Taiwanese developer to offer luxury accommodation for sale
TAIWAN conglomerate Rebar Group's subsidiary Rebar Construction and Development Corp is set to launch NT$2 billion ($578 million) worth of residential properties in Taiwan for sale to Hong Kong investors, making its first move up to tap Hong Kong capital. Given a successful sale, Rebar Construction and Development's president Gary L. Wang said the group would release more Taiwan properties worth as much as NT$4 billion to Hong Kong buyers. The first project being offered by Rebar in Hong Kong is Rebar Rich and Famous, which is situated in the Nei Hu luxury residential district in the heart of Taipei.
It is also the first Taipei luxury residential project sold in the territory. Rebar Rich and Famous, a deluxe residential development incorporating five-star hotel service facilities, is managed by Gene Shen, executive assistant general manager of Rebar Holiday Inn Crowne Plaza Hotel. It covers a site area of 38,000 square feet and provides a total gross floor area of 250,000 sq ft. The project comprises a total of 343 residential units, of which 130 are reserved for sale in Hong Kong. All remaining units were sold out instantly in Taiwan during a recent release.
Rebar Rich and Famous offers a full range of flats ranging from 300 sq ft to 2,500 sq ft. The average selling price is NT$9,000 per sq ft. Construction of the project began in May 1994 and is scheduled for completion in August 1997. Rebar's banking arm, the Chinese Bank, will provide buyers with mortgage finance of up to 80 per cent. Buyers are required to pay a preliminary deposit of HK$20,000 and 10 per cent of a flat's value on the signing of the sale and purchase agreement.
A further 10 per cent is payable in two instalments within one year. Gary Wang said the Nei Hu district, where Rebar Rich and Famous was located, was a high-class residential area in Taipei comparable to the Kowloon Tong area in Hong Kong. It had easy across to highways, Taipei Sungshan Domestic Airport and major shopping centres.
The construction of Taipei Rapid Transit Systems, which is due to start this year, and the completion of Min Chuen East Road Tunnels before the end of this year will improve further the transport facilities in the district. Mr Shen is responsible for the management of Rebar Rich and Famous. Residents will be able to enjoy five-star hotel services. A comprehensive range of clubhouse facilities is available, including sauna, gym, karaoke, 24-hour centralised hot water system, business centre, and nursery and laundry services.
In line with Taiwan's economic development, Mr Wang said there was a growing number of multinational companies setting up operations in Taiwan to capitalise on business opportunities in Taiwan.