Thirty- nine expressions of interest by developers in MTR Corp land parcel next to Wong Chuk Hang station

Site could potentially accommodate 800 flats totalling 576,950 sq ft, and is valued at HK$8-$9.8 billion, or HK$14,000 to HK$17,000 per square foot

PUBLISHED : Monday, 23 January, 2017, 3:30pm
UPDATED : Monday, 23 January, 2017, 6:22pm

MTR Corp says there have been 39 expressions of interest by developers bidding for a plot of MTR Corp land next to Wong Chuk Hang station.

The site, which could potentially accommodate 800 flats totalling 576,950 square feet, is valued at HK$8 billion to HK$9.8 billion, or HK$14,000 to HK$17,000 per square foot.

The phase one of the development comprises of two towers and has a target completion is 2022.

The project drew interest from developers such as Wheelock, China Overseas Investment and Land, Vanke Property (Overseas), Hong Kong International Construction Investment Managemetn group, whose business stans piling to property development and was formerly known as Tysan Holdings, New World Development, and Chinachem before the deadline closed at 2pm on Monday.

It was no surprise to Thomas Lam, senior director at Knight Frank , the development attracted strong interest.

The land is located atop the Wong Chuk Hang Depot and adjacent to Wong Chuk Hang station. It is bounded by Heung Yip Road, Police School Road and Nam Long Shan Road.

“This site is close to MTR station and in a type of urban area which is in rare supply in Hong Kong,” he said.

The tender comes after developers have sold more than 1,000 housing units worth HK$10 billion since the beginning of 2017.

New World Development sold its first batch of 400 flats at Pavilia Bay in Tsuen Wan for HK$4 billion on Friday, China Overseas Land & Investment pulled in HK$3.3 billion from the sale of 310 units at One Kai Tak phase two development and Sun Hung Kai Properties sold 164 units at Grand Yoho phase two in Yuen Long for HK$1.8 billion.


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