Plot of MTR Corp land next to Wong Chuk Hang station on Hong Kong island draws 14 bids

The site is estimated to be worth HK$8-9.8 billion, or HK$14,000 to HK$17,000 per square foot

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The construction site at Wong Chuk Hang MTR station, in early December. Photo: HANDOUT

Published: 3:28pm, 27 Feb 2017Updated: 10:52pm, 27 Feb 2017

Fourteen developers have submitted bids for a plot of MTR Corp land next to Wong Chuk Hang station and the old Wong Chuk Hang Estate on Hong Kong island, the tender for which closed at 2pm on Monday .

MTR Corp said it was the highest number of bids they have ever received for property tenders at stations along rail lines.

The site, which could potentially provide a total floor area of 576,950 square feet, has been estimated to be worth HK$8 billion to HK$9.8 billion, or HK$14,000 to HK$17,000 per square foot.

The project drew bids from Hong Kong developers such as Cheung Kong Property (Holdings), Kerry Properties , Sino Land , Sun Hung Kai Properties , Henderson Land Development , a New World Development-led consortium and Chinachem Group. Mainland developers such as China Resources Land, China Overseas Land & Investment, Logan Property Holdings and Vanke Property (Overseas) controlled by China Vanke also submitted separate bids.

With strong interest from mainland Chinese and Hong Kong developers for residential sites in Hong Kong, some property analysts like Thomas Lam, head of Valuation and Consultancy at Knight Frank, have revised up the estimated value of the plot by 10 per cent.

Lam, who had expected the site could be valued at HK$14,000 to HK$15,000 per square foot, is now forecasting as much as HK$16,000 per sq ft – taking into the recent buoyant market sentiment after the government awarded the Ap Lei Chau residential site to a joint venture formed by Logan and KWG Property Holding for a record HK$16.86 billion, almost 50 per cent higher than the top end market estimations.

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Plot of MTR Corp land next to Wong Chuk Hang station on Hong Kong island draws 14 bids

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The site is estimated to be worth HK$8-9.8 billion, or HK$14,000 to HK$17,000 per square foot

The site is estimated to be worth HK$8-9.8 billion, or HK$14,000 to HK$17,000 per square foot