Taipei's Xinyi District urban renewal project valued at NT$6.4 billion selects first developer

Taipei's ambitious "7599 Project" for urban renewal has officially selected its first developer, Xin Run Zhi Di Co., for a significant project in the bustling Xinyi District. The chosen development, named "Ji Chun Shang," will transform a 772.89-ping site located near the Yongchun and Songshan MRT stations, an area known for its well-developed transportation network and mature amenities.

The project is a prime example of public-private partnership, with the Taipei Housing Development Center acting as the implementing entity. The site, approximately 99% privately owned, saw a high participation rate of 94.37% in pre-construction surveys, indicating strong resident support for the urban renewal initiative. The redevelopment plans prioritize structural safety, carbon reduction, disaster resilience, and environmental friendliness. Notably, the project will explore the feasibility of incorporating a "rural city" policy with green roofs and aims for 100% green coverage, alongside the development of affordable housing.

Xin Run Zhi Di Co. plans to construct two 23-story buildings above a 5-story underground structure, utilizing reinforced concrete. The updated development is expected to yield over 7,300 ping of floor space, with an estimated total sales value exceeding NT$6.425 billion. The project aims to achieve several prestigious certifications, including Gold-level Green Building, Silver-level Smart Building, Seismic Resistance Mark, and Low-Carbon Building, along with a Level 1 building energy efficiency rating.

The Taipei Housing Development Center has been instrumental in facilitating 31 public urban renewal projects, with 19 successfully attracting investment. Five projects are completed, and two are currently under construction, collectively driving an estimated NT$117.1 billion in private investment. Several other public urban renewal projects are also in the process of seeking developers.

“

The effect of the program will be to support the tourism industry in the regions by creating demand for services, which will translate into increased economic activity in the regions and have a lasting impact on the level of income generated in the regional economy.