Taiwan Land Development Corp (TLDC, 台灣土地開發) plans to raise capital to help fund an ambitious development project in Hualien County, which on Sept. 26 gained noticeable headway with the opening of a Starbucks outlet.
The Taipei-based developer is to issue 113 million common shares at NT$9 each to raise about NT$1.02 billion (US$33 million) by the end of the year, TLDC said.
The proceeds would also be used for debt payments and development projects elsewhere in Taiwan, the firm said.
TLDC owns land totaling more than 450,000 ping (1.49km2) nationwide and plans to build commercial and residential complexes in Hsinchu, Hualien and Nantou counties.
“The company aims to revitalize its assets and increase their value this year and beyond,” TLDC chairman Chiu Fu-sheng (邱復生) said earlier this year.
The endeavor at Hualien Bay (洄瀾灣) gained attention last month following the opening of a uniquely designed Starbucks, while movie theaters are to open by the end of the year in the New Paradise (新天堂樂園) mixed-use complex.
The 80-hectare complex is to feature retail outlets, restaurants, and sports and entertainment facilities, as well as augmented-reality and virtual-reality games that would be launched in phases, a TLDC communication official said earlier this week.
The company is to add hotel rooms and residential apartments when the government completes the Suhua Highway improvement project, said the official, who asked to remain anonymous.
The Starbucks proved popular on its first day, attracting 2,000 guests and earning NT$1.97 million in revenue, the official said, attributing the strong showing to its unique design by Japanese architect Kengo Kuma that uses shipping containers.
TLDC is upbeat about the leisure industry in Hualien, as it is has rich tourism resources that have yet to be tapped, the official said.
The company has leased four piers at the Port of Hualien to offer water sports and activities, such as kayaking and paddle-boarding, with a view to operate cruise services between Yilan County’s Suao Township (蘇澳) and Hualien in the near future, the official said.
“The cruises would help bring more tourists to Hualien, where transportation remains a key barrier,” the official cited Chiu as saying.
It takes at least three hours to travel from Taipei to Hualien by train, and tickets are hard to purchase for the faster Puyuma Express, which takes two hours, the official said.
Shares of TLDC rose 0.99 percent to NT$8.18 yesterday, underperforming the TAIEX’s 2.44 percent rise, Taiwan Stock Exchange statistics showed.
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