Taiwan investors are behind property sales boom in Guam
Taiwan investors are behind property sales boom in Guam
From one island to another, these investors are riding high on a visa waiver program and safely storing their wealth in the American territory
Taiwanese investors are reportedly playing a key role in an uptick of property sales in Guam this year.
Sales of land, houses and buildings in the US territory breached USD373.6 million in 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.
Taiwanese investment underpinned some of the island’s biggest transactions this year, including the sale of The Windward Hills Golf Course for USD8.5 million, USD6 million of which was paid in cash. Hutapea also revealed purchases by Taiwanese investors of apartments in such projects as Apusento Gardens, Harvest Residence, Ypao Garden Condominiums and Pacific Towers.
More: It’s not only the US military making moves on Guam
The American territory has been in good graces with Taiwan investors because of its safe-haven status as a US-dollar-based economy, Hutapea said. Taiwan has also been engaged in territorial disputes with mainland China, a chill factor to domestic investment in the “renegade province.”
Also serving as impetus to investment is the recent inclusion of Taiwan in the Guam visa waiver program by the US Department of Homeland Security.
In a sign of confidence in Guam real estate, Taiwanese developer Lih Pao Investment LLC completed 80-unit luxury townhomes in Guam’s Tumon Heights in February.
Read next: Taiwan commercial real estate on a slowdown
Source: Property Report