Commercial property transactions last quarter declined 19 percent from the previous quarter to NT$27.7 billion (US$929.22 million), as monetary tightening and economic uncertainty pushed buyers and sellers to the sidelines, Cushman & Wakefield Taiwan (戴德梁行) said on Tuesday.
Office and industrial spaces accounted for NT$15.18 billion, or 54.9 percent of the overall trading, driven by expectations of increased rental incomes, the property consultancy said.
Rental income calculations led Kung Ching International Development Co (坤慶國際) and Universal Estate Development Co (環泥建設) to acquire property in the Uni-President International Building (統一國際大樓) near MRT Taipei City Hall Station in Xinyi District (信義) for NT$3.49 billion, it said.
Photo: CNA
In addition, President International Development Corp (統一國際開發), an affiliate of Uni-President Group (統一集團), increased its stake in the same complex to NT$5.9 billion, making it the largest deal in the second quarter of this year, the consultancy said.
ESLITE RENEWAL?
The transactions are parts of Uni-President Group’s attempt to have the decisive say on whether to renew the leasing contract with Eslite Bookstore’s Xinyi Branch (誠品信義), the popular bookstore chain’s only 24-hour property. The contract is due to expire next year.
The group reportedly frowns on the rent rates after landlords in the central business district raised rates by 30 percent or more in the past few years to reflect strong demand and tight supply.
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