Continental Development Corp (大陸建設) is seeking to shift its focus away from luxury homes to more affordable housing, which has dominated the market in recent years, chairman Christopher Chang (張良吉) said on Thursday last week.
The adjustment in strategy is in line with instructions from Nita Ing (殷琪), chairwoman of parent company Continental Holdings Corp (欣陸控股), that the developer meet the needs of average home buyers, not just affluent customers, Chang told a media briefing in Taipei.
As a result, Continental Development has acquired several plots of land in New Taipei City’s Sindian District (新店) and Taichung’s Dakeng Scenic Area (大坑風景區), locations that are not considered central, Chang said.
The firm plans to construct small apartments with attractive prices on those lots as early as next year, he said.
“We have acquired sufficient amounts of land to guarantee stable sales for five to six years,” Chang added.
The company’s sales volume could reach NT$32 billion (US$1.07 billion) for this year, with NT$26 billion of that being under the firm’s control and the rest being joint venture capital, he said.
The developer has no intention of cutting prices for completed houses to facilitate transactions, it said, adding that its land acquisition costs were high and the company is not in need of cash.
The sales rate for space in the developer’s luxury residential tower in Taipei’s prime Xinyi District (信義) is close to 50 percent, and might reward its patience after all, he said.
The sales rate for residential space in a presale mixed-use building in the city’s Zhongshan District (中山) might hit 40 percent, he said, adding that the hotel space could generate nearly NT$3,000 per ping.
The building’s boutique hotel is to offer 110 guestrooms on the first to ninth floors and 127 residential units of 25 to 52 ping (83m2 to 172m2) on the 10th to 24th floors, he said, adding that the hotel’s swimming pool would be available to all residents.
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