Singapore-based Hong Leong Group hopes to increase its holdings in the Hong Kong property market by bidding for projects at stations on the new airport railway. Gan Khai Choon, managing director of the group's subsidiary, Hong Leong International (Hong Kong), said it would team up with Singaporean investors and local developers to bid for the $7 billion package two development at Tung Chung Station. The venture follows the firm's unsuccessful bid for the railway's $40 billion Central station project. Hong Leong's property arm, City Developments, and the Government of Singapore Investment Corp (GSIC) were part of a consortium led by Sino Land Co and Great Eagle Holdings which bid for the Central project. The contract was awarded to a consortium led by Sun Hung Kai Properties and Henderson Land Development. Mr Gan, also director of Hong Leong's locally listed CDL Hotels International, said some of the partners from the Central bid would team up again to bid for the Tung Chung package two tender. He declined to identify who they were, adding that it had not been decided whether the tender would be submitted through CDL Hotels or Hong Leong Group. Tender submissions for the Tung Chung project close on September 20. Analysts believed that Hong Leong Group and GSIC would team up again to prospect for more opportunities in the Hong Kong property market because of the Singaporean Government's strict regulations clamping down on property speculation there. Hong Leong's bid to expand its Hong Kong portfolio reaffirms the rising Singaporean interest in the territory's property market. The most notable project clinched by Singapore companies recently was the first-phase $7.7 billion development at the new airport railway's Kowloon Station. The contract was won by a consortium led by Wing Tai Group, Temasek Holdings, Singapore Land Group and Straits Steamship Land. Mr Gan said Hong Leong had decided to bid for projects along the airport railway stations because it was more economical to develop large-scale projects. 'We like to be involved not only in residential but also commercial and hotel development. So we are also interested in bidding for hotel developments at the Tai Kok Tsui and Kowloon airport railway stations,' he said. He said the group had great confidence in Hong Kong's economic and political future after 1997. In China, Hong Leong Holdings Singapore, Hong Leong International (Hong Kong) and Keck Seng Investments are developing a US$200 million Beijing Riviera project. Mr Gan said 50 per cent of the 110 villas in the project's phase two development had been sold after all the villas in phase one had been snapped up by home-buyers. Phase three, comprising another 110 villas, was now under construction, he said.