Nan Shan Life Insurance Co (南山人壽) yesterday won the superficies rights to a plot of land in Taipei’s Xinyi District (信義) for NT$15.98 billion (US$523.93 million), a premium of 60 percent on the asking price.
The life insurer won the auction for a 50-year lease to redevelop the 2,147 ping (7,085m2) plot where the Xinyi District Household Registration Office stands, outbidding developers Yuan Lih Group (元利建設) and How Yu Construction Co (豪昱營造).
The office building next to Taipei 101 is qualified for urban renewal, with a preferential floor space ratio of 560 percent of the plot.
The auction result means the Taipei City Government could collect NT$118 million a year in rental income from the plot.
Sinyi Global Management Co (全球資產管理), a property management unit of Sinyi Realty Inc (信義房屋), said the premium reflected the popularity and rarity of superficies rights for plots in the district, where demand for grade-A office space is gaining momentum, but there is no new supply on the horizon.
Vacancy rates in the area have fallen below 3 percent, while monthly rents have climbed to NT$4,500 per ping for new office space, Sinyi Global said.
The rosy outlook explains why Nan Shan Life made a generous offer after occupancy at its affiliated Taipei Nan Shan Plaza next to Taipei 101 reached 80 percent in the first year of operation, Sinyi Global said.
Rents will likely rise above NT$5,000 per ping upon the completion of the new commercial complex, the property broker said.
Potential contenders are turning their attention to an adjacent lot on the site of the Taipei World Trade Center’s Exhibition Hall 3 that is slated for a superficies rights auction in the second half of next year.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors
RSS