Sun Hung Kai Properties has won the contract to undertake MTR Corp's HK$8 billion mixed development project in Tseung Kwan O, beating three other developers.
The tender for the Area 56 project closed on February 8 with Sun Hung Kai Properties, a consortium led by Cheung Kong (Holdings), Henderson Land Development and Wheelock Properties submitting bids. MTR announced the result yesterday.
The site is above the Tseung Kwan O station and next to Sun Hung Kai Properties' Central Heights residential project.
A property agent said Central Heights had about 60 high-level units still available, with an average asking price of HK$4,800 per square foot.
New Tseung Kwan O residential projects fetch between HK$4,400 and HK$4,500 per square foot, according to Ken Lee, a senior district sales manager of Centaline Property Agency.
Prices for the latest project could reach HK$4,800 per square foot, as it included a hotel and office development, Mr Lee said.
The hotel could be four-star with an average room rate of HK$1,000 a day, while the office units could fetch rents of HK$10 a square foot, surveyor Albert So Chun-hin said.