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September 26, 2017

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Ruentex gets prime lot for NT$8.2 billion

Ruentex Development yesterday purchased a 1,345-ping parking lot behind Breeze Center in downtown Taipei, offering about NT$6.096 million a ping that was a premium of 41.65 percent over the base price. Each ping is 3.3 square meters.

The industry had been closely monitoring the auction of the parcel, which was offered for a base price of NT$5.78888 billion, or NT$4.3 million a ping.

Yesterday, Ruentex offered the winning bid, or NT$8.19999 billion, which translated into a unit price of NT$6.096 million, said DTZ, advisor of the sale.

The parcel was previously owned by Hey-Song and was designated as Type Three land for residential use. It has a building coverage ratio of 45 percent and volume ratio of 225 percent.

"The lot is one of a few large, four-square blocks in downtown Taipei that you can build properties on," DTZ said. "The sale had generated lots of attention in the real estate industry and had at one point attracted as many as 40 groups of buyers who signed up for the auction."

DTZ made no effort to conceal its elation over the outcome of the sale.

"The auction of the property to Ruentex for NT$8.19999 billion was a huge success, which is expected to boost the market and rejuvenate the economy," it said. "The lot will be turned into an upscale residential property that will satisfy the residential needs of local residents, not to mention the abundant jobs that will be created during the development process. This really is a multi-win situation."

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