MEDIUM-SIZED companies have begun teaming up to tender for development contracts in a massive project above the Mass Transit Railway Corporation's (MTRC) planned airport railway station in Kowloon, following a change in the bidding rules.
The massive development has been split into seven separate phases of a more manageable size, making it more attractive to smaller developers.
Manhattan Garments (International) is forming a consortium to bid for phase one while other medium-sized companies, like Hon Kwok Land Investment, are considering the investment opportunities.
Hon Kwok Land managing director Herman Fung said: 'The revised proposal provides more opportunities for medium-sized companies which cannot afford to bid for those mammoth sites at the future stations along the new airport railway.' The commercial, residential and hotel complex will cover a total gross floor area of about 11.7 million square feet.
Manhattan Garments chairman James Tien said medium-sized developers could afford to take a larger stake in the development as each phase was relatively small.
The company recently took a 10 per cent minority stake in a consortium led by Great Eagle (Holdings) and Sino Land to bid for the project above the new airport railway station in Central. Tenders have to be in by early next year.
'The company is interested in several packages at the Kowloon station development, which are either designated for residential development or office uses,' said Mr Tien.