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Kenneth Ko

Hysan Development Co says it will team up with other companies to bid for the new airport railway's $15 billion Kowloon Station phase two property project.

 Chairman Lee Hon-chiu, after the group's annual general meeting yesterday, said it was interested in the Mass Transit Railway project and was negotiating with potential partners.

 He declined to identify the likely partners but said there was a possibility of joining forces with allies in previous coalitions.

 Hysan joined Hang Lung Development to bid for the Tung Chung Station phase two project and co-operated with Great Eagle Holdings and Sino Land Co to bid for the station's phase three. They lost both bids.

 The Mass Transit Railway Corp is inviting developers to express interest in the Kowloon Station phase two project, comprising five residential blocks of 1,920 units, or 2.26 million square feet. The submission deadline is tomorrow.

 Mr Lee said it would look at opportunities to buy land but there was no plan to acquire any more office property in Central after last November's $3.64 billion purchase of the Entertainment Building.

 He said it was difficult to forecast the short-term price movement with a large supply of offices expected in the next two years, but long-term prospects remained intact, especially for good offices in a good location, he said.

 Mr Lee said about 95 per cent of the retail and office space at the company's Lee Gardens project in Causeway Bay had been leased.



Hysan in search for airport project allies