Rare large-scale MTR topside tender draws heavyweight Hong Kong developers

Tender submissions for the MTR Corporation’s Tuen Mun Area 16 Station phase two property development closed on Wednesday, with market sources saying top Hong Kong developers including CK Asset, Sun Hung Kai Properties and Henderson Land Development submitted bids.

A consortium comprising Sino Land, Kerry Properties, China Overseas Land & Investment and Great Eagle also submitted a bid, the sources added.

MTR Corp said a total of four bids were received, and that they would be given detailed consideration, with results to be announced later this week.

David Tang, managing director of property and international business at MTR Corp, said the response was encouraging.

“There is a demand for housing in Hong Kong, and Tuen Mun is a mature community,” he said. “This project is situated atop a railway station and offers comprehensive amenities, so I am cautiously optimistic about the tender results.”

Vincent KC Cheung, managing director at Vincorn Consulting and Appraisal, also described the number of bids as satisfactory.

“I estimate the project’s accommodation value at HK$4,000 [US$510] per square foot,” he said. “With a total gross floor area of nearly 3 million sq ft – including the commercial component – the project is valued at close to HK$12 billion.”