ASIA NEWS NETWORK
WE KNOW ASIA BETTER
Taipei's most expensive home costs US$18m
Publication Date : 01-08-2013
Prices for Taipei's most expensive luxury apartment complex, The Royal Castle, were finally unveiled yesterday, standing at the record high of NT$541 million (US$18 million) in total and NT$820,000 per square metre.
The answer to the million-dollar question had remain unpublished since March when Huang Hsiang Construction Corp., the developer, registered two closed deals without specifying transaction details. At that time, as the actual price registration system for real estate transactions had been in place for more than six months island wide, drawing skepticism and criticism.
The Taipei City Government finally posted an update for transactions of the city's most expensive real estate yesterday, with the result showing that Xinyi District is home to most of Taipei's luxury homes.
Among the five most expensive homes in Taipei, three are located in Xinyi - The Royal Castle, Wenhua Garden and Xinyi Star - with total transaction prices of NT$541 million, NT$403 million and NT$345 million, respectively.
By unit of area, the most expensive homes in Taipei are The Royal Castle, Chateau Crystal and Xinyi Star, with prices per square metre of NT$820,000, NT$725,997 and NT$580,797, or NT$2.7 million, NT$2.4 million and NT$1.92 million per ping.
United Evening News quoted sources saying that the NT$541 million home is a unit on the sixth floor of The Royal Castle with total floor area of 245 ping, or 74.12 square metres, including four parking spots. The unit price of NT$820,000 per square metre of the most expensive home is calculated on the basis of total areas excluding parking units.
A home on the fourth floor of The Royal Castle last week registered total transaction price of NT$510 million at NT$2.6 million per ping. The home is only the second to have a price surpassing NT$2 million per ping in Taipei after the actual transaction price registration system went effective since last July.
Yung-ching Realty research manage Andy Huang told local media that there are six clusters of luxury home complexes in Taipei, which include in Tiamu, Dazhi, Xinyi, Renai Road, Boai Road and Daan forest park precinct.
Transaction information about most luxury complexes except Palace Mansion on Renai Road has been entered into the online actual transaction price registration system of the Taipei City Government.
The Ministry of Interior has increased the pace of updating real estate transaction data starting this month. Transaction prices over NT$40 million are considered upscale property. Despite the lukewarm economy, there were still 985 transactions in luxury property market, of which 540 are located in Taipei.
US$1 = NT$30