TAIPEI (Taiwan News) — Taiwan Life Insurance Co., citing growth potential in Taipei’s Nangang District, said Tuesday that it has extended a 45-year land use right from Taiwan Fertilizer Co. by an additional 40 years.
A subsidiary of CTBC Financial Holding Co., Taiwan Life Insurance will pay Taiwan Fertilizer NT$15 billion (US$462 million) in land use fees over 15 years, per CNA.
Taiwan Life Insurance Chair Hsu Shu-po (許舒博) said the company has developed the land into CTBC Financial Park, covering about 12,600 ping (approximately 41,600 square meters). The park includes office buildings and a retail complex leased to Mitsui Fudosan Co. for the Mitsui Shopping Park LaLaport.
About 80% of the park’s space is leased, generating a 3.5% rental yield. Its leasing performance has exceeded expectations, the company said.
LaLaport houses 237 brands, accounting for about 80% of all shops. Full occupancy is expected by the second half of next year, when the total reaches 300 stores, including a cinema and a supermarket.
The company added that the park also features space for esports competitions, exhibitions, and music performances. The development is expected to attract headquarters from the finance and technology sectors, including Taiwan Secom and Line Pay Taiwan.
At the LaLaport opening ceremony in March, Hsu said the park was the company’s most challenging project to date, noting the COVID-19 pandemic and inflation delayed construction by nearly three years and pushed the budget from NT$20 billion to NT$40 billion.
Hsu noted that LaLaport is among Taipei’s largest shopping malls. The park is located near the district’s only intersection of the Taipei Metro Bannan and Wenhu lines, as well as close to Nangang Software Park and Taipei BioInnovation Park. He said the land lease extension is expected to create more business opportunities and attract more corporate tenants.
