TAIPEI (Taiwan News) — A NT$12.5 billion (US$407 million) deal for a Taipei office tower has fallen through, with the buyer forfeiting the NT$625 million deposit, Kee Tai Properties Co. announced Monday.

The October 2023 transaction involved a person surnamed Lee (李) purchasing a 37-story building in Zhongzheng District. Under the sales agreement, payments were to be made in installments, but the buyer failed to pay the third tranche, according to CTEE.

The building sits on a 1,482-square-meter lot along Zhongxiao West Road Section 1 and includes six basement levels, encompassing 27,121 square meters of floor space. Kee Tai had expected a disposal gain of around NT$5 billion.

The deal drew market attention due to its scale, with a single individual reportedly raising NT$12.5 billion, prompting doubts about its feasibility. At the time, brokers valued office units above the third floor at roughly NT$1.5 million per 3.3 square meters, a record high for the area.

Kee Tai did not disclose personal details about the buyer. Over two years, the property transfer was never completed, and the deal had not been reflected in the company’s accounts.

As stipulated in the contract, the deposit was retained as liquidated damages, terminating the transaction.