Taiwan Fire and Marine Insurance Co Ltd (台灣產物保險) yesterday acquired Cathay United Bank Co’s (國泰世華銀行) collateral office building on Zhongshan N Road in Taipei for NT$1.54 billion (US$48.5 million), or NT$589,500 per ping (3.3m²).
That was higher than the asking price of NT$1.5 billion set by the banking arm of Cathay Financial Holding Co (國泰金控) in a failed attempt to auction the 38-year-old office building last September, Taiwan Realty Co (台灣房屋) said in a statement.
“Fueled by the anticipated inking of the government’s proposed economic pact with China in June and increasing cross-strait business activity, the deal attracted both insurance and construction companies,” said Chiu Tai-hsuan (邱太煊), an analyst with Taiwan Realty.
The unit price of the office building, which sits on a 294 ping (971m²) plot of land with a total floor space of approximately 2,610 ping, was higher than the average price of between NT$480,000 and NT$550,000 per ping in the neighborhood, the report said.
Chiu said the insurance company could maximize the profit out of the property by acquiring the neighboring K Hotel (柯達飯店) to free up another 166 ping for luxury housing.
Sinyi Realty Co (信義房屋) assistant manager Ou Jen-chang (歐人彰) agreed, saying the office building is expected to have a floor price of more than NT$1 million after it is incorporated into an urban renewal project, adding that soaring property prices in prime areas in Taipei City had also propped up the value of the office building.
Local real estate agency U-trust’s (有巢氏房屋) data showed yesterday that home prices in Taipei City rose nearly NT$6.12 million, or 79.1 percent, to an average of NT$13.86 million this year, up from NT$7.74 million recorded in 2004.
Taipei City, Taipei County, Taoyuan County, Hsinchu City, Taichung City and Kaohsiung City have all seen an increase of more than 10 percent in real estate prices in the past seven years, it said.
VALUABLE STOCK: The company closed at NT$1,005 a share, on demand for AI and HPC chips, and is expected to issue a positive report during its earnings conference Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) shares rose 2.66 percent to close at a record high of NT$1,005 yesterday. as investors expect the company to continue benefiting from strong demand for artificial intelligence (AI) and high-performance computing (HPC) chips. TSMC is the 19th member of the local bourse’s NT$1,000 stock club, which includes smartphone chip designer MediaTek Inc (聯發科) and electric transformer manufacturer Fortune Electric Co (華城電機). Yesterday’s rally swelled TSMC’s market capitalization to NT$26.06 trillion (US$802.3 billion) and contributed about 211 points to the TAIEX, which closed up 350.1 points, or 1.51 percent, to 23,522.53, another record high, Taiwan Stock
The waves of the Aegean Sea lap gently at the tables and chairs of two beach restaurants on Greece’s Halkidiki peninsula. It is an idyllic scene, but one that is totally illegal. Like many others in Greece, the two establishments on Pefkochori Beach do not have a license to set up shop so close to the water. After a wave of protests last summer by locals about bars and restaurants illegally covering beaches with sunbeds and tables, the Greek state is taking action. It is cracking down on rogue tourist practices with surveillance drones, satellite imagery and a special app
South Korea’s SK Hynix Inc, the world’s No. 2 memorychip maker, is to invest 103 trillion won (US$74.6 billion) through 2028 to strengthen its chips business, focusing on artificial intelligence (AI), its parent SK Group said yesterday. SK Group also said it plans to secure 80 trillion won by 2026 to invest in AI and semiconductors as well as fund shareholder returns, while streamlining its more than 175 subsidiaries. The sprawling conglomerate outlined the plans following a two-day strategy meeting, aiming to revive the group after SK Hynix, its main money maker, and the group’s electric vehicle battery arm suffered heavy losses. SK
Luxgen Motor Co (納智捷汽車), a subsidiary of Yulon Motor Co (裕隆汽車), yesterday said it is again offering a NT$100,000 discount for its entry-level n7 electric vehicle models. The n7’s price has gone down from NT$1.099 million to NT$999,000, Luxgen said, adding that there are 25,000 preorders for the model. MG Motor’s electric hatchback, the MG4, entered the market in the middle of last month, with a starting price of NT$990,000. China Motor Corp (中華汽車), which distributes MG vehicles in Taiwan, said it aims to sell 1,600 MG4s this year. MG, originally a British brand, was acquired by China’s SAIC Motor