Taipei 101 operator Taipei Financial Center Corp (台北金融大樓) and Cathay Life Insurance Co (國泰人壽) yesterday signed an agreement to jointly enter the Taichung real-estate market with a new development project named Landmark Taichung (置地廣場台中).
The proposed building, which has 34 floors above ground and seven basement floors, would be built on a site near Taichung MRT City Hall Station, with total floor area of about 155,000m2 — including 115,000m2 of commercial space and 40,000m2 for parking lots, Taipei Financial said in a statement.
There would be a shopping mall spanning from the building’s B1 to seventh floor, designed to offer “innovative” retail experiences and “diverse” lifestyle options for consumers, the statement said.
Photo: CNA
The construction of the green building is expected to be completed in 2029, it said.
“Through this partnership, we hope to bring Taipei 101’s years of accumulated success to Taichung and create a new landmark that reflects a global vision and local culture,” Taipei Financial chairwoman Janet Chia (賈永婕) said in the statement.
“We aim to bring together refined, stylish, fun and unique brands to create a shopping destination that meets the needs of Taichung’s consumers and delivers a distinctive retail experience,” Taipei Financial president Julie Chu (朱麗文) said.
The Landmark Taichung is expected to open for operations in 2030, with an initial investment of NT$4.5 billion (US$136.2 million), Chia said.
Taipei Financial would operate the building via a 20-year lease with Cathay Life, she said.
It is expected to break even in about seven years, she added.
Cathay Life president Andrew Liu (劉上旗) said the collaboration would bring long-term and stable investment value to the company.
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