Huaku Development Co (華固建設) could see its revenue jump this year with profits from three luxury residential projects, senior company officials said yesterday.
The Taipei-based company gave the guidance on the sidelines of its annual shareholders’ conference that gave its go-ahead to plans to distribute NT$5 per share in cash dividends from earnings per share of NT$3.12 for last year.
The payout rate exceeds 100 percent, a practice that is not uncommon among Taiwanese developers and reflects the company’s positive earnings outlook for this year.
The three projects might generate NT$17.2 billion (US$456.31 million) in revenue upon their completion later this year, Huaku general manager Carson Hung (洪嘉昇) told reporters.
The company is about to complete the “Your Majesty” (華固名鑄) complex on Taipei’s Dunhua N Road and “Delight Gallery” (華固樂慕) on Bade Road, while the “Sweet Garden” (華固新代田) project in New Taipei City’s Tucheng District (土城) is expected to be finished in the fourth quarter, Hung said.
Your Majesty, which features apartments of 100 ping (330m2) and 132 ping, is nearly 90 percent sold and might bring NT$8 billion in revenue, Hung said.
The Delight Gallery and the Sweet Garden might generate NT$5 billion and NT$4.2 billion respectively, he said.
“This year might prove a bountiful year for Huaku,” chairman Chung Long-chang (鍾榮昌) said.
Its sales rates are approaching 45 percent for presale and new housing projects, compared with 42 percent in Taipei and 38 percent in New Taipei City last year, he said.
The company last year refrained from launching new projects and relied on selling existing houses to drive revenue, Chung said.
That would explain why revenue for last year plunged 55.3 percent to NT$4.63 billion from 2017, as company data showed.
Huaku has created a strategy to develop boutique housing that might help it to cope with market changes and recover investment in faster, Chung said.
Three-bedroom apartments of 37 ping are the most popular in Taipei, he said.
Prices might pick up 3 to 5 percent for Huaku products in the Greater Taipei area due to healthy real demand and a lack of land supply, Chung said.
It plans to start construction on a joint venture on Taipei’s Chengde Road and roll out a presale project in the city’s Neihu District (內湖) in the fourth quarter.
‧ Two complexes in Taipei are almost completed: “Your Majesty,” which is nearly 90 percent sold, and “Delight Gallery.”
‧ The “Sweet Garden” in New Taipei City is to be finished in the fourth quarter.
‧ Once all three are finished, they could generate more than NT$17 billion in revenue.
‧ In the fourth quarter, Huaku plans to start construction of a joint venture in Taipei and begin presales for a separate project.
Luxury hotel Mandarin Oriental Taipei (文華東方酒店) plans to reopen its guestrooms in December to take advantage of a boom in domestic travel. The reopening would come six months after the five-star facility suspended room operations to cut costs as countries across the region impose border controls to contain the COVID-19 pandemic, diminishing demand for business travel. “We are delighted to share that Mandarin Oriental Taipei will resume room operations on December 1,” the hotel said in a statement yesterday. The hotel in Songshan District (松山) said it would adopt stringent health and safety practices to ensure the well-being of its guests and employees. It
India’s COVID-19 economic gloom turned into despair this week, on news that its per capita GDP for this year might be lower than that of Bangladesh. “Any emerging economy doing well is good news,” Kaushik Basu, a former World Bank chief economist, said on Twitter after the IMF updated its World Economic Outlook. “But it’s shocking that India, which had a lead of 25% five years ago, is now trailing.” Ever since it began opening up the economy in the 1990s, India’s dream has been to emulate China’s rapid expansion. After three decades of persevering with that campaign, slipping behind Bangladesh hurts
When the COVID-19 pandemic shut down bars and concert halls in the US in March, a new phenomenon was born: the vacation-rental nightclub. Professional party promoters started scanning Airbnb, Vrbo and other short-term rental sites for mansions and luxury condos for hire. Tickets were going for US$90 on Eventbrite and TikTok for soirees with bottle service and DJs. “People were looking to escape from their own homes and came into our tiny neighborhood to party all day, every day,” said Kristen Robinson Doe, a resident of a quiet suburban Dallas neighborhood, where a party pad was being rented out for more than
HSBC Bank (Taiwan) Ltd (匯豐台灣商銀) has approved two sustainability-linked loans totaling NT$450 million (US$15.55 million) for Taya Group (大亞集團) and Sinbon Electronics Co (信邦電子), the bank said yesterday, adding that interest rates would fall if the borrowers’ sustainability performance improves. Those marked the first sustainability-linked loans granted by HSBC Taiwan, it said. While HSBC Taiwan has experience providing green loans for the nation’s developers of renewable energy sources to support their projects, the bank began focusing on sustainability-linked loans to meet rising demand from companies in other sectors planning to undertake sustainability programs, it said. “As we reward our clients who reach their