The Mass Transit Railway Corp faces a possible delay in the tendering of its $5 billion phase-three residential development at Kowloon Station due to a premium dispute with the Government.
The Government has reportedly asked for a premium of $3.1 billion, or about $2,900 per square foot, for the project - an amount described by analysts as aggressive.
The premium was significantly higher than the $1,327 per square foot paid for the second phase and $1,380 per square foot for the fourth phase of the development in March.
Director of Lands Bob Pope declined to comment on the amount of premium the Government was asking for phase three.
However, he confirmed the MTRC had lodged an appeal seeking a reduction.
The move might lead to a delay in tendering, as the MTRC had said earlier it hoped to finalise the formal tender date once a land premium was settled.
'[The MTRC is] very anxious to get a reply from us,' Mr Pope said.
