Savills Taiwan announced today that they have successfully assisted APL in selling World Trade Tower, located in Hsin Yi District, Taipei, to well known investor Yong Hsin Development Co. This latest deal is the first en-bloc building transaction in Taipei's real estate market for 2010.

World Trade Tower is located in the heart of Hsin Yi District, directly opposite the Taipei World Trade Exhibition Hall. The building comprises ground floor retail and office space from the 2nd to 13th floors, with a total floor area of 1,128 ping (3,722.4 sqm).

According to Cynthia Chu, Managing Director of Savills Taiwan, due to the very limited building supply in Taiwan, property located in central Taipei, particularly within Hsin Yi District, will always attract the attention of insurance companies, foreign funds and local developers as the property can not only can be used for retail and office space but also has great potential for repositioning as service apartments or service offices. Just two weeks after being places on the market, Savills Taiwan was able to conclude this deal.  

Randall Hall, CEO of Savills China said, "This is the first en-bloc building transaction concluded by Savills Taiwan for 2010 and has taken place so early in the year. I am glad to see our Taiwan team get off to such a great start for the year, helping our client to successfully complete this deal. I would like to congratulate Cynthia Chu and her team for their efforts, which have resulted in the first en-bloc transaction in Taipei's Hsin Yi District since the global financial crisis occurred."

(1 ping = 35.58 sq.ft. =3.3 sq.m.)