Fourteen developers have expressed interest in the HK$9.5 billion Tsuen Wan West MTR Bayside waterfront residential project.
The developers, including Cheung Kong, Sun Hung Kai Properties, Henderson Land, Chinachem Group, Nan Fung Development, New World Development and Wheelock Properties, submitted expressions of interest yesterday. The Bayside project will be up for tender soon.
Vincent Cheung Kiu-cho, national director of Greater China at Cushman and Wakefield, said he expected more developers to join the tender even though fewer developers showed interest in the project yesterday than last year.
Seventeen developers submitted expressions of interest for the site last year.
The site attracted four bidders - Sun Hung Kai Properties, Cheung Kong, Sino Land and a consortium of New World Development, Nan Fung Development and Wheelock Properties - to join the tender last year. However, it was withdrawn from the tender process early this year as the offers were too low.
'The government may lower the reserve price because of the withdrawal. I think more developers will bid for the site to see if they can buy it cheap,' Cheung said, adding the block is worth about HK$8.9 billion, or HK$4,000 per sq ft.