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Land sales may reach record NT$140 bil. this year: DTZ

Total land sales in Taiwan this year may hit NT$140 billion, the highest ever, said real estate advisor DTZ yesterday.

During a forum yesterday, DTZ General Manager Yen Ping-li said that land transactions over the previous three quarters have totaled NT$96.7 billion. With the monetary value expected to surpass NT$30 billion in the fourth quarter, the total for this year is expected to reach NT$140 billion, a historic high, he said.

As for commercial properties, Yen said transactions will not be as robust due to limited properties put up for sale.

For the first three quarters, commercial property sales reached NT$55.7 billion, with the figure for the whole year estimated to be NT$90 billion, he said.

Land sales were hot in most parts of Taiwan, he said, citing the NT$1.305 million per ping unit price offered by Kao Hsing Chang Iron and Steel Corp. for a 111-ping block of land in front of the 85 Building in Kaohsiung. The sale is set to happen on Oct. 5. Each ping is 3.3 square meters.

Meanwhile, the 1,354-ping parking lot behind Breeze Center in Taipei is offered for a total value of NT$5.78 billion, translating into NT$4.3 million a ping, with 30 groups of buyers expressing interest in the sale. The final transaction value may be record-breaking.

“Prices haven't gone down a bit, even after the imposition of the luxury tax that took effect on June 1 of last year, because of the overabundant capital in the market,” Yen said.

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