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Tumon land sells for $15.6M as Taiwan investments continue
- Gaynor D. Daleno | The Guam Daily Post
- Apr 21, 2020 Updated Apr 21, 2020
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TUMON BAY: The expanse of Tumon Bay, as seen from Matapang Beach, is shown April 17. The Guam Daily Post reached out to lawmakers to learn how they might help tourism bounce back. Post file photo
A piece of Tumon Bay beachfront land sold for about $15.6 million for a proposed resort development right before Guam’s real estate transactions slowed because of the COVID-19 shutdown of the government of Guam agency that records these deals.
The buyer, Honhui Guam LLC, is a subsidiary of a Taiwan investment company. The seller, TKY LLC, is a Japan-based investment company, according to a record of the transaction.
The transaction covers 8,915 square meters of land which is one of a few remaining undeveloped parcels in Tumon.
The purchase price per square meter is $1,750.
The property is off Chamorrita Way, along Fujita Road west of Bayshore Condo.
The selling price represents a 20% adjustment from the $13 million price tag when it was previously sold in December 2018, land records show.
Five major undeveloped parcels left in Tumon
There are only about five large undeveloped oceanfront parcels remaining in Tumon Bay between the Hilton Guam Resort & Spa and the Hotel Nikko Guam, said Siska Hutapea, president of real estate appraisal firm Cornerstone Valuation Inc. These are:
• The land next to the Pacific Islands Club, owned by Taiwan-based Lih Pao Investment LLC;
• The land next to the Hyatt Regency Guam which sold to a Taiwan-affiliated investor, Evergreen Phoenix Resort;
• The former Royal Palm hotel location, also affiliated with Taiwan investment;
• The former Fujita Hotel site, owned by Lih Pao; and
• Four acres next to the Westin Guam Resort, also owned by Lih Pao.
Home prices up, number of deals down
Before the COVID-19 shutdown, which stopped the recording of real estate transactions at the Department of Land Management, Cornerstone Valuation data recorded another increase in the median price of single-family houses and condominium units on Guam.
In the first quarter, standalone houses sold for a median price of $299,614, which represents a 24% annual growth. Condo units each sold for a median price of $238,750, an increase of 18%, according to Cornerstone Valuation’s data.
With the Land Management’s closure on March 16, however, the number of real estate transactions on Guam decreased by 19% in the first quarter of 2020 compared to the same period last year.
Cornerstone Valuation is conducting a survey of the local real estate market.
"We are getting the pulse of Guam real estate," Hutapea said. "We will share the survey results on May 5, to celebrate – hopefully – the end of our stay-at-home period."
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