Land Bank of Taiwan (土地銀行) is scheduled to auction off its collateralized Zhongshan Office Building (中山大樓) on March 30 for a floor price of NT$3.293 billion (US$94.68 million), which analysts said could be an attractive deal.
The NT$3.293 billion floor price, or NT$450,000 per ping, is 10 percent off the floor space’s appraised market worth of NT$3.658 billion, Charlie Yang (楊長達), director of real estate appraisal for DTZ, said yesterday by telephone.
The liquidation of the 17-story office building (excluding the first through third floors and the first basement floor), originally owned by Shin Kong Life Insurance Co (新光人壽), will be used to repay a NT$2.83 billion five-year real estate asset trust (REAT) that was issued to institutional investors and is expected to mature in January, the bank said on its Web site.
The building, located at the intersection of Zhongshan N Road and Changchun Road in Taipei, sits on a 2,315 ping (7,650m2) parcel of land and totals more than 8,000 ping of floor space for sale, a bank official said yesterday.
Yang said that he believed the office property was worth NT$500,000 per ping and would generate a gross return of 4.8 percent if the deal is closed at a 10 percent premium.
Roy Ku (古健輝), manager of appraisal at Colliers International (Taiwan) Ltd, also said that the deal would be a worthwhile investment.
“It is one of the rare investment destinations in that district … although it's an old building,” he said.
Ku said he believed the property could be worth between NT$500,000 and NT$550,000 per ping.
As office rental in that district ranges between NT$1,900 and NT$2,000 per ping, the deal may bring a 4.5 percent return for its new owner, he said. The bank said interested bidders should send their bids to the bank by 9am on March 30 before the auction opens at 10:45am the same day.
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