The city is home to many aging buildings; many are being torn down to make space for new high-rise apartment buildings.
KAOHSIUNG — Twenty aging townhouses in central Kaohsiung’s Fuxing Road (復興路) and Minsheng 1st Road, Lane 255 (民生一路255巷) were acquired by Hsing Hua Cheng Construction (興華城建設) for NT$680 million (US$21 million), according to government real-price registration data released Sept. 21 and reported on by the Taiwan Times. The acquisitions include 20 storefronts and residences.
The properties, ranging in age from 35 to 70 years, cover a combined land area of 456 ping (坪, about 1,500 square meters). The deal works out to an average of NT$1.5 million per ping. Analysts said the location’s scale and central position make it highly attractive for redevelopment, with new projects in the area already selling for NT$420,000 to NT$514,000 per ping. They expect any future project on the site to launch with prices starting above NT$500,000 per ping.
Company general manager Chou Hui-pin (周惠賓) said the purchase took more than two years to complete. He noted the site, near Wu-Fu 2nd Road (五福二路), Kaohsiung Municipal Senior High School of Commerce (高雄高商), and Xin Juejiang shopping district (新堀江商圈), will be redeveloped into a 28-story residential tower with six basement levels. Plans call for two- to three-bedroom units, with total sales estimated at NT$5 billion. Construction is expected to begin in 2027.
Real estate analysts, however, note that the NT$1.5 million per ping purchase price is lower than recent high-profile deals nearby. In 2023, developer Hsing Fu Fa Group (興富發集團) paid NT$1.45 billion for the Lees Hotel (麗尊酒店) site on Wu-Fu Road (五福路), with land valued at NT$2.84 million per ping.