The Taipei Living Mall retail complex is up for sale for NT$38 billion (US$1.23 billion).

The mall’s owners, Core Pacific City, have described the project “a failure”. It was constructed on a syndicated loan of NT$12 billion two decades ago, and the debt is timed to mature next year. The 16,483sqm plot it stands on could potentially yield higher returns if converted to luxury rental properties.

Taipei Living Mall is the largest private property made available for sale in decades. Cushman & Wakefield Taiwan GM Billy Yen commented: “It is not the best timing to sell properties these days, so I recommended a price concession and the owner accepted it.” The property could attract a significantly higher price in a boom market.

Investors from Singapore, Hong Kong and China have submitted expressions of interest in the asset.