MTRC opens Tseung Kwan O tender door

The Mass Transit Railway Corp (MTRC) has begun an $80 billion property scheme along its Tseung Kwan O extension by inviting expressions of interest in the coming tender of a 127,844 square foot site.

The MTRC yesterday published an advertisement aimed at any parties interested in the package one development at Tseung Kwan O (Town Centre) Station.

The deadline is 2pm on December 1.

The site, providing a floor area of 1.04 million sq ft, is part of a six-station, 13-kilometre extension of the MTR network.

It will comprise four residential towers of 912,078 sq ft above a 127,844 sq ft commercial podium.

Analysts said the tender would be the latest barometer of developers' confidence in the housing sector.

The site is next to a project owned by Nan Fung Development and is expected to attract the developer's interest.

Other potential bidders include Sun Hung Kai Properties and Henderson Land Development, both of which have strong presences in the area.

However, analysts said bidding would be cautious amid the weakened market sentiment.

Sources said the formal tender was expected to be held early next year, provided the MTRC received an encouraging response from developers.

The MTRC said the Tseung Kwan O Station development would be divided into four packages with a combined floor area of 3.11 million sq ft.

The station package is part of the Tseung Kwan O scheme, which will provide up to 28,651 apartments, 1.11 million sq ft of office space and 1.42 million sq ft of retail area at four stations.

The stations are Tiu Keng Leng, Tseung Kwan O and Hang Hau as well as a railway depot and a future station.

Sources said another forthcoming tender for the Tseung Kwan O extension would be the first package of property development in that area.