Mitsui Fudosan launches construction of outlet mall in southern Taiwan
TAIPEI, NNA - Japanese developer Mitsui Fudosan Co. started construction Monday on its third own-brand outlet mall in Taiwan, with a project that could bring in annual sales of 5 billion yen ($45.6 million) in the first year.
Located on a 59,000 square-meter plot of land opposite the Tainan High Speed Railway Station in southern Taiwan, the Mitsui Outlet Park Tainan will house about 160 stores when part of it opens in 2022 as scheduled, the company said in a statement.
This mall would be among Mitsui Fudosan’s largest of its type in Taiwan, the statement said.
Fashion and sports brands, restaurants and recreational facilities will fill up to 220 shops by the time the whole mall opens as expected in 2025, Osamu Obayashi, Mitsui Fudosan’s China and Asia general manager, said Monday.
“With the introduction of Japanese cuisines and entertainment tenants, we expect to attract a broader spectrum of visitors,” Osamu Obayashi, Mitsui Fudosan’s China and Asia general manager, said at a groundbreaking ceremony in Tainan Monday.
Mitsui Fudosan picked the site for its transport convenience and size of the parcel after inspecting other sites in southern Taiwan, Sannan Outlet Co. general manager Takafumi Fujino told NNA in an e-mail. Sannan Outlet is a fully-owned subsidiary of Mitsui Fudosan and will operate the mall.
Taiwan draws about 20 million inbound tourists every year, auguring well for business at the mall, Mitsui said in a statement.
“I believe (the mall’s site) will rise as the next thriving town in Tainan,” Taiwan vice president-elect William Lai said Thursday before the groundbreaking ceremony. Lai had tried to bring in Japanese investment when he was the mayor of Tainan.
Mitsui Fudosan opened its first Taiwan outlet mall in New Taipei City in 2016. That property earned the company 7 billion yen in 2019. Its more than year-old mall in Taichung, Taiwan reported annual revenue of 5.3 billion yen, according to the company.
The Tokyo-based real estate firm has further ambitions for Taiwan. It plans to launch Mitsui Shopping Park LaLaport Nankang mall in Taipei in 2022 and another shopping complex in the city of Taichung a year later, according to the statement. Three Mitsui Fudosan hotels are due in Taipei by 2024, the company says.
Mitsui Fudosan now operates 13 outlets at home and four abroad, Sannan says. It reported a consolidated revenue of 888.78 billion yen ($8.08 billion) for the six months through September 2019, a 3.3 percent growth from a year ago.