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Sale of prime Taipei parcel ends in failure

TAIPEI, Taiwan -- The sale of a block of land in the prime Xinyi District of Taipei City ended in failure yesterday as no one submitted bids.

Real estate analysts attribute the absence of bidders to the fact the parcel, designated as “D1,” is already more than 50 percent owned by the Fubon Group, which also has the first-priority right to purchase the land.

What that means, according to experts, is even if a bidder wins at auction, Fubon Group retains the right to make a postauction offer to purchase the plot.

The block is located at the intersection of Xinyi Road Section Five and Zhuangjing Road, diagonally across from the Taipei 101 building.

The parcel measures 2,545 pings in total (each ping is 3.3 square meters). Yesterday's sale included four sections of the land, with a total area of 475 pings. The total base price was NT$2.76 billion, or a unit price of NT$5.81 million a ping.

The lot is divided into 16 sections, which were formerly owned by over 30 owners. Over the past few years the Fubon Group had integrated the various sections, leaving only 10 people still owning land.

According to analysts, Fubon already owns over 50 percent of the lot. Acquiring the additional four parcels that were on sale yesterday would boost Fubon's holding to over 60 percent.

With no one submitting bids yesterday, it is expected that Fubon may offer a price during the third or fourth auction, experts said.

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