Developers and contractors in northern Taiwan plan to introduce NT$260.78 billion (US$9.22 billion) in new projects for the spring sales season, representing an increase of 43 percent from a year earlier, as they remain upbeat about a continued boom amid an economic upturn, the Chinese-language My Housing Monthly said.
The spike is also due in part to delayed project launches from the previous quarter, when the central bank tightened credit controls by lowering loan-to-value ratios from a cap of 80 percent to a cap of 55 to 65 percent for corporate and multiple-home buyers, as well as unsold houses and land financing, the property publication said.
New projects totaling NT$118 billion are to come onstream in Taipei, as developers give luxury housing another try in the city’s Xinyi (信義), Zhongzheng (中正), Songshan (松山) and Daan (大安) districts, research head Ho Shih-chang (何世昌) said.
Luxury apartments have grown unpopular over the past few years due to high house taxes, Ho added.
The spring sales season runs from March 29 to April.
New projects in New Taipei City, totaling NT$88.5 billion, would mostly be concentrated in rezoning areas in Sindian (新店), Sanchong (三重) and Tamsui (淡水) districts, the magazine said.
Office spaces would account for NT$20 billion, as demand picks up, Ho said.
New projects in Taoyuan are focused in areas near Taiwan Taoyuan International Airport, totaling NT$40 billion, with few projects elsewhere in the special municipality, it said.
Developers have cut back on new projects in Hsinchu, totaling less than NT$10 billion this time around, as controversial marketing strategies last year prompted authorities to ban transactions of presale projects.
While the supply of new projects appear unaffected by credit controls, the sales rate would determine if buyers share the same sentiment, Ho said.
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