Taipei-based Huang Hsiang Construction Corp (皇翔建設) has acquired the building that houses the Sogo Department store’s Dunnan branch for NT$13 billion (US$458.05 million) through a share swap, government data showed.
The developer beat the other bidder, Urban Development Concept Holdings Ltd (志榮建設), after the seller, Jen Ai Co (仁愛企業), reportedly demanded an all-cash payment, scaring away other prospective buyers.
The 32-year-old building sits on a 938.9 ping (3,103.8m2) plot in downtown Taipei, where land is so scarce that urban renewal offers the only way for development projects.
The mixed-use complex has 7,269.5 ping of floor space, with tenants that include the buffet Hilai Restaurant (漢來海港餐廳) and Cantonese restaurant Celebrity Cuisine (漢來名人坊).
The two sides closed the deal last month through a share swap, Huang Hsiang said.
Huang Hsiang has not commented on the future of the complex, saying that the building is still bound by a leasing contract.
Great Home Realty Co (大家房屋) lead researcher Mandy Lang (郎美囡) said that the property’s convenient location makes it an ideal project for luxury housing that could fetch more than NT$2.5 million per ping.
As the building qualifies for urban renewal, it could enjoy favorable floor area ratios, Lang said, adding that the developer could turn it into upscale office or retail space, which are in great demand.
Huang Hsiang also owns the property of Renaissance Taipei Shihlin Hotel (台北士林萬麗酒店) near the National Palace Museum and Shilin Night Market.
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