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Peggy Sito

MTR Corp has invited expressions of interest for a 1,600-unit residential development at phase five of its Lohas Park project in Tseung Kwan O.
The development is expected to generate strong interest from local and mainland Chinese developers, with bids estimated to come in at as high as HK$2.5 billion.
The project was at the north end of Lohas Park Station, near the phase three development, an MTR spokesman said.
When completed in 2020, it will provide 1.1 million sq ft of gross floor area. The winning bidder is required to build a public transport interchange.
Vincent Cheung Kiu-cho, national director of Greater China at Cushman & Wakefield, expected bidding interest to be stronger than that for the tender of the phase four development in April as the property market had been improving.
Home prices in the secondary market in Hong Kong hit a record high on Friday, with the latest Centa-City Leading Index rising 1.71 per cent week on week to 129.83. It has gained 9 per cent this year, according to investment bank BNP Paribas.
In April, Sun Hung Kai Properties won the bid for the fourth phase of Lohas Park for HK$2.71 billion, or HK$2,059 per buildable square foot.
Cheung expected the bidding price of phase five to be about HK$2,300 per square foot in buildable area.
The submission deadline for expressions of interest for the site was Friday, MTR said.
The first three phases at Lohas Park have been developed by Cheung Kong (Holdings).


MTR seeks expressions of interest for phase five of Lohas Park project

The bidding price of phase five of the Lohas Park project is estimated at about HK$2,300 per square foot in buildable area. Photo: Edward Wong

SHKP outbids Cheung Kong for Lohas Park project

Lohas Park area has long been dominated by Cheung Kong, which acquired the first three phases of the project between 2005 and 2007. Photo: Thomas Yau

MTR invites developers to express interest in new phase at Lohas Park

The previous phase at Lohas Park was released for tendering seven years ago. Photo: Thomas Yau

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