By: Central News Agency
Taipei, March 22 (CNA) A plot of land on which a two-story building sits in the Ximending district of downtown Taipei was sold in March for a record high price of NT$26.08 million (US$805,261) per ping (3.305 square meters), a property brokerage company said Tuesday.
This shows that Taiwan’s commercial real estate market remains hot, despite reports that the island could see a downturn in the number of visiting Chinese tourists due to new quotas imposed by the Chinese authorities after Taiwan’s Jan. 16 general elections, which could hurt the industry, according to Lee Yuan-hao, a Taiwan Realty Enterprise agent who helped handle the transaction.
The land occupies an area of 11.5 pings on which the two-story building with a total floor area of 41.33 pings sits. The building in the bustling area has been rented out for about NT$500,000 per month, which represents a rate of return of 2 percent, according to Lee.
The transaction price for the land set a Taiwan record of NT$300 million, or NT$26.08 million per ping, Lee added. [FULL STORY]