Farglory predicts Taiwan property market boom

The China Post news staff

Taiwan’s property market is bracing for a boom this year, a chairman of one of the biggest real estate developers said Friday. Chao Teng-hsiung, chairman of the Farglory Group, said the local property market this year would be better than last year, and his company had already made preparations for the boom, having purchased large plots of land in Tainan and Taichung. He said many economic indicators have supported such a rosy outlook: Taiwan is expected to see GDP growth this year; the purchasing managers’ indices (PMI) are rising in the United States, Europe and China; and Taiwan’s exports are also growing significantly. The Farglory chairman said real estate transactions in Taiwan’s six major cities recorded growth ranging from 30 percent to 80 percent in February, with New Taipei seeing the highest

growth at 80 percent. He said one of Farglory’s projects in Kaohsiung had already sold 40 percent of its apartment units although the project has not yet been officially unveiled. Its project in Chingshui, Taichung, could only sell one unit per day last year, but this year it has been selling two units daily, Chao said, adding he has set a revenue goal of NT$100 million a day for Farglory. As for the upcoming holiday campaign starting at the end of March — a traditional peak period for the local property market — demand will be much better than in the same period of last year, Chao said. Regarding the property market in mainland China, Chao said it was already well developed and local firms usually had an advantage over foreign ones. Consequently, Farglory decided to quit the residential property market in mainland China to focus on the commercial segment, constructing office buildings and hotels.