Cathay Life Insurance Won with NT$4.3 Billion Franchise Fee Yesterday

Cathay Life Insurance won with NT$4.3 billion franchise fee yesterday(Sept.25)the 50-year right for the investment,development,and management of the special commercial land of Taoyuan railway station area,the largest commercial land area of the high-speed rail's five major stations.

The project,a BOT(build-operate-transfer)project,is the largest development project adjacent to high-speed rail stations.

The Bureau of High Speed Rail,under the Ministry of Transportation and Communications(MOTC),pointed out that Cathay Life Insurance is the first life insurance company responding to the government's encouragement of life insurance firms to take part in public construction projects.The project also affirms the commercial value of the development of the special areas adjacent to high-speed rail stations and will accelerate the development of the special areas of other high-speed rail stations.

The Bureau of High-Speed Rail pointed out Cathay will team up with Gloria Hotel Group in developing the project,which boasts the advantages of high-speed rail,airport mass rapid transit system,and proximity to Taoyuan International Airport.The project calls for investment of NT$20 billion to build an international commercial city on the plot of land spanning 21.88 hectares in space.The project will be carried out in two stages and the first-stage facilities are scheduled for inauguration in 2016.

In the first phase,Cathay plans to build an open outdoor discount outlet,which will accommodate 250 international renowned brands and attract visits by domestic and foreign travelers via the international airport and airport MRT.It is estimated to attract over seven million domestic and foreign tourists and create over NT$10 billion of tourism value a year,in addition to providing over 2,000 job vacancies.

The project will also include international office buildings and international hotels,which will augment the functions and quality of the special high-speed rail station area and attract the stationing of multinationals.