Continental Development Corp (大陸建設) yesterday announced the completion of the luxury Treasure Garden (寶格) residential complex in Taichung, which is to become the most expensive housing in central Taiwan.
The building has 39 floors above ground and six basement floors on a plot of 814 ping (2,691m2) near the Taichung Opera House and the city hall in Situn District (西屯).
It offers 66 upscale apartment units that range from 147 to 187 ping and are priced between NT$90 million and NT$150 million (US$3.1 million and US$5.16 million) each, or NT$750,000 to NT$950,000 per ping, officials said.
The price tags exclude parking spaces costing between NT$2.5 million and NT$3 million each, they said.
The developer has sold 70 percent of the complex, leaving only 17 units available, Continental chairman Christopher Chang (張良) said.
Most buyers work in the non-technology manufacturing sector in central Taiwan, Chang said.
“Location, brand and design top the list of concerns among home buyers,” he said.
The Taipei-based developer invited Italian architecture firm ACPV to design the building’s exterior and interior, Chang said.
ACPV is responsible for designing the Bulgari Hotels in London, Milan and Bali.
Architects Antonio Citterio and Patricia Viel designed Treasure Garden’s apartments and public space. The renowned pair are to also design the interior of an upcoming five-star Park Hyatt hotel in Taipei’s Xinyi District (信義).
The luxury home market — which has been under pressure from the government’s measures to curb property fever — showed signs of recovery late last year amid a stable economy at home and abroad, major developers Farglory Land Development Co (遠雄建設), Shining Building Business Co (鄉林) and Highwealth Construction Corp (興富發) have said.
However, the central bank still maintains credit controls on luxury houses, capping mortgages on such homes at 60 percent of the property value, 10 percent lower than for other housing products.
Treasure Garden is to make earnings contributions to Continental Development from this quarter, officials said, declining to elaborate.
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