Taiwanese developer Sun Yang Construction is banking its second-half performance on the handover of a large project in Taipei's Xinyi Planning District — good news for the company, though buying sentiment in the housing market continues to cool.

• The Xinyi Planning District project "Sun Yang International ONE 360" obtained its occupancy permit in June, with unit inspections in September and handovers possibly beginning in December, making it the main source of revenue for the second half.
• Sun Yang's share of sales from the project is about NT$6.1 billion. Half has been sold since presales began in 2019, and the remaining half will be put on the open market as completed units at the end of the year.
• Next year's revenue will rely on a project on Chongqing North Road in Taipei, with total sales of NT$3.2 billion. It will likewise be sold as completed units once construction finishes in the second half.
• Buying sentiment was weak in the first half, but the four new projects Sun Yang launched in Taipei and New Taipei all achieved sales rates of 60% to 80%, held up by location and brand.
• The company said three major variables remain in the second half — government measures to curb the housing market, the international situation, and construction costs — but its land development pipeline is already scheduled out to 2037.

Outlook: Recognition of handovers will lift Sun Yang's second-half revenue markedly, though whether overall market sentiment recovers still depends on whether policy is loosened.