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Hong Kong’s MTR Corp to make Oyster Bay project ‘as attractive as possible for developers’ in relaunch, executive says
- Very determined to relaunch project within this year, MTR Corp’s David Tang Chi-fai says
- Withdrawal of the tender in February marked the third time the bidding process for a parcel of land had fallen through in just over a month
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Hong Kong transit operator MTR Corporation, which also develops property, plans to retender the first residential project at its Oyster Bay station in northern Lantau Island within the year, after it was withdrawn from sale in February.
The firm, the owner of significant commercial real estate, will issue an improved version of its tender for the project, which will be near a future MTR station expected to be operational in 2030, after gathering different industry opinions “as soon as possible”, David Tang Chi-fai, property and international business director at MTR Corp, said at a media briefing on Sunday.
“The first phase of the Oyster Bay project is very important,” Tang said. “Besides providing much-needed housing supply for Hong Kong, it will also be interconnected with the Oyster Bay station and a shopping centre.
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“It cannot be delayed. We are very determined to relaunch it back into the market within this year.”
The withdrawal of the tender in February marked the third time the bidding process for a parcel of land in Hong Kong had fallen through in just over a month. Oyster Bay had initially attracted 33 expressions of interest in December.
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The project eventually received just three bids, the lowest for an MTR project in nine years. The response was in stark contrast with the first of the rail company’s developments near the Lohas Park and Wong Chuk Hang stations, which attracted 11 and 14 bids in 2005 and 2017, respectively.
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