Continental Development Corp (大陸建設) yesterday started selling small apartments in the heart of San Francisco, California, as the Taipei-based company seeks to expand at home and abroad.
The mixed-use complex, Serif (尚芮), on the intersection of Market Street and Turk Street is set to include 242 condominiums and an upscale hotel upon its completion in July, Continental Development chairman Christopher Chang (張良吉) told a news conference in Taipei.
The project — in which Continental Development owns a 54 percent stake, with Taoyuan-based Formosan Rubber Group (厚生) and US developer L37 Partners owning 24 percent and 11 percent respectively — would cost US$400 million to develop and follows a similar investment in Malaysia, Chang said.
Photo: Chen Yung-chi, Taipei Times
All parties are upbeat about the local property market that has benefited from its convenient location, near shopping areas, Silicon Valley and prestigious universities, he said.
All condo units measure between 11 and 35 ping (between 36.4m2 and 115.7m2), with mainstream units priced about US$1 million, L37 managing partner Joy Ou (歐慧瓊) said.
Demand remains strong for small apartments in the Bay Area, supported by the creation of 400,000 jobs in the past few years and a modest increase in building permits, at 60,000, Ou said.
Small apartments have been popular in San Francisco due to its dense population of affluent singles, she said, adding that the elegant modern design would strike a chord with the target customers.
The complex has 12 stories above ground and two basement floors.
Continental said it would ask Sydell Group to run the hotel, which would feature 236 luxury guest rooms, as it has been impressed by its diverse portfolio in Chicago, Los Angeles, Miami, New York, Washington and other major US and international cities.
The company said it would reserve 36 units for Taiwanese buyers, and 40 percent has already been sold to young wealthy professionals.
Taipei-based Master Real Estate Co (大師房屋), which is selling Serif units on behalf of Continental, said the supply shortage in the Bay Area would persist for 40 years because of development restrictions.
Buying interest is strong among rich Taiwanese, Master Real Estate chairman Simon Chen (陳建慶) said.
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