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Tai Po site bids

Nan Fung

DEVELOPERS yesterday submitted bids for the site of St Christopher's Home in Tai Po, estimated to be worth between $1.5 billion and $2 billion.

The church property, up for sale through tender, will be developed into high-quality housing with a total floor area of about 610,000 square feet.

Most of Hongkong's major property players, including Cheung Kong Holdings, Nan Fung Development, Sun Hung Kai Properties and Lai Sun Development, are said to have submitted bids.

Some lesser developers are also expected to form a bidding consortium.

According to the tender document, the site's buyer could either develop the site with the church authorities or by itself.

Property experts regard the site, with its view of the Tolo Harbour, as a valuable one. The children's home will be moved elsewhere.

The Government is understood to have agreed a land premium of $700 million for the housing project.

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