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New Jiangnan Market Building Officially Opens to the Public

New Jiangnan Market Building Officially Opens to the PublicOn February 14, the second public market housed in a building renovated under a Build-Operate-Transfer (BOT) contract, was officially opened with Mayor Ko Wen-je in attendance. He once said: "To see the quality of an institution, just check its toilets. To know the caliber of a city, look at its markets.” The project aims to involve the private sector in public services and to take Taipei’s traditional markets to the next level.

The original Jiangnan Market was built in 1984. After the building’s air was found to contain high levels of chlorine in 2000, the city government decided the situation called for renovation of the building, and felt that a private-public partnership would be the best way to finance and construct the building and involve the private sector to improve the quality of this public service. This is also in line with the international trend of prioritizing the public interest and constructing modern market buildings to meet rising consumer expectations. After a public tender, the city government signed a BOT contract with the Jiangnan Alliance, a private-sector entity consisting of JSL Group and Hanyang Construction Corporation. 

The Jiangnan Market BOT case has invested NT$640 million (USD 21 million) of private funding into this public construction project, with future expected income from land lease and royalties estimated at NT$260 million. The reconstructed Jiangnan Market Building has nine floors above ground and three floors underground. The first floor houses a supermarket with a broad assortment of groceries, fruit, vegetables, and fresh fish. The second floor has several family-friendly restaurants, while the third floor is a hotel. The building thus provides a variety of services for the surrounding residents, office workers, and tourists, and is expected to drive the development of a new shopping district in Neihu.

The new market building offers innovative services to tourists exploring the sights of Neihu and business people visiting the Neihu Science Park, pulling those visitors beyond their set destinations to see more of the district. The building serves the local community and office workers with light and affordable meals, as well as an array of non-food shopping options. The facility thus makes the area more lively and family-friendly. The city government will continue to invite private investment and activate underutilized real estate by enabling upgrades of the hardware and software of its markets, keeping Taipei’s traditional markets in step with the times.