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June 28, 2017

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Experts say commercial property auctions increasing in popularity

Commercial property auctions have become popular in the real estate industry due to the abundance of capital in the market, experts said yesterday.

According to them, over the last two weeks real estate advisors have announced that auctions will be held on more than 10 commercial properties, including storefronts, hotels, commercial-use land lots, offices and whole office buildings. Most of the sales will take place in the beginning of November.

Yesterday, it was announced that three properties will be put up for auction, namely a whole floor of office space in Dunnan Tower, some 150 ping of storefronts in Chinhua Building, and some 270 ping worth of office space in Xingwu Building, on Hangzhou South Road. One ping is 3.3 square meters.

Among auctions that have caught experts' attention, the one on the storefronts in Asia Plaza Building is closely watched. The stores have total area of 860 ping, with a base price of NT$2.45 billion, or a unit price of NT$2.85 million a ping.

According to brokers, a total of 18 commercial realty auctions were held in the first two quarters, with total sales reaching NT$21 billion. Sales picked up steam in the third quarter in which 16 auctions were held, with transaction value totaling NT$70.3 billion.

Record-breaking sales were seen on four of the properties, namely the developmental rights of Taipei World Trade Center Exhibition Hall Two, the Dunnan Building of Auto 21, the parking lot behind Breeze Center, and the Mercuries Life Building.

The market's enthusiasm gave a boost of confidence for commercial realty owners, who rushed to solicit brokers' help in selling their properties, experts said.

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