A local consortium yesterday signed an agreement with the Taipei City Government to develop a multibillion-dollar complex near Taipei Railway Station, ending more than a decade of uncertainty over the project.
The consortium — comprised of contract computer maker Clevo Co (藍天電腦) and its property affiliate Hongwell Group (宏匯集團) — is to build two high-rise buildings featuring upscale office space, shops and a five-star hotel, Clevo-Hongwell consortium head Kent Hsu (許崑泰) said at a signing ceremony in Taipei.
“It feels like being admitted to college after an outright rejection,” Hsu told reporters.
Photo: CNA
The consortium in December last year lost a bidding race to a foreign group led by Hong Kong-based Nan Hai Development Ltd (南海發展) and Malaysian property developer Malton Berhad by NT$15 billion (US$496.52 million at the current exchange rate).
However, the Ministry of Economic Affairs’ Investment Commission in June disqualified the winners, citing national security concerns.
The city government had tried, unsuccessfully, to find a developer for the project in five rounds of bidding spanning 13 years.
The project would cost NT$60.6 billion, with support from Hsu’s own capital, bank loans and government funds, the tech tycoon-turned developer said.
The mixed-used complex would feature two buildings of 56 and 76 stories intended to renew the area, with easy access to the railway and High-Speed Rail stations, as well as the Taipei Mass Rapid Transit (MRT) system, the airport MRT Line and bus routes, the consortium said.
The towers would have 160,000 ping (528,926m2) of floor space, half of which would be set aside for grade-A office space, while shops would cover 30 percent and hotel rooms would occupy 10,000 ping, Hsu said, adding that there would also be performance halls.
The consortium plans to operate the shopping mall itself and is in talks with international hospitality brands on potential collaboration, he said.
“We will team up with whichever partner can generate the highest return,” Hsu said.
The consortium has promised landlords — the city government and other private owners — monthly rent of NT$2,500 per ping, which means that it needs to charge higher rates to turn a profit after the complex starts operations in 2027, Hsu said.
Local property funds have flowed to office buildings development due to a lack of new products on the horizon, he said, adding that the trend could reverse the landscape and create oversupply in a few years.
The consortium is prepared, as it deems the project a long-term investment that might not generate a profit in the first 10 years of operations, he said.
It would take two years for the venture to clear urban renewal reviews and another four to five years for construction and use license applications, he added.
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