A groundbreaking ceremony for the Nangang Rail Yard Urban Renewal Project* was held on June 18th. Continental Engineering Corporation (CEC), a subsidiary of Continental Holdings Corporation (TWSE: 3703), will be responsible for the construction of unit 1. Situated adjacent to the Taipei Music Center, the site will be revitalized into a notable landmark and a gateway to Taipei City’s East District, featuring mixed use, eco-friendly and green energy facilities for recreation, tourism, accommodation, and commercial services.
“We are honoured to have the opportunity to apply CEC’s extensive experience in constructing large, complex, mixed-use developments to this, Taiwan’s largest urban renewal project to date. As Taiwan enters a major urban renewal era, CEC remains committed to contributing to local urban renewal projects with professionalism and new technology backed by our outstanding track record,” said CEC CEO Simon Buttery.
With a contract value of NT$10.71 billion (inclusive of tax), the project comprises of a mixed-use development above a common podium level with a total new-build area of 23,672 square meters. The project comprises three 21-story SRC residential buildings, an 18-story SS commercial office building, and a 19-story SS hotel building, all situated above a 5-level interconnected basement. Additionally, the first to fourth floors are commercial spaces.
As of March 31st, 2024, CEC’s revenue backlog reached NT$101.2 billion, equivalent to 4.9 times revenue for fiscal 2023.
* Note: The Nangang Rail Yard Public Construction Project, covering a total area of 5.44 hectares, is an alliance between the Taiwan Railway Corporation (formerly the Taiwan Railways Bureau) and Nangang International I and Nangang International II Co., Ltd., jointly invested by Cathay Life Insurance, Cathay Construction, Mercuries Life Insurance, Gloria Hotel Group, and Cathay Hospitality Management, to revitalize the former Nangang Yard of the Taiwan Railways.