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Developers vie for KCRC site

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'Reasonable' land levy, profit potential see consortium weigh in against heavyweights in race for $21.5b residential project

Seven developers have lined up with bids for the Kowloon-Canton Railway Corp's $21.5 billion residential project in Sha Tin, lured by a lower land premium than for the Tuen Mun station development, which they ignored because the levy was too pricey.

Cheung Kong (Holdings), Henderson Land Development and Hang Lung Properties yesterday submitted bids for the two-phase, 12-tower project at the former bicycle park next to Tai Wai station.

Sino Land, Chinese Estates Holdings, China Overseas Land & Investment and Nan Fung Development made a joint bid but Sun Hung Kai Properties, Wharf (Holdings) and New World Development expressed no interest.

Sino Land associate director and general manager Ringo Chan said: 'We are attracted by the reasonable land premium and the location is near Kowloon.

'The company had confidence in the market.'

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