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Updated Thursday, February 2, 2012 0:15 am TWN, The China Post news staff

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Developer to auction homes as low as NT$120,000 a ping

Huafu Construction yesterday announced plans to auction off some of its newly constructed apartments in Tamsui District, New Taipei City, at base prices of as low as NT$120,000 a ping (3.3 square meters), half of the market value.

Huafu will sell the housings in two open auctions, one on Feb. 18 and one on March 3.

According to Huafu Chairman Chang Kang-wei, the sales aren't an attempt to get rid of unsold or unwanted houses at cheap prices.

“Rather, it is an effort to reach prices that are acceptable to both buyers and sellers,” he said in a news conference yesterday, held by DTZ, advisor of the sales.

Yen Ping-li, president of DTZ Taiwan, said the open auctions are intended to make the bidding process more transparent and are open to all who are interested.

The auction on Feb. 18 features 38 housing products, ranging from small- to mid-sized apartments within the “Huanyiuchun” condominium to 55- to 100-ping townhouses, all located in the Hsiaopingting area of Tamsui.

The small-sized apartments have base prices starting from NT$2.99 million, while the townhouses have base prices starting from NT$6.99 million. The figures translate into unit prices of as low as NT$120,000.

“It's pointless to focus on the base price,” Chang said. “We've already sold about 100 apartments in Huanyiuchun during its pre-construction period, and the buyers paid about an average of NT$250,000 a ping.”

“The real deal-closing prices may end up at about some NT$200,000,” he added.

The Hsiaopingting area is seen as cursed by real estate experts, as eight developers had built apartments there and seen poor sales.

Chang, however, said all this is going to change. “A Chinese business group has already announced plans to build luxury mansions in the area, with offering prices at NT$600,000 a ping,” he said.

“This area is full of potential and will no longer be cursed. Rather it will become the Victoria Peak of Greater Taipei,” he added, referring to the mountain on Hong Kong Island studded with luxury, affluent apartments.

DTZ will on Feb. 11 hold a public briefing over the auctions. Those attending the briefing will get a Big Lotto ticket.

Those paying a deposit of NT$60,000 on Feb. 11, from Feb. 13 to 17 or from Feb. 29 to Mar. 2 and eventually get a house through the auctions will get a parking space for free, DTZ said.

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