Major Japanese contractor Obayashi to develop high-rise condos in Taiwan
TAIPEI, NNA - A local subsidiary of major Japanese general contractor Obayashi Corp. is set to develop a high-rise condominium complex in northern Taiwan, with two local partners.
Taiwan Obayashi Corp., its wholly owned subsidiary, and two local partners signed a contract with developer Hehuan Group on Tuesday to build two 42-story condo towers on a roughly 9,400-square-meter lot in New Taipei City.
The two local partners are leading Taiwanese construction company Continental Engineering Corp. and major housing sales agency Hi-Yes Group. The Japanese company did not disclose the value of the contract.
The consortium will begin construction of the building in July for completion targeted in 2025, a spokeswoman for Taiwan Obayashi told NNA in an email.
Taiwan Obayashi and Continental Engineering will build the condominiums while Hi-Yes will be responsible for advertising and sales of the properties, she said.
The development, which houses a total of 548 units, is part of the New Taipei municipal government’s largest urban project to redevelop residential and commercial areas in the city’s Xindian district, according to a report by The Liberty Times.
Hi-Yes will begin selling the condominiums as early as the October-December quarter of this year. The properties are expected to be sold for a total of NT$15 billion ($501 million), or NT$700,000 to NT$800,000 per 3.3 sq. meters, the report said.
The land lot had remained idle for 25 years although it is situated in a bustling shopping area neighboring a large-scale retail store in the city.
Hehuan Group began to draw up the redevelopment plan eight years ago. After gaining consent from approximately 100 landowners, the company is now ready to go ahead with the plan, according to The Liberty Times.
Taiwan Obayashi is also undertaking the redevelopment of commercial and residential areas in downtown Taipei. “We’re determined to continue working on urban redevelopment projects in Taiwan,” the spokeswoman said.