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May 24, 2017

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Many Muzha MRT homes fail at auction

The China Post news staff--Six of the 16 Taipei Muzha Mass Rapid Transit (MRT) Station-integrated residential properties failed to attract bidders at the Taipei Rapid Transit Corporation (TRTC) auction yesterday, the first time an MRT-linked home did not sell at auction.

This lukewarm reception to the usually popular type of Taipei real estate follows the government's new policy that requires the actual prices of real estate transactions in Taiwan be publicly posted.

Only one of the properties sold in yesterday's auction attracted more than a single bidder. The average selling price was NT$542,000 per ping (one ping equals 3.33 square meters), only NT$24,600 above the average asking price.

From 2009 onward, previous auctions of MRT-linked or MRT-integrated homes by the TRTC have generated fierce bidder wars and high selling prices. An auction of the 55 residential properties at MRT Songjiang Nanjing Station last month, for example, attracted over 170 bids.

MRT-linked homes refer to residential buildings that are built beside MRT stations. MRT-integrated homes, on the other hand, refer to residential buildings that share the same structure with MRT stations.

The announcement of yesterday's sale of Muzha MRT Station-linked homes mid-September also generated much buzz among potential buyers, with nearly 300 people attending the two open house events hosted by the TRTC. The asking price of NT$460,000-540,000 per ping was also estimated to be 10 to 15 percent lower than market prices, another reason why the auction should have been a hit.

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