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September 20, 2017

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Firm bags Tianmu land lot for NT$4.09 mil. per ping

TAIPEI, Taiwan -- A real estate development company based in Taipei City defeated other bidders in a public auction yesterday to snap up a prime land lot in Tianmu district at a high price of NT$4.09 million per ping.

Huaku Development Co. successfully purchased the land parcel of 1,715 ping near the intersection of Tianmu East Road and Zhongshan North Road with an offer of NT$7.028 billion, much higher than the floor price or NT$4.97 billion or NT$2.9 million per ping (one ping equals 36 square feet) set by the land owner.

The company's offer narrowly beat the tender of NT$6.9 billion from Cathay Construction of the Cathay Financial Group.

There were five other bidders, including three construction companies, one civil engineering consulting firm, and a foreign enterprise.

Realty analysts said the price of NT$4.09 million per ping offered by Huaku, one of the highest for land earmarked for residential use in Taipei, conformed with anticipation from the market.

The company will able to apply for incentives offered to investors carrying out urban renewal projects and building vehicle parking space in order to build more floor space for apartments, they pointed out.

Based on the purchasing costs for the land, the marketing price for the luxury apartments to be built in coming years should fall in the range of NT$1.5 million to NT$1.7 million a ping, they estimated.

The land transaction means that Holy Word Children's Home with about 50 orphans on the site will have to operate at a new location.

A statement issued by the children's home said the institution still needs the financial donations for its charities because the fund from the land sale will actually go the private land property owner, a Christian organization.

Huaku, established in 1989, has focused its investments primarily on realty development projects in Taipei City, including building apartments and industrial plants as well as engaging in commercial rental business.

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