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Formosa 101 combines convenient location for good amenities to make an impressive hostel. The location is next to Tonghua Street Night Market and a 10 minute walk from Taipei 101, this puts it right in the middle of three MRT stations: Liuzhangli on the Brown line, Xiyi Anhe and World Trade Center stations on the Red.
The hostel itself is on a high floor to limit outside noise. There are 3 different dorms to cater to guest needs (mixed, female, private), rentable lockers for small-to-medium baggage, and a common area with television and movie collection. There is free internet, free hair dryers, even a free breakfast each morning! The showers are mixed with private booth. Formosa 101 is right inside Xinyi and makes good effort to please its guests.