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June, 26, 2016

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'928' new home projects projected to hit 8-year high

Northern Taiwan is expected to see new home constructions worth NT$218.9 billion during the so-called "928 Period," the highest in eight years, said a trade publication yesterday.

The "928 Period" lasts from Sept. 15 to Oct. 30 and is typically the year's busiest season for the real estate industry.

According to My Housing Magazine, during this period Northern Taiwan will see NT$218.9 billion worth of new housing projects to be announced, a rise of NT$78.2 billion, or 55.5 percent, from the NT$140.7 billion for the same period last year. The figure will be the biggest for the period since 2005.

The NT$218.9 billion will add to the NT$45 billion worth of new constructions in Greater Taichung and NT$25 billion in Greater Kaohsiung. Together new housing projects in the three metropolises will total NT$290 billion.

The survey showed that in Northern Taiwan there will be 54 construction projects valued at over NT$1 billion each. Twenty such projects will be in New Taipei, followed by 14 in Taoyuan, 11 in Hsinchu and nine in Taipei.

According to Lai Cheng-yi, chairman of construction conglomerate The Shining Group, developers had been downbeat about the industry after several negative factors, including the implementation of luxury tax, stock capital gains tax and real-value home price registration.

Yet, several recent positive developments, for example the signing of a cross-strait investors' protection agreement, have contributed to optimism in the market, prompting developers to roll out more new home constructions, he said.

Farglory, another developer, is expected to launch a media campaign today to advertise its products, in conjunction with partners including home appliance and construction materials makers.

"Due to the slow economy, we don't expect any more credit control measures from the government, which we believe will boost real estate to stimulate the economy," said Tsai Tsung-yi, official with Farglory.

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