Huang Hsiang acquires Sogo Dunnan building
By Crystal Hsu / Staff reporter
Taipei-based Huang Hsiang Construction Corp (皇翔建設) has acquired the building that houses the Sogo Department store’s Dunnan branch for NT$13 billion (US$458.05 million) through a share swap, government data showed.
The developer beat the other bidder, Urban Development Concept Holdings Ltd (志榮建設), after the seller, Jen Ai Co (仁愛企業), reportedly demanded an all-cash payment, scaring away other prospective buyers.
The 32-year-old building sits on a 938.9 ping (3,103.8m2) plot in downtown Taipei, where land is so scarce that urban renewal offers the only way for development projects.
The mixed-use complex has 7,269.5 ping of floor space, with tenants that include the buffet Hilai Restaurant (漢來海港餐廳) and Cantonese restaurant Celebrity Cuisine (漢來名人坊).