MTR seeks bids for land as Hong Kong property developers ready for November sales
The subway operator is inviting tenders for land at Wong Chuk Hang, while Sun Hung Kai and others eye high prices for a series of residential flat sales in the coming month
Hong Kong’s subway operator MTR Corp will start a tendering process for a plot of land for residential development next to its Wong Chuk Hang station from Friday, while other property firms eye high prices from a series of sales set for November.
MTR is inviting developers to submit expressions of interest for phase two of a residential development on the southwestern side of the station, located in the south of Hong Kong Island.
The project will house 600 units in two towers and is due to be completed in 2023. Submissions must be made by 2pm on November 2.
Thomas Lam, senior director at Knight Frank, expects the plot to generate bids of between HK$8.8 billion to HK$10.3 billion (US$1.14 billion to US$2.69 billion) or HK$18,000 (US$2,306) per square foot to HK$21,000 (US$2,690) per square foot.
“The tender could attract expressions of interest from 20 developers,” he said.
The plot will yield a total gross floor area of 492,991 square feet.