion (US$125 million) in sales in the first year.
The mall is located in a commercial area near the Taiwan High Speed Rail’s Taoyuan station that Cathay Life Insurance Co (國泰人壽) won a 50-year leasehold of in 2012. Cathay plans to invest NT$20 billion to build a 300-room luxury hotel, an office complex and cinemas on the site.
Gloria Hotel vice chairman and chief executive John Chen (陳炯福) had set an annual sales target of between NT$2.5 billion and NT$3 billion for the mall’s phase-one operation.
Seeing as the company has signed up 100 commercial tenants, with more international luxury brands joining than it expected, Chen said he is confident that annual sales could reach between NT$3 billion and NT$4 billion.
Information provided by Gloria Outlets shows that Giorgio Armani, Loewe, Salvatore Ferragamo, Versace and Coach will be among the luxury brands opening shops at the mall in Greater Taoyuan.
Consisting of four phases, the mall will be able to accommodate 260 tenants when it is finished.
The second phase is scheduled to start operations in spring next year, while the last two phases will commence in winter next year and the first half of 2017.
“We expect to make NT$10 billion in annual sales once all four phases are complete,” Chen said.
Teaming up with The Outlet! Company, a US-based developer and operator of outlet centers, Chen said Gloria Outlets will be the first Western-style outlet mall in the nation, making it different from its domestic rivals.
Currently, E-DA Outlet Mall (義大世界購物廣場) in Greater Kaohsiung is the most commonly known outlet center in Taiwan. Japan’s Mitsui Fudosan Retail Management Co is also scheduled to launch an outlet mall in New Taipei City’s Linkou District (林口).
Other than the land development project in Taoyuan, Gloria Hotel also teamed up with Cathay Life and Mercuries Life Insurance Co (三商美邦人壽) and won the Taiwan Railways Administration’s tender for a land development project in Taipei’s Nangang District (南港).
The Nangang Marshalling Yard Urban Regeneration Project will include a residential building, with a commercial complex, offices and a hotel, with total investment estimated at NT$31 billion.
PERSISTENT RUMORS: Nvidia’s CEO said the firm is not in talks to sell AI chips to China, but he would welcome a change in US policy barring the activity Nvidia Corp CEO Jensen Huang (黃仁勳) said his company is not in discussions to sell its Blackwell artificial intelligence (AI) chips to Chinese firms, waving off speculation it is trying to engineer a return to the world’s largest semiconductor market. Huang, who arrived in Taiwan yesterday ahead of meetings with longtime partner Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), took the opportunity to clarify recent comments about the US-China AI race. The Nvidia head caused a stir in an interview this week with the Financial Times, in which he was quoted as saying “China will win” the AI race. Huang yesterday said
Nissan Motor Co has agreed to sell its global headquarters in Yokohama for ￥97 billion (US$630 million) to a group sponsored by Taiwanese autoparts maker Minth Group (敏實集團), as the struggling automaker seeks to shore up its financial position. The acquisition is led by a special purchase company managed by KJR Management Ltd, a Japanese real-estate unit of private equity giant KKR & Co, people familiar with the matter said. KJR said it would act as asset manager together with Mizuho Real Estate Management Co. Nissan is undergoing a broad cost-cutting campaign by eliminating jobs and shuttering plants as it grapples
The Chinese government has issued guidance requiring new data center projects that have received any state funds to only use domestically made artificial intelligence (AI) chips, two sources familiar with the matter told Reuters. In recent weeks, Chinese regulatory authorities have ordered such data centers that are less than 30 percent complete to remove all installed foreign chips, or cancel plans to purchase them, while projects in a more advanced stage would be decided on a case-by-case basis, the sources said. The move could represent one of China’s most aggressive steps yet to eliminate foreign technology from its critical infrastructure amid a
MORE WEIGHT: The national weighting was raised in one index while holding steady in two others, while several companies rose or fell in prominence MSCI Inc, a global index provider, has raised Taiwan’s weighting in one of its major indices and left the country’s weighting unchanged in two other indices after a regular index review. In a statement released on Thursday, MSCI said it has upgraded Taiwan’s weighting in the MSCI All-Country World Index by 0.02 percentage points to 2.25 percent, while maintaining the weighting in the MSCI Emerging Markets Index, the most closely watched by foreign institutional investors, at 20.46 percent. Additionally, the index provider has left Taiwan’s weighting in the MSCI All-Country Asia ex-Japan Index unchanged at 23.15 percent. The latest index adjustments are to
RSS