Developers have shown initial interest in Kowloon-Canton Railway Corp's 1.81 million square foot residential project in Wu Kai Sha, which is up for tender this quarter.
Cheung Kong (Holdings), New World Development, Wharf (Holdings) and K Wah International said they intended to bid for the project to enlarge their property portfolios.
Cheung Kong executive director Justin Chiu Kwok-hung said: 'I expect the project will be very popular among land-hungry developers.'
Developers said they would bid aggressively as the project would be an important source of land supply this year.
Wharf assistant director Ricky Wong Kwong-yiu said: 'It is believed that developers will face obstacles to successfully applying for land sites on the application list, with our offers failing to meet the government's target prices.
'As a result, there will be a small number of public sites offered for auction this year.'
Under the application list system, a developer proposes a price to the Lands Department and undertakes to offer that amount. If the government's target price is met, the parcel is brought to tender or auction.
