The Department of Land has just made an announcement regarding the prices of the properties within the city. It turns out that the Shin Kong Mitsukoshi Department Store lies on the most expensive land in Taipei City, which values at nearly 3.64 million NT dollars per ping.

The Taipei City Department of Land released the results of its annual land value survey on Wednesday, and Shin Kong Life Tower was ranked as Taiwan's most valuable property for the 13th consecutive year.

Shin Kong Life Tower's value appreciated 7.37% over the past year and now stands at 3,644,185 NT per ping, compared to Taipei 101's second-ranked 3,345,454 NT per ping.

Overall, land value in Taipei rose by 12.08% over the past year due to the new Xinzhuang and Songshan MRT lines and sky-high bids for government-owned land.

The value of the land occupied by Taipei's "The Palace" rose by 28.7% this year, while the Air Force General Headquarters' value rose by 20.4%.

The Taipei City Government says that it is releasing current market prices for the purpose of property sale tax calculations, but some feel that the report is actually aimed at suppressing real estate prices.