TAIPEI, Taiwan - Taipei 101 has replaced the Shin Kong Life Tower (新光摩天大樓) as Taipei City's most expensive property, ending the latter's 15-year reign, according to the update issued Thursday by the Department of Land, Taipei City Government (台北市政府地政局).
In addition, the update revealed that current assessed land values in Taipei this year rose by an average of 13.23 per cent, marking a 20-year high.
The department Thursday issued an update of announced land values (公告地價) and current assessed land value (公告現值) for land parcels situated throughout Taipei City. Valued at NT$5.02 million (S$213,000) per ping, or nearly 3.31 square meters, commercial space at Taipei 101 has exceeded the NT$4.99 million per ping of the Shin Kong Life Tower for the first time in 15 years. A ping is approximately 3.306 square meters.
The department attributed Taipei 101's rise to the city's most expensive property in the city to the rapidly soaring prestige of the Xinyi District (信義區), the home to headquarters of numerous international enterprises, shopping malls, and large-scale development projects. Most notably, accessibility to the coveted district has been improved by the recently completed Xinyi Line, the latest addition to the Taipei Metro system.
Taipei 101 Land Value to Rise over 17 per cent in 2014
The current assessed land value of Taipei 101 for 2014 is rated at NT$5,024,973 per ping, up 17.01 per cent year-on-year. In contrast, despite being unseated from its leading position, the Shin Kong Life Tower, with current assessed land value rated at NT$4,382,083 per ping, saw a 13.88-per cent year-on-year gain.
In spite of the latest outcome, Taipei 101 and the Shin Kong Life Tower each retain advantages, said the department. The department does not rule out the latter from retaking its lead in the future, as its proximity to Taipei Train Station remains an appealing draw.
Meanwhile, land prices throughout Taipei City districts all rose by an average of about 10 per cent. Of which, benefiting from the addition of the Xinyi Line, land values in Daan District (大安區) grew most marked at 14.72 per cent, followed by the Zhongzheng District (中正區), and the Xinyi District (信義區), which grew by 14.33 per cent and 14.26 per cent respectively.
Land values along section three of Renai Road (仁愛路三段) retained its lead as the most expensive in the city, while neighborhoods along the north side of Xinyi District's Bo Ai Elementary School (博愛國小) surged nearly 50 per cent according to the department's latest update.