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.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has approved a capital budget of US$31.28 billion for production expansion to meet long-term development needs during the artificial intelligence (AI) boom. The company’s board meeting yesterday approved the capital appropriation plan for purposes such as the installation of advanced technology capacity and fab construction, the world’s largest contract chipmaker said in a statement. At an earnings conference last month, TSMC forecast that its capital expenditure for this year would be at the higher end of the US$52 billion to US$56 billion range it forecast in January in response to robust demand for 5G, AI and
NEW MARKET: The partnership opens up India to the Dutch company, which already has a strong hold in the semiconductor market of South Korea, Taiwan and China ASML Holding NV entered into a partnership agreement with Tata Electronics Pvt Ltd aimed at ramping up India’s goal to develop domestic chip-manufacturing capabilities. The Dutch company’s technology would help power Tata Electronics’ planned 300 millimeter (mm) semiconductor foundry in Gujarat, according to a joint statement from the two companies on Saturday. The signing of a memorandum of understanding coincides with a visit by Indian Prime Minister Narendra Modi to the Netherlands, which is looking to deepen bilateral relations with New Delhi. ASML, whose top customers include Taiwan Semiconductor Manufacturing Co (台積電) and Samsung Electronics Co, makes lithography machines that can print
PORTFOLIO REBALANCING: The adjustments in three global equity indices reflect rising investor appetite for semiconductor and artificial intelligence-related stocks Taiwan’s weighting in major global equity indices compiled by MSCI Inc is to rise modestly following the latest quarterly review, underscoring the market’s expanding role in emerging-market portfolios, as global investors continue to favor the nation’s technology sector. Taiwan’s weighting in the MSCI Emerging Markets Index is to increase by 0.30 percentage points to 23.76 percent, after the changes take effect at the close of the May 29 session. Its weighting in the MSCI All-Country Asia ex-Japan Index is to rise 0.37 percentage points to 27.16 percent, while that in the MSCI All Country World Index is to edge up slightly to
The Hsinchu County Government’s Labor Affairs Department yesterday said that it has received a plan from cosmetics brand Taiwan Shiseido Co (台灣資生堂) detailing mass layoffs at its plant in Hukou Township (湖口). While the labor authorities did not disclose the number of employees to be laid off, Japanese news media earlier in the day reported that the closure of the company’s factory in Hukou would result in 170 employees losing their jobs. Shiseido followed the law by reporting its layoff plan, the department said, adding that authorities would closely monitor negotiations between the management and affected employees and step in if any
RSS