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September 22, 2017

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TRTC to auction off apartments near stations

The Taipei Rapid Transit Corp. (TRTC) will auction off units in apartment buildings near two MRT stations at the end of the month, with strong enthusiasm expected from the market.

The two apartments are "Xinyi No. 18," near Muzha Station on the brown Wenhu Line, and "Southern Star," near Nanshijiao Station, the final station of the orange Zhonghe-Luzhou Line.

Both apartments held recent open-house events and were visited by hundreds of interested buyers in one day. Taipei Rapid Transit anticipates enthusiastic bidding from the public once the properties are put up for auction.

Based on empirical experience, properties that are close to MRT stations and that are jointly developed by the transit authority and construction firms have always received strong market acceptance. An auction was held on Sept. 17 for "The New Tokyo," near the Songjian-Nanjing East Road Station that is part of the future Xindian-Songshan Line. A total of 55 residential units were put up for auction, which drew 170 bids despite the base price of between NT$800,000 and NT$840,000 a ping, or 3.3 square meters.

Xinyi No. 18 will go on sale on Oct. 22. Its base price is between NT$470,000 and NT$540,000 a ping, or between NT$28 million and NT$40 million in total.

The apartment complex is developed by Ji Shun. It is located on Muzha Road Section 4, and the auction will be for 16 units on the 14th to 17th floors of the complex, which consists of three towers with various facilities, including a gym and a swimming pool. The 16 units include two- to four-bedroom apartments, sized between 25 to 71 ping.

"Units on top of Xinyi No. 18 sold privately cost NT$570,000 to NT$650,000 a ping, so the price offered by Taipei Rapid Transit is pretty attractive," said Su Chi-jung, researcher with Sinyi Realty. "Yet the total price may still be burdensome for average buyers."

The second property, Southern Star, has over 500 residential units, with the first 243 to be auctioned off on the last three days of October. The base price is between NT$370,000 and NT$420,000 a ping, or between NT$4.7 million and NT$25 million in total.

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