Broker reports strong interest in ‘Twin Towers’ project
By Crystal Hsu / Staff reporter
Life insurers, property developers and hotel operators have voiced an interest in a development project known as the “Taipei Twin Towers” near the Taipei Railway Station, Jones Lang LaSalle Inc (JLL), the international property broker tasked with organizing the auction, said yesterday.
The statement came after Fubon Financial Holding Co (富邦金控) chairman Richard Tsai (蔡明興) told a public function on Wednesday that his company had inked a letter of intent with the Taipei Department of Rapid Transit Systems (DORTS) to form a team and join the auction scheduled for next year.
The Taipei City Government, the largest land owner of the project site, intends to be a player this time through a property development proxy to be set up later.
The city government has drawn up a blueprint for the project, which has been the center of bribery scandals for the past 20 years, and is to announce bidding terms in March and pick a winner by the end of next year, JLL Taiwan managing director Tony Chao (趙正義) said.
The two mixed-use buildings are to have 76 floors and 56 floors respectively, in addition to four basements, with total development estimated to reach between NT$70 billion and NT$80 billion (US$2.32 billion and US$2.65 billion), local media reports said.
Winners do not have to adhere to former floor plans to make the project more attractive, Chao said, adding that the twin towers might have a total of 150,000 ping (495,867.8m2) of floor space.
The international consultancy has visited more than 30 prospective investors at home and abroad, including life insurers, property developers, private equity firms and hotel operators, he said.
Several firms have expressed a significant interest, he added.
The project is a meaningful venture as it might turn into another landmark like Taipei 101, local media quoted Tsai as saying.
The DORTS initiated the cooperation proposal, which would need more discussions and go through procedures before it can become formal, Tsai said.
The city government intends to follow counterparts in Hong Kong and Tokyo in developing properties near MRT stations.
Toward that end, the DORTS reportedly also signed letters of intent with Chunghwa Telecom Co (中華電信), Japan’s Mitsubishi Estate Co and East Japan Railway Co. None could be reached for comment.
Other potential investors include Cathay Life Insurance Co (國泰人壽), Nan Shan Life Insurance Co (南山人壽), Taiwan Life Insurance Co (台灣人壽), Shin Kong Mitsukoshi Department Store Co (新光三越百貨), Eslite Spectrum Corp (誠品生活) and Regent Hotels & Resorts (晶華麗晶酒店).
http://www.taipeitimes.com/News/biz/.../17/2003682397