TAIPEI (TVBS News) — With the Taiwan Railways Administration (TRA) nearing its corporatization on New Year's Day, the repurposing of an old railway dormitory in central Taipei has become the focus of the corporation's inaugural land development project.
Liu Jui-hung, vice president of the TRA Asset Development Center, in an interview with the Central News Agency, said the board of directors would make the final decision on development methods after weighing the pros and cons.
The project, estimated to cost NT＄6.23 billion, involves transforming the roughly 1.2-hectare dormitory site into a hotel and residential tower. Construction is slated to start in the third quarter of 2024, with residential tower prices potentially surpassing NT＄2 million per ping.
Liu explained the consideration between longer renovation processes for greater volume rewards and quicker construction with commercial developers for less building area.
The strategy of retaining all original land rights for lower profits is also under review. The final development method, including whether to outsource renovations or manage them under a lease agreement, will be determined by the board.
