Live in a Luxury Home Without 400 Million! Taiwan's Bureau of Public Property Announces Bidding for 20 Units of Taipei Star Diamond in Late July – Rentable for Up to 20 Years

To accelerate the revitalization of state-owned properties returned from urban redevelopment projects, the Ministry of Finance announced on the 23rd a new bidding and renewal leasing system for state-owned real estate. Lessees can now renew their leases up to three times, extending the maximum lease period to 20 years. The first batch of 20 units from the 'Taipei Star Diamond' redevelopment project in Taipei's Da'an District will be announced for bidding by the end of July.

Why couldn't Taipei Star Diamond be sold?

In recent years, the Bureau of Public Property under the Ministry of Finance has been revitalizing state-owned non-public properties acquired through urban renewal by auctioning or leasing them. However, some high-value properties have failed to attract bidders. For instance, 'Taipei Star Diamond,' located near Taipei's MRT Zhongxiao Fuxing Station, previously received no bids due to its reserve price of NT$300 to 400 million.

At a regular press conference on the 23rd, Deputy Director-General Kuo Hsiao-jung of the Bureau of Public Property explained that the Ministry revised the 'Management Regulations for Leasing State-Owned Non-Public Properties' on June 1 and updated the 'Bidding Guidelines for Leasing State-Owned Non-Public Properties' on July 23. The new leasing and renewal system aims to boost private sector interest in bidding for state-owned properties and promote the activation of idle assets.

Bureau of Public Property: Lease Term Extended to 20 Years Under New Rules

Kuo explained that the standard lease term for state-owned properties is five years. Previously, if a tenant wished to continue using the property, the leasing authority had to re-initiate a bidding process before the lease expired, allowing the original tenant to either win the bid again or renew at the newly determined annual rent. Under the revised rules, tenants of state-owned properties announced for bidding after July 23, 2023, can apply for contract renewal up to three times, with each renewal extending the lease by five years, allowing a maximum tenancy of 20 years—providing greater long-term security for tenants.

Kuo added that the annual rent upon renewal will be adjusted based on changes in the consumer price index for housing rents, but it will never fall below the original contract's annual rent, balancing fairness and national revenue.

Kuo also stated that all relevant bidding documents and lease agreements have been updated to reflect the new system. The first batch of 20 'Taipei Star Diamond' units will be announced for bidding by July 31, and the public is encouraged to participate.

Additionally, Kuo reminded that site visits for the announced properties will be available by prior appointment. Interested parties should monitor the official bidding announcement and contact the Northern Branch of the Bureau of Public Property within the designated period to schedule a viewing.