MTR Corp, the second-biggest landlord in Hong Kong after the government, yesterday invited developers to express an interest in the third phase of the Lohas Park in Tseung Kwan O.
The rail operator said total investment cost for the residential estate was about HK$7 billion.
Submissions are to be made on or before October 29. The project is scheduled for completion in 2012.
Lohas Park, formerly the Dream City project, is located at the future Tseung Kwan O South Station, near the Tseung Kwan O Industrial Estate.
The site area for the third phase is 146,250 sq ft, providing a total gross floor area of 1.38 million sq ft to accommodate four 49- to 54-storey residential buildings with 1,648 units.
The developer that wins the third-phase contract has to pay the land premium and construction cost for a kindergarten, the part-structural shell of a public transport interchange, open space and roads. It also will be responsible for building a primary and a secondary school with the government footing the bill.
An MTR Corp spokesman said the company was negotiating with the Lands Department on the land premium and aimed to open it for tender by the end of this year. The department imposed a premium of HK$2,417 per square foot for the second phase of Lohas Park in 2005.