MTR hopes for third time lucky in Tin Shui Wai tender

PUBLISHED : Tuesday, 30 December, 2014, 4:25am
UPDATED : Tuesday, 30 December, 2014, 4:25am

MTR Corp is making a third attempt to sell a 1,500-unit site in Tin Shui Wai to raise land supply as it seeks to reach the targeted 10,000 flats for the financial year to March.

"This is the largest supply of land for the rail operator in the past three years. It shows MTR is under immense pressure from the government to help ease the housing shortage," said Alvin Lam Tsz-pun, a director at Midland Surveyors.

Developers have been invited to submit expressions of interest in the project near Tin Wing Light Rail Terminus from today. Submissions will be accepted until January 8.

The project will house 1,500 flats on a 197,228 sqft site. It will provide a gross floor area of up to 980,072 sqft of residential space and 2,200 sqft of commercial area.

The invitation comes a week after MTR launched the tender for the 2,400-unit Lohas Park phase six development in Tseung Kwan O.

Lam said the rail operator would have sold land sufficient to build 10,000 flats if it successfully tendered its projects at Lohas Park phase six and Tin Wing.

"It will definitely be a big help to the government in meeting its housing target," he said.

Secretary for Development Paul Chan Mo-po said last week that land supply for private housing was estimated to reach 20,700 flats for this financial year to March, 10 per cent higher than the original target. Of these, half will come from MTR.

To entice developers, Lam believes more preferential terms will be needed for the residential lot at Tin Wing to make up for its location and the abundant supply in the area.

"With the two large sites up for tender next month, it will create competition. Given that Tseung Kwan O is more developed with homes there selling for higher prices, it will not be surprising to see developers focus on Lohas Park," Lam said.

Meanwhile, the Lands Department is releasing a residential site in Tai Po for tender. The tender will begin on January 9 and close on February 27. The site, which will provide a maximum gross floor area of 900,516 sqft, is expected to generate a bid of HK$2.7 billion.