Keelung city center to undergo 3.1 billion yuan public urban renewal project amid falling property prices

Keelung City is set to revitalize its downtown core with the launch of the Zhongzheng Yi San Road Public Urban Renewal Project, a significant initiative estimated to attract 3.1 billion yuan in investment. The Keelung City Government hosted a briefing on the project, outlining its scope and investment opportunities, signaling a push to inject new life into the city's administrative and commercial hub.

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Urban renewal is not just about rebuilding old buildings, but more importantly, it is about re-sorting urban spaces, improving living environments, and driving the improvement of commercial, industrial, and public service functions.

The project's success hinges on attracting private capital and development expertise through public-private partnerships. Keelung Vice Mayor Fang Ting-an emphasized that urban renewal is not just about rebuilding old structures but also about re-imagining urban spaces, improving living environments, and enhancing commercial, industrial, and public service functions. He highlighted the project's strategic location at a key node of Keelung's administrative and commercial axis, viewing it as crucial for the 'Keelung Downtown Revitalization Corridor.'

Despite the city's proactive approach to urban renewal, the local property market presents a contrasting picture. The area surrounding the Keelung Hospital, which includes the project site, has experienced a 14% decrease in property values over the past year. Current average transaction prices stand at approximately 222,400 yuan per square meter, with no new construction projects currently on the market. This price decline raises questions about the potential impact of the upcoming development on the regional real estate market.

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The Zhongzheng Yi San Road project is located at an important node of Keelung's administrative core and commercial axis. The city government regards it as an important part of promoting the 'Keelung Downtown Revitalization Corridor,' hoping to achieve a multiplier effect through public-private cooperation, combining private investment and city construction.

The city government has established a dedicated 'Keelung Urban Renewal Office' to facilitate such projects, aiming to overcome common challenges like property integration, administrative procedures, and resident communication. The office has been working to build consensus within communities and manage ongoing renewal projects. The Zhongzheng Yi San Road project, with its relatively simple land ownership and commercial zoning, is considered favorable for integration and development. The city hopes the project will introduce diverse functions, including residential, office, and commercial spaces, to address the current lack of quality office and mixed-use urban spaces in Keelung.

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In the past year, the average transaction price in the Keelung Hospital living circle has been about 222,400 yuan, a decrease of 14%.