Grand River Development Limited -Redefining Taipei’s Skyline

TAIPEI, Taiwan–(BUSINESS WIRE)–Grand River Development Limited, a company managed by the Taipei based
real estate private equity investment company Riant Capital Limited
(“Riant Capital”), today announced its plans for Taipei’s most
anticipated redevelopment, Taipei Sky Tower (“TST”).

TST is planned to be a mixed-use commercial landmark building at the
heart of Taipei’s CBD. Located next to Taipei 101 in Taipei’s prime
Xinyi District, TST promises to redefine “luxury and efficiency” in the
retail and hospitality sector upon its scheduled completion in 2020. The
planned 54-story tower will be over 260 meters in height and comprise of
approximately one million square feet in combined floor area. The
building is planned to consist of a retail podium, luxury hotel,
lifestyle hotel and a state-of-the-art theater house.

“Due to the unique location and street front exposure of the site, we
are able to re-create a new whole pedestrian block comprising of
independently operated retail and F&B flagship/concept stores that one
typically finds in major international cities such as New York, Tokyo or
Hong Kong. We believe that this pedestrian shopping experience will
offer consumers an attractive alternative to the traditional department
store concept and that our innovative approach will further enhance
Taipei Xinyi District’s status as a premium business and retail center
in Asia,” said Aaron Chan CEO of Riant Capital.

To ensure the international standard of the development, Riant Capital
is in the process of selecting from seven internationally renowned
architects and eight international hotel operators to be awarded as the
designer and hotel operator for the building. Mr. Chan adds, “by
combining global experience and regional market know how, we are
confident that TST will become a new icon in Taipei and the first true
international standard mixed-use tower in Taiwan. Our mission is to
build the most value-driven, innovative, aesthetically stunning and
environmentally friendly tower that will be appreciated for generations
to come.”

Despite the slowing global macro-economic condition, Riant Capital is
confident in Taiwan’s prospect as becoming a key tourist destination in
Asia. As such, Riant Capital shares a view that the retail and
hospitality sectors have strong potential to achieve steady growth. The
effect of the growth may be further compounded given the limited supply
of international quality retail and hospitality properties in the Taiwan

The acquisition and redevelopment is expected to cost US$ 1.1 billion
and is currently the largest single investment managed by Riant Capital.
The acquisition marks one of the largest real estate transaction led by
a PE fund in Asia and the largest deal done by a PE fund in Taiwan to


Grand PR
Helen Chen, +886-2-2775-2840 ext.

Jocelyn Lo, +886-2-8978-8688 ext.