Tao Zhu Yin Yuan Sees New Transaction Record, Unit Price Drops Below 3 Million Per Ping

Taipei, May 13 (CNA) - The luxury residential project "Tao Zhu Yin Yuan" in Taipei's Xinyi District has recorded another transaction. According to the latest information disclosed by the Taipei City Department of Land, a 3rd-floor unit of Tao Zhu Yin Yuan was sold last August for a total price of NT$750 million. Excluding parking spaces, the transaction price is approximately NT$2.438 million per ping. This is a difference of over one million NTD compared to the previously announced first transaction record of about NT$3.64 million per ping.

According to the Taipei Department of Land data, the newly disclosed transaction is for a unit on the 3rd floor, with a total building area of about 346.9 pings and an age of about 7 years. It was sold last August for a total price of NT$750 million, noted as a bare shell unit. Real estate agents calculated that, assuming a parking space price of NT$5 million, the transaction price per ping is about NT$2.438 million.

Lai Chih-chang, Public Relations Manager of the Planning and Research Office at Great Home Realty, pointed out that this contrasts with the first transaction record for the 17th floor announced in the real price registration, where the total building area was about 337.4 pings and it sold last November for a total price of NT$1.11 billion. After deducting parking spaces, the unit price was as high as NT$3.64 million per ping, a difference of over one million NTD per ping between the two.

Lai analyzed that the newly disclosed transaction is for a 3rd-floor unit, which is a low floor. As the surrounding area is enveloped by commercial offices, the view from this unit is rather limited. Furthermore, the privacy issue, which is of utmost concern to the top-tier wealthy, could easily be disturbed, in addition to noise from neighboring buildings and streets. These factors may have given the buyer more room for price negotiation.

Hsu Chia-hsin, Executive Director of the Planning and Research Office at H&B Realty, observed that the housing market has been impacted by factors such as the central bank's credit control measures and lending restrictions, leading the market into a consolidation period. The luxury housing market is bearing the brunt. The price decline in the transaction of the super-luxury Tao Zhu Yin Yuan shows that even the top-tier wealthy are facing disturbances from the broader housing market environment, and their decision-making process for purchasing luxury homes is gradually becoming more pragmatic and rational. (Editor: Huang Kuo-lun) 1150513