The Mass Transit Railway Corp is in talks with the Government over the land premium for the third phase of Kowloon Station, according to property director Thomas Ho Hang-kwong. Mr Ho expected the sale of a nearby site at Monday's land auction would be a factor considered by the Lands Department in calculating the premium for the project. Cheung Kong (Holdings) beat four rivals for the 74,734 square foot residential site on the West Kowloon waterfront for $1.34 billion. The site is near Olympic Station. Mr Ho said the MTRC had revised the development plan with the aim of lowering the premium payment. He spoke at an exhibition to introduce another big MTRC property project. This environmentally friendly development at Area 86 on the Clearwater Bay Peninsula is to have 50 residential towers comprising more than 20,000 flats.