Property market to attract US$3.6 billion in investment

Property market to attract US$3.6 billion in investment


2007/4/19
TAIPEI, AFP



The Taiwan property market could attract as much as NT$120 billion (US$3.63 billion) in investment by both local and overseas groups this year, a British real estate firm said Wednesday.
Savills Plc, London-based, dismissed concerns that Taiwan's property market could see a bubble develop as a result.

"Taipei is considered by Savills as one of the top five Asian markets," Robert McKellar, chief executive officer for the Asia Pacific region, told a news conference for the official opening of Savills' Taiwan office.

"Taipei's commercial (property) market is still strong ... the market is not going to bubble as some may (fear)," McKellar said

In the four months to April, insurance and asset management companies poured 34.7 billion dollars into the local property market, said Cynthia Chu, Savills Taiwan general manager.

"We expect local and international insurers and asset management companies to invest up to 120 billion dollars this year in Taiwan's property market," she said.

The amount compared with 60 billion dollars in 2006, she added.

Savills is one of the top UK real estate agents.