Four major developers bid for Tuen Mun railway project with 5,500 homes

Four major developer consortiums have submitted bids for a railway-linked residential project in Tuen Mun that is expected to deliver more than 5,500 homes and a shopping mall.

MTR Corp confirmed receiving the four proposals and said it would give them detailed consideration, with results to be announced later this week. One bidding group comprises Sino Land, Kerry Properties, China Overseas Land & Investment and Great Eagle.

Strong market interest

David Tang, managing director of property and international business at MTR Corp, described the response as 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.

Project valuation

Cheung estimated the project's accommodation value at HK$4,000 (US$510) per square foot. "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," he said.

The topside development tender represents a significant opportunity in Hong Kong's property market, with the railway connection and established neighbourhood infrastructure providing key advantages for the winning bidder.

Source: South China Morning Post