The Taipei-based developer was seeking to build land stock and outbid the only other bidder in the auction. “The outbreak is bound to have negative impact on the property market in the short run, but the company cannot sit idle until after the virus is contained,” Highwealth spokesman Liao Chao-hsiung (廖昭雄) said. Highwealth has had several construction projects in Taichung and knows the plot’s value, he said. Cushman & Wakefield Taiwan manager Eagle Lai (賴一毅) said that the auction result should inject badly needed confidence into the local property market, as the outbreak chills business activity. The plot might have a floor area ratio of 650 percent, he said.

Source: Taipei Times February 19, 2020 15:56 UTC