Mitsui Fudosan wins bid to build recreation-intensive mall in Taiwan

27, Jul. 2020

Photo by Carl Raw on Unsplash
Photo by Carl Raw on Unsplash

TAIPEI, NNA - Japanese property developer Mitsui Fudosan Co. has won a bid to build a recreation-intensive commercial complex in Taiwan to scale up its business.

Mitsui Fudosan and two other winning bidders will build a New Taipei City government-led mega project. Their investments come to NT$24 billion ($810 million).

“In Taiwan, the audiovisual industry generates up to a production value equaling NT$164.6 billion annually,” the city’s mayor Hou You-yi told an event Friday to announce bid results. “The project will help to promote Taiwan’s culture, cultivate talents and increase competitiveness.”

Mitsui Fudosan’s four-floor building will accommodate up to 90 stores, including restaurants, brand outlets and recreational facilities. Floor space will total 83,762 square meters. The company says its building is due for completion by 2024.

The Japanese developer will be able to use the site for 50 years, taking advantage of its proximity to the Taipei-international airport metro line and to a heavily used expressway interchange.

Ichiro Shimomachi, chairman and managing director of Mitsui Fudosan Taiwan Co., speaks at an event on July 24, 2020 to announce the Japanese real estate firm’s plan to develop a commercial complex in New Taipei City. (NNA)
Ichiro Shimomachi, chairman and managing director of Mitsui Fudosan Taiwan Co., speaks at an event on July 24, 2020 to announce the Japanese real estate firm’s plan to develop a commercial complex in New Taipei City. (NNA)

“Mitsui Fudosan will amp up weighting of recreational functions in the new facility to respond to the needs of shoppers as surveyed, which can be digital and interactive,” Ichiiro Shimomachi, chairman and managing director of Mitsui Fudosan Taiwan Co., the local subsidiary, told reporters on Friday.

The Japanese real estate firm currently runs two outlet malls Taiwan, including a 4-year-old property in New Taipei City and a second that opened this past December. The company says it plans to launch three more from 2022 to 2023.

Mitsui Fudosan has seen sales recover from drops from February through April as Taiwan keeps COVID-19 under control relative to other parts of the world, Shimomachi said.

Taiwanese media consortium Eastern Media International Corp. will relocate its headquarters to the base, which it will use for offices, studios as well as research and development. The move will cost NT$10 billion.

A cinema subsidiary of Taiwan-based Sanlih E-Television plans to build a filming studio for TV program production. It will come too with recreation and shopping.

Construction of the entire project is estimated to be completed by 2025, according to the New Taipei City government.