Taipei-based developer Radium Life Tech Co (日勝生) expects to return to profitability this quarter from booking profit from two newly completed residential projects in Taipei and Taoyuan.
Radium, known for its MRT joint development projects, reported net losses of NT$168.77 million (US$6.07 million) in the first three quarters of the year, or losses of NT$0.19 per share, as rental income took a hard hit from a local COVID-19 outbreak, company spokesperson Christine Chen (陳婷婷) said yesterday.
The company reported net losses of NT$72.94 million in the third quarter, compared with a net profit of NT$215.01 million a year earlier, as consolidated revenue fell to NT$1.17 billion from NT$2.14 billion over the same period.
Photo: Wang Kuan-jen, Taipei Times
Radium is the landlord of a mixed-use complex that houses department store Qsquare (京站時尚廣場), five-star hotel Palais de Chine (君品酒店) and Taipei Bus Station.
The company has to lower rent significantly, as all three tenants saw their business slump when the government imposed a nationwide level 3 COVID-19 alert, Chen said, adding that the situation has improved after locally transmitted infections dropped to zero and authorities started to encourage consumer activity.
The developer is waiting for regulatory approval to turn over ownership of two residential complexes in Taipei and Taoyuan by the end of this year so it can book revenue and profit from the projects, Chen said.
At issue are the joint development projects above Taipei’s Da-qiaotou MRT Station (大橋頭站) and at Taoyuan’s fast-growing Cingpu District (青埔), which could generate NT$4 billion and NT$1.7 billion in sales respectively, Chen said.
Radium has sold out its share of apartments at Cingpu and sold 90 percent of units available at Daqiaotou, she said.
“That is why we are upbeat about the company’s financial performance this quarter and beyond,” Chen said.
Radium plans to raise selling prices for all projects under way to reflect spikes in labor and building material costs, she added.
Radium is developing a massive complex for retirees in New Taipei City’s Sanjhih District (三芝) and has sold 50 percent, or 200 units, at more than NT$300,000 per ping (3.3m2), much higher than local housing rates, Chen said.
Buying interest is strong as Taiwan’s population is aging rapidly, she said.
The retirement complex is expected to generate NT$3.5 billion to NT$4 billion in sales, she said.
Furthermore, Radium plans to spend NT$3 billion on three MRT joint development projects in Taichung and has won a contract to build an upscale office building on Taipei’s Guanqian Road near Taipei Railway Station, Chen said.
The company is to pour NT$8.5 billion into an urban renewal project near Kaohsiung Railway Station and is planning a retirement community in the southern port city’s Cishan District (旗山), she said.
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