Business groups battle for prime Taipei property

The public bidding case, to be held Aug. 18, will see B1, first, second, eighth and ninth floors of the TFCB as well as 33 units of parking space up for sales bid, with the total space estimated at 1,905.4 pings (one pings=36 square feet) and minimum bidding price set at NT$1.24234 billion.

The TFCB is a building with 14 floors above and four floors under the ground level, located at the intersection of the Dunhua North Road and Nanjing East Road.

It's reported that all the major life insurance firms, including Cathay Life Insurance, Taiwan Life Insurance, Shin Kong Life Insurance, Fubon Life Assurance, Far Glory Life Insurance, and China Life Insurance, as well as leading construction firms will join the upcoming bidding deal.

In fact, all the aforementioned life insurance firms joined the Aug. 11 sales bidding of the main office building of Chinfon Bank on the Nanyang Street, downtown Taipei. Intense competition among the bidders caused the winning price to hit a high of NT$2.56 billion, which was 75 percent higher than the floor bidding price of NT$1.456 billion.

The winning price translated into a unit price of NT$1.059 million per ping, the highest figure of its kind for office buildings in western Taipei.

So far, the highest office building sales price stood at NT$1.3 million per ping offered by ADATA Technology, a local maker of DRAM modules, to purchase the No. 29 story of the President Enterprise Corporation Building located in Xinyi District to serve as its headquarters.

According to an appraiser at the Honda Appraisers Joint Firm, the monthly office rental at the Taipei Financial Center Building now stands at NT$2,500 per ping, which can be translated into a price of NT$1 million per ping for the building.

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