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SCMP Reporter

Small developers are staying away from the Kowloon-Canton Railway Corp's (KCRC) largest residential project this year, leaving it up to the big guns to fight it out for the rare prominent urban site.

Due to the huge investment amount,  estimated to be more than $18 billion, even some of the prominent developers have formed consortiums to split the development risk and funding costs.

Eight expressions of interest had been submitted for the project at Nam Cheong Station on the West Rail line, two of them  by consortiums, said KCRC director of property Daniel  Lam-chun.

One of the consortiums involves Sino Land, Chinese Estates Holdings and K Wah International while the other sees New World Development teaming up with companies from the Wheelock Group.

Other interested developers  include Cheung Kong (Holdings), Sun Hung Kai Properties, Hang Lung Properties, Henderson Land Development, Kerry Properties and Citic Pacific.

'We are very pleased with the response, which reflects the market confidence in the potential of the site,' said Mr Lam.

Ricky Wong Kwong-yiu, a director with Wharf Estate Development, said the firm had joined a consortium due to the size of the project.

'We would like to save up more capital for upcoming projects along two railways while teaming up with New World will also enhance our chances of winning,' said Mr Wong.

Nam Cheong, which will be developed in two phases, comprises 10 high-rise residential towers, nine sea-facing low-rise residential blocks and a 39-storey office tower with a retail podium. It will generate 3.97 million square feet of residential space and about 745,945 sq ft of commercial space.

The project is among five KCRC developments up for tender this year. The others  are at Yuen Long, Tuen Mun and Tsuen Wan West stations on the West Rail line.

The 2,526-unit Wu Kai Sha project on the Ma On Shan line attracted 17 expressions of interest from developers  earlier this year. It is likely to be put out for tender in the next two months.



Small fry priced out of West Rail  site