KCRC station development will be paid for in $1.1b instalments as mixed-use project comes alive over next 10 years
Investment in the Kowloon-Canton Railway Corp's biggest residential project for the year at Nam Cheong station is likely to top $20 billion and the successful bidder will have to pay instalments of more than $1.1 billion, according to KCRC property director Daniel Lam Chun.
The investment estimate for the two-phase development exceeds surveyor figures of $16 billion, including a land premium of up to $11 billion, or about $2,800 per square foot - but strong bidding is expected in the bullish market for another housing development along Kowloon railway lines.
The corporation yesterday called for expressions of interest in the 4,247-unit project - its second this year - and left the window open wider than usual until April 29.
'We hope to give more time to small or medium-sized developers to prepare and form bigger consortiums vying for the contract,' Mr Lam said, adding that he hoped to see more participation from these developers.
The project, which will generate about 3.2 million square feet of residential space and about 750,000 sqft of commercial space, comprises 10 high-rise residential towers, nine sea-facing low-rise residential blocks and a 39-storey office tower with a retail podium.
