Highwealth Construction Corp. (2542) has announced a plan to build a housing complex for retirees in northern Taiwan. Construction on the new retirement village will be launched in early 2015. Also, Liao Chao-hsiung, the company’s vice president, states that it will expand its business with the aim of becoming one of the top ten real estate developers in Asia.
Highwealth, founded in 1980, is engaged in the construction and sale of commercial buildings and residential properties. The company plans to launch its retirement village project possibly in cooperation with Japanese property developer Daiwa House, targeting retired couples looking for 2-3 bedroom flats priced at approximately NT$200,000 per ping or NT$5 million to 6 million per flat. The company declined to disclose the location of the development of over 1,000 units as land is still being acquired for the project.
In addition, the company recently set up a 40-people sales marketing department for Royal Traditions, a luxury residential complex in Taichung.
This year promises to be the most fruitful ever for Highwealth with an impressive accumulated January-August revenue of NT$25.13 billion achieved mainly through sales in the residential project Taipei Palace in Linkou and the BHW Office Building in Taichung City. Revenue from BHW has been fully recorded in accounting and Taipei Palace revenues have been partially recorded for the first eight months. Remaining revenues will be recorded in fourth quarter reports.
Institutional investors estimate that apartment deliveries in 2014 might bring in NT$35-40 billion in revenue for the company to surpass its all-time high of NT$28.31 billion set in 2013.