Mitsui Fudosan to Undertake Taiwan’s First LaLaport Project
Largest Project in the Taipei Metropolitan Area, with Approx. 250 Stores, Scheduled to Open in 2021
January 25, 2017
Mitsui Fudosan Co., Ltd.
Key Points of the Project
- Mitsui Fudosan’s first LaLaport project in Taiwan, scheduled to open in 2021
- One of Taipei metropolitan area’s largest retail facilities with approx. 250 stores, in the Nangang district, a new city center in the eastern part of Taipei
- Mitsui Fudosan’s third LaLaport project overseas, and third retail facility project in Taiwan
Tokyo, Japan, January 25, 2017 – Mitsui Fudosan Co., Ltd., a leading global real estate company headquartered in Tokyo, announced today that it has decided to participate in Taiwan’s first LaLaport regional shopping center project, and has entered into an agreement on the development and operation of the project with the Taiwan Life Insurance Co., Ltd., a subsidiary of CTBC Financial Holding Co., Ltd., a major financial group in Taiwan. Scheduled to open in 2021, the shopping center will be one of the largest retail facilities in Taipei metropolitan area, with approximately 250 stores and a planned store area of approximately 70,000 m2. This project is Mitsui Fudosan’s third overseas LaLaport project, following Shanghai Jinqiao and Kuala Lumpur. In Taiwan, the project is Mitsui Fudosan’s third retail facility business, following the Mitsui Outlet Park Linkou, which opened in January 2016, and the Mitsui Outlet Park Taichung Port (tentative name), which is scheduled to open in 2018.
The planned location of this project is in the Nangang district in eastern part of Taipei, a 1 minute walk from the Taipei Metro (MRT) Nangang Softwarepark Station, and 3 minutes on foot from the Nangang Exhibition Center Station. The planned location is in Nangang Jingmao Park, which is developing a new city center possessing multi-faceted urban amenities such as office, retail, and residential facilities, all focused on the IT industry. In addition to the Head Office of CTBC Financial Holding Co., Ltd., several major global IT companies are based there and Taiwan’s largest convention hall, the Nangang Exhibition Center, which 2.5 million people visited in 2015, is in the vicinity. With its advantage of being located on a highway intersection, the shopping center is expected to attract customers from an even wider catchment area, including major cities in the region such as Keelung and Yilan, in addition to the growing population of residents in the vicinity of the planned location, and office workers working in Nangang Jingmao Park.
For this project, the Mitsui Fudosan Group has borrowed the components of retail malls from among multi-purpose buildings to be developed by Taiwan Life, including offices and hotels, and the Mitsui Fudosan Group plans to operate it under Mitsui Shopping Park LaLaport Nangang (tentative name). The Mitsui Fudosan Group is making maximum use of the expertise it has acquired from developing, leasing, and operating over 100 retail facilities in Japan and overseas, and should attract the Japanese fashion and merchandise stores, and restaurants, that are highly popular in Taiwan. Mitsui Fudosan also aims to develop facilities that encourage customers to spend time in them, including restaurants and entertainment facilities, thereby encouraging visitors to spend a long time in the mall.
Click map to enlarge
The Mitsui Fudosan Group’s Business in Taiwan
In January 2016, the Mitsui Fudosan Group opened Mitsui Outlet Park Linkou, the Group’s first business in Taiwan. In September 2016, the Mitsui Fudosan Group decided to join the Mitsui Outlet Park Taichung Port (tentative name) project, which will become its second Mitsui Outlet Park facility in Taiwan. Project development is underway with plans to open the facility in 2018. An announcement was made this month to move ahead on a first hotel project in Taiwan, and this is scheduled to open in 2020. For further business expansion, the existing Mitsui Fudosan Asia Ltd. Taipei Branch was upgraded and on September 13, 2016, Mitsui Fudosan Taiwan Co., Ltd., a Taiwanese subsidiary, was established. Going forward, using the subsidiary as an investment base, development plans include commercial facilities and hotels throughout Taiwan, as well as housing sales, logistics facilities, and multi-use development projects.
Mitsui Fudosan’s Overseas Strategy
The Mitsui Fudosan Group has positioned overseas business as one of its growth areas. Under the Group’s “Innovation 2017 Stage II” medium-term business plan through fiscal 2017, announced in May 2015, the Group is planning to execute investments of approximately. ¥550 billion in Europe, the Americas and Asia over a period of three years from 2015 to 2017. At present, the Group is making steady progress with those investments.
In Asia, Mitsui Fudosan is actively capturing growing consumption and contributing to local areas while aggressively promoting its business to quickly expand its earnings. Mitsui Fudosan is advancing seven commercial facility projects in Asia, including this project. Mitsui Outlet Park KLIA Sepang opened in Kuala Lumpur in May 2015, and there are plans to open LaLaport facilities in Shanghai and Kuala Lumpur. Mitsui Fudosan is also actively engaged in the housing business in Malaysia, Singapore, Thailand, Indonesia, and China, and is expanding development projects in Asia.
CTBC Financial Holding Co., Ltd. and Taiwan Life
CTBC Financial Holding Co., Ltd.
CTBC Financial Holding Co., Ltd. is a major financial group whose subsidiaries include the CTBC Bank Co., Ltd. and the Taiwan Life Insurance Co., Ltd. It has total assets of approximately 4,848 billion NTD (As of September 2016), and total sales of 319 billion NTD. (As of December 2016)
Taiwan Life Insurance Co., Ltd.
Taiwan Life is a wholly owned subsidiary of the CTBC Financial Holding Group. It has 30.6 billion NTD in capital. (As of September 2016)
||Nangang Block C3,No. 15, Jingmao Sec., Nangang Dist., Taipei City, Taiwan
||One minute walk from the Nangang Softwarepark Station on the MRT Wenhu Line
Three minute walk from the Nangang Exhibition Center Station
on the MRT Bannan Line and MRT Wenhu Line
Also a short journey from highway (No.1&3) and the hingway interchange
||Approximately 41,400 m2
|Store Floor Area
||Approximately 70,000 m2
|No. of Stores
||Approximately 250 stores
||The Mitsui Fudosan Group borrows the components of retail malls from among the multi-purpose buildings planned to be developed and owned by Taiwan Life, and operates them as a LaLaport.
||Mitsui Shopping Park LaLaport Nangang (tentative name)
Project Site Map
Click map to enlarge