Taiwan commercial property market seen over 100 bln twd in 2008 - Savills

Taiwan commercial property market transactions should again surpass 100 bln twd this year, according to a report by property consultants Savills (Taiwan) Ltd.

The market set a record last year with transactions of 119 bln twd - 2.83 times higher than in 2006.

"Any closer cross-strait political/economic ties after Taiwan's presidential election (on March 22) will be crucial to the chances for the market to set a new record in the island this year," Savills said.

Large real estate funds will continue to invest in Asia, though Taiwan will face competition from emerging markets, including Vietnam, it said.

Foreign funds were responsible for 48 bln twd, or 40.5 pct, of Taiwan's commercial property transactions last year.

The commercial property market includes office buildings, shopping malls, street-level retail premises and industrial offices.

(1 usd = 32.40 twd)