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Record price anticipated in new commercial property sale

Real estate advisor DTZ yesterday announced the auction of a whole office building on Zhongxiao East Road at a base price of NT$1.97 million per ping (3.3 square meters).

The winning bid may break previous records in commercial real estate sales, said DTZ Taiwan General Manager Yen Ping-li.

The building is located on Section 4 of Zhongxiao East Road, one of the most affluent areas of Taipei. The building is currently being leased to Pure Yoga.

The building has a total floor area of 992.6 ping and occupies a 133.41-ping block of land. Its current rental yield rate is 2 percent.

The property carries a total base price of NT$1.88 billion, or NT$1.97 million per unit of space and NT$14.09 million per unit of land.

“This property is a piece of treasure. You don't see this kind of property in Taipei anymore. The rental yield rate may increase to 3 percent,” Yen said. “We've already received inquiries from various interested buyers, most of whom are insurers and private equity fund operators.”

The winning bid is expected to break the previous record, or NT$1.71 million per unit of space and NT$14.05 million per unit of land, offered by Ting Ho Development, a subsidiary of the Ting Hsin International Group, on the China Bill Finance Building on Sept. 28, 2011.

“This time around someone else will offer a price that's intriguing and captivating,” Yen said.

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