A local consortium yesterday signed an agreement with the Taipei City Government to develop a multibillion-dollar complex near Taipei Railway Station, ending more than a decade of uncertainty over the project.
The consortium — comprised of contract computer maker Clevo Co (藍天電腦) and its property affiliate Hongwell Group (宏匯集團) — is to build two high-rise buildings featuring upscale office space, shops and a five-star hotel, Clevo-Hongwell consortium head Kent Hsu (許崑泰) said at a signing ceremony in Taipei.
“It feels like being admitted to college after an outright rejection,” Hsu told reporters.
Photo: CNA
The consortium in December last year lost a bidding race to a foreign group led by Hong Kong-based Nan Hai Development Ltd (南海發展) and Malaysian property developer Malton Berhad by NT$15 billion (US$496.52 million at the current exchange rate).
However, the Ministry of Economic Affairs’ Investment Commission in June disqualified the winners, citing national security concerns.
The city government had tried, unsuccessfully, to find a developer for the project in five rounds of bidding spanning 13 years.
The project would cost NT$60.6 billion, with support from Hsu’s own capital, bank loans and government funds, the tech tycoon-turned developer said.
The mixed-used complex would feature two buildings of 56 and 76 stories intended to renew the area, with easy access to the railway and High-Speed Rail stations, as well as the Taipei Mass Rapid Transit (MRT) system, the airport MRT Line and bus routes, the consortium said.
The towers would have 160,000 ping (528,926m2) of floor space, half of which would be set aside for grade-A office space, while shops would cover 30 percent and hotel rooms would occupy 10,000 ping, Hsu said, adding that there would also be performance halls.
The consortium plans to operate the shopping mall itself and is in talks with international hospitality brands on potential collaboration, he said.
“We will team up with whichever partner can generate the highest return,” Hsu said.
The consortium has promised landlords — the city government and other private owners — monthly rent of NT$2,500 per ping, which means that it needs to charge higher rates to turn a profit after the complex starts operations in 2027, Hsu said.
Local property funds have flowed to office buildings development due to a lack of new products on the horizon, he said, adding that the trend could reverse the landscape and create oversupply in a few years.
The consortium is prepared, as it deems the project a long-term investment that might not generate a profit in the first 10 years of operations, he said.
It would take two years for the venture to clear urban renewal reviews and another four to five years for construction and use license applications, he added.
Taiwan would remain in the same international network for carrying out cross-border payments and would not be marginalized on the world stage, despite jostling among international powers, central bank Governor Yang Chin-long (楊金龍) said yesterday. Yang made the remarks during a speech at an annual event organized by Financial Information Service Co (財金資訊), which oversees Taiwan’s banking, payment and settlement systems. “The US dollar will remain the world’s major cross-border payment tool, given its high liquidity, legality and safe-haven status,” Yang said. Russia is pushing for a new cross-border payment system and highlighted the issue during a BRICS summit in October. The existing system
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is expected to grow its revenue by about 25 percent to a new record high next year, driven by robust demand for advanced technologies used in artificial intelligence (AI) applications and crypto mining, International Data Corp (IDC) said yesterday. That would see TSMC secure a 67 percent share of the world’s foundry market next year, from 64 percent this year, IDC senior semiconductor research manager Galen Zeng (曾冠瑋) predicted. In the broader foundry definition, TSMC would see its market share rise to 36 percent next year from 33 percent this year, he said. To address concerns
Intel Corp chief financial officer Dave Zinsner said that a formal separation of the company’s factory and product development divisions is an open question that would be decided by the chipmaker’s next leader. Zinsner, who is serving as interim co-CEO following this month’s ouster of Pat Gelsinger, made the remarks on Thursday at the Barclays technology conference in San Francisco alongside co-CEO Michelle Johnston Holthaus. Intel’s struggles to keep pace with rivals — along with its deteriorating financial condition — have spurred speculation that the next CEO would make dramatic changes. That has included talk of a split of the company’s manufacturing
PROTECTIONISM: The tariffs would go into effect on Jan. 1 and are meant to protect the US’ clean energy sector from unfair Chinese practices, the US trade chief said US President Joe Biden’s administration plans to raise tariffs on solar wafers, polysilicon and some tungsten products from China to protect US clean energy businesses. The notice from the Office of US Trade Representative (USTR) said tariffs on Chinese-made solar wafers and polysilicon would rise to 50 percent from 25 percent and duties on certain tungsten products would increase from zero to 25 percent, effective on Jan. 1, following a review of Chinese trade practices under Section 301 of the US Trade Act of 1974. The decision followed a public comment period after the USTR said in September that it was considering
RSS