Taipei's Core Pacific City to be auctioned with starting price of US$1.24 billion

The auction for the 18 year old shopping mall is set for December 12

Core Pacific City

Core Pacific City (Wikimedia Commons photo)

TAIPEI (Taiwan News) – The Core Pacific City shopping mall (京華城), also known as the Living Mall, located in Taipei’s Songshan District has publicly announced its opening sale price to potential buyers.

The shopping mall has suffered from long-term net losses, and now the ownership is seeking to sell the under-performing establishment via public auction, schedule for December.

Liberty Times reports that an opening price for the shopping mall has been published in Hong Kong, Singapore, Shanghai, and Taiwan, setting the price at NT$38 billion (US$1.24 billion).

The auction for Core Pacific City is expected to open on December 12 of this year, however the Core Pacific Group (威京集團) which owns the mall is reportedly already in negotiations with potential buyers, reports Liberty Times.

Core Pacific City has been called Taiwan’s strangest mall for its unique spherical central structure, and some curious choices for its interior design. It opened in 2001, and consists of 12 floors above ground and eight underground levels, equaling a total floor space about 62,000 pings (204,959 square meters).

It was one of Taiwan’s first western style shopping malls, and was originally open 24 hours a day, seven days a week in its first few years of operation.

However over the past decade dwindling sales led the Core Pacific Group to the decision to divest of the property, signing a deal in March of 2018 with the real estate brokers Cushman & Wakefield to help them put the property up for auction.

Taipei's Core Pacific City to be auctioned with starting price of US$1.24 billion
Interior of Core Pacific City (Image from Flickr user Saturnism)

Updated : 2021-03-08 00:46 GMT+08:00