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Prime developer touts commercial property despite uncertainty

TAIPEI, Taiwan -- Amid increasing market uncertainty, Hung Sheng Construction Co. (宏盛建設) on Thursday launched a commercial property near Songjiang Nanjing Station and Nanjing Fuxing Station at unit rental price of NT$4,000 per ping.

Taiwan-listed Hung Sheng Construction is one of the island's major property developer. The business estate project jointly developed with Taipei Metro was officially named as Hung Sheng International Finance Center (宏盛國際金融中心).

According to local media reports, the total floor area of the business property amounts to 12,928 pings. Sales of part of the area have been commissioned to DTA. As a Taiwanese measure of unit, one ping is equal to 3.306 square meters.

In a sales information meeting held for the project, General Manager Billy Yen (顏炳立) said that construction of the project is scheduled to be completed this month.

He revealed that the proprietor — Hung Sheng Construction — doesn't rule out the possibility of selling the whole building to one single bidder, saying that the starting price is NT$20 billion.

Yen added that unit price of the Center is NT$1.6 million per ping.

United Evening News reported that Hung Sheng International Finance Center is a 20-story building with 5 layers of basement on 987-ping building site.

Taiwan's commercial property market nosedived 68 percent year-on-year to NT$7.2 billion in the first quarter as soaring property prices drove main players to look for investment opportunities abroad.

However, business property developers are again getting their hopes up after the local economy has shown signs of picking up.

A DTZ manager projected that the highest unit rental price for Hung Sheng International Finance Center would reach NT$4,000 per ping, looking up to the island's highest unit rental price of NT$4,500 per ping that was struck in an office unit of Taipei 101.

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This photo shows the newly built international financial center by Hung Sheng Construction Co. (宏盛建設), which became available to prospective buyers, yesterday. The company hosted an event to explain the sale of the high-profile office building. (CNA)

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