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CMP Group invests NT$12 billion – Taichung City Hall expects Calligraphy Greenway shopping district to generate prosperity in Greater Taichung

Rendering of CMP Midtown
Rendering of CMP Midtown
Calligraphy Greenway and Park Lane by CMP have become an iconic shopping district and cultural and creative industry emanating with local and international characteristics, and thus it is a popular destination for businesses and investors. According to the Economic Development Bureau of Taichung City, CMP led the development of Calligraphy Greenway in the past, and it has invested NT$12 billion to develop the CMP Midtown building. The project has broken ground and the area is expected to turn into a district similar to Roppongi in Japan in the future. The City Hall will continue to invest in software, hardware, and infrastructure to foster greater prosperity in Calligraphy Greenway shopping district and Taichung as a whole.

Economic Development Bureau remarked that the CMP Group started as an iron casting business and progressively expanded its empire to real estate, hotel and retail store development. In 2006, the company tapped into the consumer market in Taichung by acquiring the Hotel National and Splendor Hotel Taichung. Furthermore, it collaborated with eslite to design Park Lane by CMP, while Calligraphy Greenway was jointly developed with Taichung City Hall to form a popular destination combining tourism and recreation with arts and culture.

CMP Midtown incorporates the concept of urbanization to create an artistic living circle consisting of residential buildings, five-star hotels, churches, shopping malls, art museums, and green landscape. After the living and cultural and creative cluster formed by Park Lane by CMP, the project aspires to build a living and shopping district similar to Roppongi in Japan, in turn endowing Taichung's wonderful living environment with a grander vision.

According to CMP Group's investment blueprint, the CMP Midtown project will be divided into 2 phases. Phase 1 involves constructing the five-star InterContinental by CMP, art museum, church, as well as a 32-floor and 35-floor all-age residential building on a 1.32-hectare site near Calligraphy Greenway. Construction of phase 1 is slated for completion by 2022. Phase 2 plans to construct 3 supertall residential buildings on a 0.99-hectare site.

Economic Development Bureau Director General Szu-Hsiang Kao commented that overall sales generated by department stores in Taichung reached NT$60 billion last year, with Shinkong Mitsukoshi Taichung store and Top City demonstrating the best sales performance of all department stores nationwide and the best performance of all Far Eastern Department Stores nationwide respectively. Foreign investors including Mitsui Fudosan Co., Ltd. are also seeing great potential in Taichung's consumer market and it has invested in projects such as the Mitsui Outlet Park. This month, a contract was signed with Taiwan Sugar Corporation to build the family shopping center complex LaLaport, and with phase 2 of Lihpao Outlet Mall scheduled for opening this summer, the total sale this year is expected to reach NT$70 billion.

In order to continue to draw investment, Economic Development Bureau has established the Invest Taichung website, one-stop investment service, and Investment Promotion Committee to expedite procedures and eliminate obstacles for potential investors. In addition, the City Hall will provide investment incentives for companies that establish their corporate headquarters in Taichung in an effort to encourage more enterprises to invest in the city.

Director General Kao emphasized that Taichung is endowed with substantial cultural foundation, convenience, and abundant tourism resources. Coupled with governmental policies in promoting child care, elderly care, youth entrepreneurship, and employment, Taichung has been transformed into a livable city and the second largest metropolis in Taiwan. The rapid development of the city not only creates a magnet effect on surrounding municipalities but also steers the direction of industry investment.
  • Data update: 2019-05-14
  • Publish Date: 2019-04-02
  • Source: Press Liaison Division, Information Bureau of Taichung City Government
  • Hit Count: 1738
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