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May 27, 2017

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Store in Shilin Night market sold for record price

TAIPEI, Taiwan -- A storefront in Shilin Night Market was sold at NT$4.5 million per ping (3.31 square meters or 36 square feet), making it one of the top five storefronts in Taipei in terms of unit price.

The storefront, which covers a mere 4.52 pings, was sold for NT$20.35 million according to the latest real estate transaction update released by the Ministry of the Interior (MOI) yesterday.

The storefront's unit price of NT$4.5 million per ping is the highest in the immensely popular Shilin Night Market. The unit price ranks fourth in the Greater Taipei area. The fifth storefront is also located at Shilin Night Market

Top 3 Storefronts Centered around Taipei Railway Station

All the top three storefronts are located in the commercial district to the south of Taipei Railway Station. The premier storefront commands NT$6.139 million per ping in price, while the second commands NT$4.78 million.

Shilin Night Market and Taipei Railway Station commercial district are more likely to dole out properties at a lesser total price, making high unit-price transactions more likely, said Jessica Hsu (徐佳馨), director of the research division at H&B Realty (住商不動產).

Daan District, despite its No. 1 ranking as the most expensive district in terms of private dwellings, has no storefronts that make it into the top five. This is the result of limited supply and high total prices, Hsu said.

Storefronts with high visitor traffic in the night market can generally command a rental price of NT$10,000 per ping. At this rate, the high-profile Shilin Night Market transaction will only yield a 2.7-percent return on investment.

However, it is still considered a good deal, said Hsu. Despite the high unit price, the total price is relatively low. The storefront is unlikely to go vacant as there will always be businesses willing to move in to take advantage of the existing Chinese tourist traffic, Hsu said, adding that it is able to generate a stable stream of revenue without much investment.

Land Pocket Integration Possibilities

This transaction testifies to real estate developers' upbeat outlook about the housing market in the near future, analysts said.

Sources say there are other high-ticket transactions on small land pockets in Beitou and Zhongzheng Districts. For example, a 1.51-ping piece of land was sold for NT$3.92 million, equivalent to NT$2.6 million per ping. Another 5-ping piece of land was sold at NT$39.48 million, which equates to NT$7.67 million per ping.

Real estate developers are looking to these sites for integration possibilities, analysts said. Investors are also paying more attention to land and storefront investment opportunities, said realtors.

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