MTR seeks bids for land as Hong Kong property developers ready for November sales

Hong Kong’s subway operator MTR Corp will start a tendering process for a plot of land for residential development next to its Wong Chuk Hang station from Friday, while other property firms eye high prices from a series of sales set for November.

MTR is inviting developers to submit expressions of interest for phase two of a residential development on the southwestern side of the station, located in the south of Hong Kong Island.

The project will house 600 units in two towers and is due to be completed in 2023. Submissions must be made by 2pm on November 2.

Thomas Lam, senior director at Knight Frank, expects the plot to generate bids of between HK$8.8 billion to HK$10.3 billion (US$1.14 billion to US$2.69 billion) or HK$18,000 (US$2,306) per square foot to HK$21,000 (US$2,690) per square foot.

“The tender could attract expressions of interest from 20 developers,” he said.

The plot will yield a total gross floor area of 492,991 square feet.

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Separately, Sun Hung Kai Properties (SHKP) plans to offer less than 100 units of its waterfront luxury residential project, named Victoria Harbour, in the North Point district of Hong Kong Island, in a phased sale process aimed at maximising its exposure to rising prices.

“We hope the development would fetch record prices for apartments in Hong Kong Island,” said SHKP deputy managing director Victor Lui, without disclosing the selling prices.

At present, the record home price in Hong Kong stands at HK$521 million, or HK$105,000 per square foot, for a 4,971 sq ft unit at 39 Conduit Road in the island’s Mid-Levels area. The price, which included three car parking spaces, was also the highest in Asia.

Victoria Harbour comprises 355 flats and a 670-room hotel. Units range from studio flats of 300 sq ft to others of 2,400 sq ft. Most are three- to four-bedroom flats with areas of 1,200 sq ft to 1,600 sq ft, while less than 20 are studios.

Elsewhere, Cheung Kong Asset Holdings will release for sale on Friday 60 units at a new project named My Central, in the Sheung Wan area of Hong Kong Island, while Far East Consortium International is to release its joint venture project, Astoria Crest, in the Sham Shui Po area of Kowloon next month.