Sun Hung Kai Properties (SHKP), Hong Kong’s largest developer, edged five other bidders to win the tender for a parcel of land in the New Territories, a residential development that is expected to cost about HK$6 billion (US$772 million).
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The tender for the Tuen Mun A16 station package one property development, which closed on Wednesday, was awarded to SHKP subsidiary Mega Asia International, MTR Corp said on Thursday, without disclosing the winning bid amount.
The package one development, with a maximum residential gross floor area of more than 600,000 sq ft, is located near the Tuen Mun River and an MTR station that is currently under construction as part of the Tuen Ma Line extension.
With ample commercial and community amenities, the package one development would primarily feature small to medium-sized residential units, which would require a “total investment of around HK$6 billion”, said Lui Ting, SHKP’s deputy managing director.
Six tenders for the site were received by the 2pm deadline on Wednesday, according to MTR Corp. It received 31 expressions of interest for the project from September 22 to 29.
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SHKP was a well-established and reputable property developer, which also took part in the company’s various property developments, the MTR said after the tender results were announced.
The site was estimated to be worth between HK$1.8 billion and HK$2.3 billion, excluding any profit-sharing arrangements with the MTR, according to real estate consultancy CBRE. It said the site was expected to deliver about 1,000 units and 251 private car parking spaces.