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Yuanta Life Insurance's sole NT$5.33B bid secures Taipei development site

Yuanta Life Insurance Co. Ltd. secured the rights to develop a land parcel in Taipei after offering to pay NT$5.33 billion during an auction, the Taipei Times reported, citing the National Property Bureau.

The Yuanta Financial Holdings Co. Ltd. subsidiary submitted the only offer for the 4,793-square-meter development site near the Songjiang-Nanjing MRT Station. The floor cost of the site is NT$4.1 billion.

The consideration for the plot will allow the insurer to generate an up to 4% rental income for 70 years after building a commercial complex in the site, the publication reported, citing property analysts.

Aside from the offered amount, Yuanta Life will also pay an additional NT$230 million in one-time construction fees associated with the nearby MRT station.

As of Dec. 9, US$1 was equivalent to NT$30.49.