Continental Development Corp (CDC, 大陸建設) is to auction floors of a mixed-use building in downtown Taipei that is currently occupied by Humble Boutique Hotel (寒居酒店), as it is winding down commercial properties, the bid’s organizer CBRE Taiwan (世邦魏理仕) said yesterday.
CDC, the development arm of Continental Holdings Corp (CHC, 欣陸投控), is looking for a reserve price of NT$4.15 billion (US$130.24 million) for the first to ninth floors of a complex in the city’s Zhongshan District (中山) near MRT Songjiang-Nanjing Station, the broker said.
The floors total 3,029.77 ping (10,016m2) with an additional 39 parking spaces in a building that has 24 floors above ground and six basement floors, it said.
Photo: Hsu Yi-ping, Taipei Times
CDC wrapped up construction of the complex in 2021 and has already sold all the apartment units above the hotel at NT$1.7 million per ping.
Occupancy rates have improved at Humble Boutique after Taiwan ditched COVID-19 restrictions, making it an attractive tenant, it said, adding that the lease is valid for another 18 years.
New commercial properties for sale are few and far between in Taipei’s popular locations, as most buildings are either owned by life insurance companies to generate rent income or increasingly used as corporate headquarters, it said.
CHC chief executive officer Cindy Chang (張方欣) recently told an investors’ conference that the group plans to take profits from existing commercial properties at home and abroad when it sees fit.
Hotel operations are not the group’s core business after all, Chang said. The auction is slated for June 12.
CHC also has a joint venture with the Ambassador Hotel Kaohsiung (高雄國賓大飯店) to regenerate the property that could start to make profit contributions in 2028.
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