bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

sponsorType

authorLocations

authors

paywallTypes

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

factSheets

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

copyrighted

customTimezone

liveContents

Poor tender results for three residential sites in Tsuen Wan and Tseung Kwan O have underscored the growing pessimism of developers about the outlook for the property market.
MTR Corp said yesterday the offers for the Bayside site at Tsuen Wan West station had not been accepted. It will invite expressions of interest to tender at another time. 
The tender attracted four bidders - Sun Hung Kai Properties, Cheung Kong, Sino Land and a consortium  of New World Development, Nan Fung Development and Wheelock Properties.
Another smaller site above the station, the Cityside project, was awarded to Chinachem  for about HK$2.6 billion, or HK$3,124 per square foot.
David Hui Yip-wing, the chief executive of Chinachem, said the firm  had submitted a conservative offer for  the project. It estimated total investment would be HK$7 billion.
It is the first time Chinachem has won rights to a residential project above a railway station. 
Alnwick Chan Chi-hing, the head of valuation and professional services at Knight Frank, said the Bayside site was a better location than the Cityside site as it was on the waterfront.
 'The MTR withdrew the tender for the Bayside site because the offers may have been similar to the highest offer for the Cityside site or even lower,' Chan said. 'It shows developers are not optimistic about the property market outlook.'
 Meanwhile, the Lands Department announced a residential site in Tseung Kwan O had been awarded to Wheelock  for HK$1.86 billion, or HK$3,810 per square foot. 
Despite the Cityside and Tseung Kwan O sites attracting eight bidders, it did not help the properties fetch high prices. 'The bids for the three sites were low. The developers may break even if the projects sell for at least HK$6,000 per square foot, but that is less than current property prices in the areas,' said Vincent Cheung Kiu-cho, a national director of greater China at Cushman & Wakefield. 'They haven't got a strong appetite for sites unless they can get a 10 or 20 per cent discount.' 
Bayside covers 460,699 sq ft and is likely to yield nine residential towers with a residential floor area of 1.8 million sq ft and a commercial floor area of 436,480 sq ft. Cityside has an area of 144,238 sq ft and see five residential buildings with a residential floor area of 711,651 sq ft and a commercial floor area of 120,664 sq ft.



Poor tender results dim hopes for housing sector