Taipei land parcels fetch record prices in government auction

The land lot, which is 87.12 ping (one ping=36 square feet) in size, is located near the Taipower Station of the city's mass rapid transport (MRT) system, the National Taiwan University, and the Gongguang commercial district.

A bidder surnamed Chen acquired the property by defeating at least three construction firms in the deal totaling NT$627 million. It was one of 18 land parcels put up for sale in Taipei City and Taipei County by the Ministry of Finance.

The unit price surpassed the previous record for land auction set by the purchasing price of NT$6.981 million per ping when the Farglory Construction Group snapped up a land parcel in the Xinyi commercial district. In separate bidding, a bidder surnamed Lai won a 116.16 ping land lot on Section 2 of RenAi Road with NT$789 million, thus paying NT$6.790 million per ping and making it the third highest transaction price ever.

The floor price set by the MOF was only NT$2.89 million per ping.

But a construction firm successfully took control of a residential land lot of 176.06 ping (582 square meters) on Lane 61 of Linyi Street in Zhongzheng District with a bid of NT$594 million or NT$3.372 million a ping, the highest purchasing price for residential land parcels in Taiwan.

The same company snapped up a separate land lot of 162.44 ping (537 square meters) on the Huaisheng Section in Daan District with NT$469.99 million, averaging NT$2.89 million a ping.

Analysts said the land lots acquired by the successful bidders with high prices are mostly located at prime areas. Despite their relatively small size, the land parcels can be used to build luxury high-rise apartment buildings through cooperation with owners of adjacent land.

They said the competitive bidding and newly set high prices indicate that the real estate market in the Taipei metropolis area is showing no signs of cooling off.

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