More developers submitted bids for a residential site on the Tsuen Wan waterfront yesterday on expectations the government might accept a lower offer.
The TW5 Bayside project on top of the Tsuen Wan West MTR station has drawn six bids - from Sun Hung Kai Properties, Cheung Kong (Holdings), Sino Land, Henderson Land, Nan Fung Development and a consortium formed by New World Development, Wheelock Properties and Chinachem Group.
The tender was withdrawn earlier this year as the offers were too low.
'Even though there are more bidders for the site, it doesn't mean the price will be higher,' said Vincent Cheung Kiu-cho, national director of Greater China at Cushman & Wakefield. 'They may want to place a bet to see if they can buy the site at a cheaper price. I don't think their offers will be high.'
Cusson Leung Kai-tong, an equity analyst at Credit Suisse, said: 'They may believe the government will accept a lower offer this time.'
He believed offers would not be too high for the site as land supply is increasing.
Surveyors estimate the site is worth between HK$7.36 billion and HK$8.49 billion.