Taipei’s top luxury home projects are about to sell out following years of inventory corrections and price concessions, a report by the Chinese-language Housing Monthly (住展雜誌) said yesterday.
The magazine defines extravagant homes as those valued at NT$2 million (US$65,563) per ping (3.3m2) and up.
“The luxury home market is running out of stock as years of price concessions and inventory adjustments pay off,” Ho Shih-chang (何世昌), the magazine’s research manager said, in the report.
Peace Palace (和平大苑), an urban renewal project between Yuanlih Construction Enterprise Group (元利建設) and private owners, that launched in 2016 is 70 percent sold, Ho said.
The high-rise at the intersection of Heping E Road and Jingshan S Road gained attention when singer-songwriter Jay Chou (周杰倫) bought the top two floors for NT$2.25 million per ping, Ho said, citing the government real-price transaction data.
The newly completed 55 Timeless Tower (琢白) by Continental Development Corp (CDC, 大陸建設) in the Xinyi District (信義) is more than 60 percent sold, the report said.
The tower is popular with buyers in their 40s and 50s, due to its simple and elegant design by award-winning US architect Richard Meier, the report said.
The building features 43 units of 140 ping and 260 ping, and is relatively affordable, compared with similar nearby properties after CDC cut prices, the report said.
The Sherwood Residence (西華富邦), a 198-unit serviced apartment building in the Dazhi area (大直) with upper floors that overlook the Keelung River and Taipei International Airport (Songshan airport), has about 40 larger units available, while the smaller 108-ping units are all sold, the report said.
Huaku Development Co (華固建設) recently sold all 25 units in an upscale building on Dunhua N Road, which boosted its revenue more than fourfold in the first 10 months of this year from a year earlier and sent its share prices up this month, the report said.
Sale rates hovered around 70 percent at Huaku Development project in the Tianmu area (天母), it said.
The slow, but gradual recovery in the luxury home market has led developers to be less flexible on pricing, Ho said.
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