Taipei, Taiwan: A store in Taipei's bustling Ximenting or Western Gate District measuring 16.9 pings was sold Wednesday for NT$163 million ($6.9 milion), translating into NT$9.645 million a ping, a record high for western Taipei, real estate brokers said.

The store, a clothing boutique, can lease for NT$480,000 a month, translating into a return of investment of 3.53 percent, said Chiu Tai-hsuan, researcher with Taiwan Housing Group.

The sale also underscored the development potential of the western part of Taipei City, the oldest section of the metropolis settled by migrants from China and other parts of Taiwan in as early as Qing Dynasty.

Recently, Asia Pacific Land bought a building in Ximenting for NT$3.05 billion.

The property is posited on a 386-ping block of land. Each ping is 3.3 square meters.

The Xining Building, also in the Western Gate District, was sold for NT$969.88 million recently.

Areas east of Ximenting also saw a surge in property prices.

A store selling “ramen,” or Japanese noodles, was recently sold for NT$325 million.

The property, No. 4 Nanyang Street located at the intersection of Nanyang Street and Xuchang Street, has seen ownership change four times overt the last three years.

Price has increased from NT$150 million to NT$325 million, Chiu said.

The store measuring 42 pings can lease for NT$1.01 million a month, translating into an investment return of 3.73 percent, Chiu said.