Nan Shan Life wins Xinyi plot
By Crystal Hsu / Staff reporter
Nan Shan Life Insurance Co (南山人壽) yesterday won the superficies rights to a plot of land in Taipei’s Xinyi District (信義) for NT$31.28 billion (US$1.03 billion), outbidding major domestic peers by a 17.41 percent premium.
Nan Shan won a 70-year lease to redevelop the former site of the Taipei World Trade Center Exhibition Hall 3, which is owned by the National Property Administration, beating out Fubon Life Insurance Co (富邦人壽), Cathay Life Insurance Co (國泰人壽) and Shin Kong Life Insurance Co (新光人壽).
The victory came just four months after Nan Shan gained the superficies rights in November last year to regenerate the nearby Xinyi District Household Registration Office for NT$15.98 billion, 60 percent higher than the asking price.
“The outcome shows domestic life insurers remain keen about land plots in central business districts” even though the coronavirus outbreak is softening commercial trade transactions, Sinyi Realty Inc (信義) account manager Michael Wang (王維宏) said.
The lack of new land lends support to the competition, he said, adding that Nan Shan has not said what it plans to do with the plot.
The decline in premium rates suggests an increase in caution amid bidders, Knight Frank Taiwan researcher Andy Huang (黃舒衛) said.
https://www.taipeitimes.com/News/biz.../31/2003733677