As of last week, the value of urban renewal projects in Taipei and New Taipei City totaled NT$85.3 billion (US$2.77 billion) for the year and the figure is bound to exceed NT$100 billion for the year as the projects become a main source of new construction, despite long construction times, the Chinese-language Housing Monthly (住展雜誌) said yesterday.
As of Wednesday last week, there were 39 urban renewal projects in the two cities, up from 31 in all of last year, the magazine said.
“The rest of the year might see an additional NT$25 billion worth of renewal projects, raising the overall volume for the year to NT$110 billion, with the Diamond Tower project on the site of a former public housing complex among those not yet included,” Housing Monthly research manager Ho Shih-chang (何世昌) said.
The volume will soar if Sanyuan Group (三圓建設) and Lung Ling Development Co (龍麟建設), which won bidding for the Diamond Tower contract, launch the project by the end of this year as planned, Ho said.
The Diamond Tower project is for two high-rise, mixed-use buildings on 1,545 ping (5,107m2) of land near the Zhongxiao-Fuxing MRT Station in Taipei.
The Ministry of Finance, which owns 37.36 percent of the land, would own one building and set an example of how the government can guide private money to public construction without spending a dime, ministry officials have said.
Renewal projects have gained force since 2013, with their value more than doubling in 2016 and rising above NT$100 billion last year, Ho said.
The pace might continue to increase due to a lack of undeveloped land in Taipei, which is why the capital accounts for more than 30 percent of renewal projects nationwide, he said.
Taipei’s Zhongshan District (中山) has seen the most investment, with projects there having a combined value of NT$16.2 billion, followed by Zhongcheng District (中正) with NT$11.1 billion, Beitou District (北投) with NT$8.9 billion and Wanhua District (萬華) with NT$8.4 billion, the magazine said.
New Taipei City’s Jhonghe District (中和) is next with NT$7.6 billion, it said.
Beitou, Wanhua and Jhonghe are not considered central or popular and are therefore easier to integrate, Ho said, adding that it took 22 years to overcome resistance among residents over the Diamond Tower project.
Apartments in renewal projects tend to have higher asking prices, leading to a decline in transactions in recent years, Ho said.
The situation has shown improvement this year after builders shifted focus from big to small apartments and cut prices to facilitate transactions, he said.
A stable economy and low interest rates lend support to the property market, he said.
Alibaba Group Holding Ltd (阿里巴巴) founder Jack Ma (馬雲) has been living in Tokyo for almost six months after disappearing from public view following China’s crackdown on the tech sector, the Financial Times reported yesterday, citing multiple unnamed sources. The billionaire has kept a low profile since the crackdown, which has included Chinese regulators scrapping the initial public offering of Ma’s Ant Group Co (螞蟻集團) and issuing Alibaba with record fines. However, the Times said he has spent much of the past six months with his family in Tokyo and other parts of Japan, along with visits to the US and Israel. The
‘REVOLUTION’: Elon Musk complained over a 30 percent fee Apple collects on Apple Store transactions and said the technology company has stopped advertising on Twitter Twitter Inc owner Elon Musk on Monday opened fire against Apple Inc over its tight control of what is allowed on the App Store, saying the iPhone maker has threatened to oust his recently acquired social media platform. Musk also joined the chorus crying foul over a 30 percent fee Apple collects on transactions via its App Store — the sole gateway for applications to get onto its billion-plus mobile devices. A series of Twitter posts fired off by Musk included a meme of a car with his first name on it veering onto a highway off-ramp labeled “Go to War,” instead
‘COMPETITIVE EDGE’: The local semiconductor sector would continue to outstrip the global industry, whose revenue is expected to contract 3.6 percent, ITRI said The production value of Taiwan’s semiconductor industry would expand 6.1 percent annually to about NT$5 trillion (US$161.5 billion) next year, as demand for advanced chips used in high-performance-computing and artificial intelligence devices are less prone to mounting inflation and external uncertainties, the Industrial Technology Research Institute (ITRI, 工研院) said yesterday. That means the local semiconductor sector would continue to outstrip the global semiconductor industry, whose output is expected to contract 3.6 percent annually to US$596 billion next year, Gartner Inc has said. However, ITRI’s latest forecast represents a downgrade from its previous projection of 10 percent growth, as demand for PCs,
GLOBAL EXPANSION: The manufacturer said it increased its stake in the Chinese unit to 1.5 billion yuan and started rolling out electric Lordstown trucks at its Ohio plant Hon Hai Precision Industry Co (鴻海精密) has increased its investments in the Czech Republic and China by more than NT$6 billion (US$196 million) as part of its global expansion. The company, known as Foxconn Technology Group (富士康科技集團) internationally, has also begun shipping electric pickup trucks produced for US brand Lordstown Motors Corp. In a Taiwan Stock Exchange filing on Friday, Hon Hai said it has raised investments in its Czech subsidiary Foxteq CZ by US$58.98 million through its PCE Paragon Solutions Kft unit. In the Czech Republic, Hon Hai has a research-and-development center and a product design center, and it assembles monitors, cellphones,