Guam’s popularity with investors continues, with a Taiwan based developer acquiring the exclusive beachside area
The clear-blue waters of Tumon Bay. Image credit: violetblue/Shutterstock
A parcel of land in Guam has been sold for USD34 million, thought to be one of the highest ever prices per square metre on the island, reports Guam Pacific Daily News.
The land in the Tumon Bay area has been acquired by Evergreen Phoenix Resort Hotel LCC, a resort developer with ties to Taiwan and Samoa, which was registered as a Guam business on 29 June. It is registered to conduct hotel, restaurant and real estate businesses.
Sitting next to the Hyatt Regency Guam, the 50,475 sqm land is one of the few remaining undeveloped areas along the beach side in Tumon Bay.
More: Taiwan commercial real estate on a slowdown
At almost USD700 per sqm, the property is one of the highest priced on the island in roughly 15 years, according to Christoper Felix, principal broker at Century 21 Realty Management, adding that Guam’s tourism industry is both increasing and diversifying, which is encouraging for investors. While Guam’s primary visitor profile has traditionally been Japanese, there has been a rise in visitors from South Korea and Taiwan in recent years.
Taiwanese investors are reportedly playing a key role in an upsurge of property transactions in Guam this year.
Sales of land, houses and buildings in the US territory hit USD373.6 million in just the first seven months of the year, compared with USD321.7 million for the entirety of 2015, according to Siska Hutapea, president of Cornerstone Valuation Guam Inc.
The American territory has proven popular with Taiwan investors due to its safe-haven status as a US-dollar-based economy.
Read next: Tapei 101 earns title of the world’s tallest green building
Source : property-report.com
Read more…Record breaking land sale in Guam’s Tumon Bay
