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The KCRC will put 12,971 flats on the market after 2008 at five stations on the
West Rail and Ma On Shan lines.
The Kowloon-Canton Railway Corp (KCRC) will add a property project above Tuen
Mun station on the West Rail to next year's tender, raising the total available
projects to five.
The railway company will put 12,971 flats on the market after 2008 at five
stations on the West Rail and Ma On Shan lines. Tendering for construction
begins next year.
According to the KCRC schedule, tenders open early next year for the
construction of 2,528 flats at Wu Kai Sha station on the Ma On Shan line.
That will be followed by tenders to build 10,443 flats at projects at West
Rail's Nam Cheong, Yuen Long, Tuen Mun and Tsuen Wan West stations. The largest
project, Nam Cheong station, will provide as much as 4,253 flats.
Tuen Mun, Tsuen Wan West and Yuen Long will have 2,200, 1,776 and 2,214 flats
respectively.
Two years ago the KCRC and MTR Corp agreed to suspend tenders for property
development to help prop up prices, and last October the KCRC agreed not to
complete projects before 2008.
MTRC last year also promised not to launch its 21,500-flat ``Dream City''
project at Tseung Kwan O Station before 2008. The subway operator is planning
to open construction tenders for its Tseung Kwan O project as early as the end
of this year.
If that happens, the first batch of some 2,000 flats will be ready for sale by
2008-09.
In the past 10 to 20 years, 10 per cent of Hong Kong's home supply has come from
tenders by the two railway operators, according to Sun Hung Kai Properties
vice-chairman Thomas Kwok.
Thirty-three per cent of the supply came from government auctions and tenders
and 57 per cent from redevelopment, rezoning and land use conversion by private
developers.
``However, we hope to see a more balanced supply situation if the supply ratio
from the government and two railway operators can be increased to a combined 50
per cent,'' he said.
raymond.wang@globalchina.com
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