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FPG branches into realty market.

Taipei, Aug. 13, 2009 (CENS) -- Formosa Plastic Group, Taiwan's leading business conglomerate, plans to invest NT$5 billion in a land development project in conjunction with the A8 station, or the station of Chang Gung Memorial Hospital, of the airport mass transit system, in Linkou, Taipei County, the first time for the group to engage in a major land development project.

The project will be undertaken in cooperation with the Bureau High Speed Rail, under the Ministry of Transportation and Communications, and is scheduled for groundbreaking in October this year.

Ricky Liu, architect responsible for the design of the project, reported that the project will be a multi-purpose building, including shopping mall, boutique hotel, and residence.

The project is meant to capitalize on the business potential to be brought about by the mass transit system, notably cross-Taiwan Strait travel which combines with medical treatment offered by Chang Gung Hospital.

FPG joins a number of other local major enterprises which have branched into realty development recently, including the construction of luxury residential building in Kaohsiung by Yeh Kuo-yi, founder of Inventec, the construction of a shopping mall in Taipei City's Xinyi district by Liang Tse-chen, vice chairman of Quanta, and the realty development plan of Terry Guo of Hon Hai in Chongqing.

The project will go up on a plot of 25,000 pings (one ping equals 36 square feet) provided by Chang Gung Hospital and will be a 17-story building, plus four basements.

The airport mass transit system is scheduled for inauguration in 2013. In addition to the A8 station project, the Bureau of High Speed Rail also plans to develop similar projects in three other stations, Xinzhuang, Linkou, and Zhongli.

((PL)) (GE)

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Title Annotation:Formosa Plastic Group
Publication:The Taiwan Economic News
Article Type:Brief article
Date:Aug 13, 2009
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