Ting Hsin plans to develop new mid-priced apartments

Ting Hsin subsidiary Wei Chuan Corp. purchased the 15.830-ping land in July with NT$10.169 billion, and plans to develop it into a community with 1,500 residential units, Wei said. Each unit will measure about 40 to 50 pings. Each ping is 3.3 square meters.

According to Wei, Ting Hsin has spent an additional NT$250 million to displace current residents on the land, formerly owned by a textile company. Ting Hsin plans to re-register the land as a residential-purpose parcel within two years, he said.

Besides apartment buildings, Ting Hsin also plans to build a community mall, whose size and scale will be between that of a department store and a hypermarket, he said.

Wei said the residential units will be attractive to buyers, given their price and strategic location near an MRT station.

As for Taiwan's real estate industry, Wei said he held a positive outlook for the long-term.

“There are pressures in the short-term, but the real determining factor for the housing market is interest rate,” he said. “Right now, the interest rate is at about 1.5 percent, and the yield for renting out properties is about 3.5 percent. An upward trend for property prices is still expected.”

Wei also mentioned the group's sales will grow by an annual rate of 25 to 30 percent, with turnover to exceed 100 billion yuan or NT$468.8 billion in three years.

He expressed his optimism for Taiwan's economy, especially now that cross-strait relations are better than ever.

“Taiwan businesspeople will make money in China and spend it in Taiwan, while Chinese tourists to Taiwan will increase,” he said. “Right now, people are talking about increasing the employment rate. Yet in two years there may be a shortage of workers in the jobs market, and wages will increase.”

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