Five leading developers have bid for a HK$6 billion Tseung Kwan O development tendered by the Mass Transit Railway Corp (MTRC), a response the rail operator says is better than expected. Sun Hung Kai Properties, Sino Land and Henderson Land Development submitted solo bids, while Kowloon Development and parent Polytec Holdings made a joint bid. Cheung Kong (Holdings) made an offer but did not say if it was acting alone. 'The result exceeds my expectations,' MTRC property director Thomas Ho Hang-kwong said after the tender closed yesterday. He said the response was 'satisfactory considering the total investment for the project'. However, analysts said the bids were unlikely to be generous given the ample land supply coming on stream, including a HK$3 billion Kowloon-Canton Railway Corp (KCRC) project in Sha Tin. The MTRC tender closed a day after the KCRC told developers it would tender the Ho Tung Lau development for sale next week. Mr Ho denied the KCRC had timed the release of the Ho Tung Lau project to deflect developers' attention from the MTRC's Tiu Keng Leng Station tender. He reiterated that the two railway corporations and the Urban Renewal Authority had an agreement to regulate land supply through a government-led committee set up earlier this year. 'In fact the two railway companies are keeping in close contact with the developers and they knew the tender schedule and scale of the two projects, which will be released for sale in an orderly fashion,' he said. SK Pang Surveyors managing director Pang Shiu-kee said there were not enough bidders to gauge whether the market response was good. 'The developers can submit a conditional offer and bargain for better terms to secure their profit margin,' he said. According to the tender document, the successful bidder is required to pay HK$770 million to the MTRC for the construction cost of the project's foundations and a shopping mall. It must pay the government a HK$1.02 billion land premium for the first phase of the development and share a minimum of 25 per cent of the future profits from the development with the MTRC. The bidder that offers the highest share of profits - provided it conforms with the other tender requirements - will win. Mr Ho could not say when the winning bidder would be announced. Sino Land finance general manager Ringo Chan said the company had confidence in the market and its bid had not been affected by the KCRC's tender next week. A total of 16 developers had earlier expressed interest in the 2.6 million square foot residential and retail development at Tiu Keng Leng Station along the Tseung Kwan O railway extension.