An Indonesian-born Chinese foreign citizen bought nine apartment units at the "Grand Central Palace" across the street from the Kaohsiung City Hall. The buyer close the deal within two hours of making the order, which is worth NT$501 million (S$21.1 million).

Three of the nine units can be renovated into shops that are estimated to generate NT$450,000 per month in rent.

Chen Wu-chung, chairman of the Real Estate Development Association of Kaohsiung, said it is the first time that a customer bought units worth over NT$501 million in 30 years of his real estate career.

"The buyer made a quick decision and a good one. Kaohsiung has good weather and is near the shore and its housing market has a great potential for investment in return," Chen said.

The Indonesian-born Chinese buyer finalised his order of the nine apartment units in just 20 minutes. He went to the Grand Central Palace open house with his wife and asked to speak to the person in charge.

Chen is expected to rent two shop units from the Indonesians buyer.