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Shin Kong Tower to have land value of NT$3.39 mil. per ping: land dept.

TAIPEI, Taiwan -- The Shin Kong Tower, the high-rise across from Taipei Main Station and home to the Shin Kong Mitsukoshi Department Store, will have a land value of NT$3.393957 million per ping in 2010, again taking the lead in the city, as well as in Taiwan, as the most expensive commercial property, reported Taipei's Department of Land, yesterday.

Taipei 101, the skyscraper in the city's Xinyi District, will receive a No. 2 ranking in Taipei with a value of NT$3.067769 million a ping, the city said.

The Shin Kong Tower's land value stands at NT$3.38162 million this year, and the value is expected to grow 0.41 percent next year, the city said. Taipei 101, meanwhile, is valued at NT$3.008264 million, and its value is expected to grow 1.98 percent.

When asked whether Taipei 101 will overtake Shin Kong in land value, Huang Jung-feng, head of the land department, said it depends.

"It all depends on whether foreign investors and mainland investors will move into the area en masse, as well as transportation and other infrastructure issues," he said. However, local real estate experts said the scenario is unlikely, given several factors.

First, Shin Kong Tower's floor area ratio is 1,600 percent, far more than Taipei 101's 710 percent. Second, Shin Kong is right across from Taipei Main Station and Taipei's main bus station, the city's major transportation hubs.

Taipei Main Station currently services four major railroad lines: Taiwan Railway, Taiwan High Speed Rail and two MRT lines. In the near future it will also service the Taoyuan International Airport lightrail.

By district, land value will increase the most next year in the Neihu District, followed by Daan. Wanhua, in western Taipei and the oldest part of town, will see the least increase.

Neihu now has an MRT line of its own, taking residents in the area to various parts of Taipei.

As for residential areas, blocks of land with the highest value all fall within Daan District, possibly the wealthiest district of Taipei teeming with high-end department stores, posh boutiques and luxury mansions.

The block of land with the highest residential land value is located on the strip of Guangfu South Road from its intersection with Zhongxiao East Road to No. 404 Guangfu South Road. It is right across from the Sun Yat-sen Memorial Hall.

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