Taipei 101 remains the commercial property with the highest land value in Taipei for the eighth consecutive year, the Taipei Department of Land Administration said yesterday.
The land value of Taipei 101, the tallest building in the nation, rose to NT$1.83 million (US$64,253) per square meter, or NT$6.07 million per ping (3.3m2), up 2.11 percent from a year earlier, the department’s land valuation assessment report showed.
Over the past eight years, the land value of the building has risen 20.86 percent, Pan Yi-ju (潘依如), head of the department’s land value division, told reporters.
Photo: David Chang, EPA-EFE
Shin Kong Life Tower (新光摩天大樓), across from Taipei Railway Station, followed with a land value of NT$1.78 million per square meter, or NT$5.88 million per ping, the report showed.
The building had the highest land value in Taipei from 2000 to 2013 before Taipei 101 took the top spot, the department said.
As for residential properties, the Palace Mansion (宏勝帝寶) on Renai Road had the highest land value of NT$1.33 million per square meter, or NT$4.39 million per ping, for the 10th consecutive year, the report showed.
Land values in Taipei this year rose an average of 2.17 percent from a year earlier, the third straight year in which values have risen, Pan said, adding that property and home values in the city have grown “gradually and steadily” over the past few years.
Among the 4,668 sections in Taipei, the value of 4,312, or 92.37 percent, rose this year, while the value of 209 sections remained flat, and the value of the remaining 147 sections fell, she said.
Among the 12 administrative districts in Taipei, Nangang District (南港) reported the highest increase in land value, with an increase of 3.38 percent, due to new city planning projects, the report showed.
Wenshan District (文山) reported the lowest hike of 1.01 percent, owing to its relatively remote location, less convenient transport links, and as large areas of land are designated as protected and cannot be developed.
The COVID-19 pandemic has adversely affected some commercial property in Taipei, with the land value of Shilin Night Market (士林夜市), which used to be a popular tourist destination, declining 1.93 percent amid enhanced border controls and a significant drop in international travel, Pan said.
In addition, the land value in the Ximen (西門) and Eastern business circles, both of which previously relied on tourism, fell 0.43 percent and 0.30 percent respectively, she said.
Department of Land Administration Commissioner Chang Chih-hsiang (張治祥) said some international hotels in Taipei were also affected by the pandemic, with the Mandarin Oriental Hotel’s (文華東方酒店) land value falling 2.01 percent, the steepest drop among luxury hotels.
The report on real-estate values is submitted annually to the central government’s Land Evaluation Committee, which uses the data to determine compensation in cases where private property in the city is expropriated by the government for public use under the Equalization of Land Rights Act (平均地權條例).
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