Continental Development Corp (CDC, 大陸建設) yesterday launched presales for a residential building project in Taipei’s Xinyi District (信義), unfazed by sustained credit controls and sluggish sales for luxury homes.
The project, named the 55 Timeless Tower, is to feature 43 upscale apartment units of 140 ping (462m2) and 260 ping on Xinyi Road, Sec 5 that aim to help turn the luxury home market around after two years of weakness, Continental Development chairman Christopher Chang (張良吉) said at a news conference.
“The worst for the housing market is over now that the central bank has removed credit controls for all housing and land deals except upscale houses,” Chang said.
Chang expressed confidence over sales, saying that affluent people would not mind a 60 percent cap on mortgages in terms of the loan-to-value ratio.
Real-estate ranks the most favored asset allocation tool among Taiwanese, while low interest rates worldwide make cash or alternative investments unattractive, he said.
Furthermore, officials at both the central government and the Taipei City Government have indicated willingness to ease property taxes in a bid to invigorate the nation’s economy, the developer said.
Toward that end, the government should take action to encourage new housing projects that offer greater business opportunities for firms in the supply chain than existing home transactions do, Chang said.
The 55 Timeless Tower is likely the last residential project in Xinyi District in the foreseeable future due to a lack of available land and legal disputes plaguing plots, he said.
Continental Development refused to reveal price tags for its latest project — consistent with market practice in Taiwan — to avoid raising eyebrows among government authorities, which remain concerned about unaffordability.
Designed by award-winning US architect Richard Meier, the 55 Timeless Tower is to have 31 floors above ground and four basement levels, Continental Development said, adding that the project might generate NT$22 billion (US$678.26 million) in revenue.
That suggests an asking price of NT$2.89 million per ping in light of the total floor space of 7,600 ping, company data indicated.
“The market appears to have difficulty accepting homes valued at NT$3 million per ping as evidenced by official transaction data for existing homes... The 55 Timeless Tower will guarantee the best quality, but not the highest price,” Chang said.
For the whole of this year, Continental Development plans to roll out NT$40 billion worth of new home projects.
The company is also working with My Humble House Hospitality Management Consulting Co (寒舍餐旅) to turn an old office building into a mixed-use boutique hotel at the intersection of Songjiang and Nanjing E roads in Taipei.
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