MTR Corporation (0066) had aimed to tender a new residential project in Tuen Mun as early as this year, which would offer more than 1,000 units, resuming project tender after nearly a year.
The new phase one of the Tuen Mun A16 Station project was to be a pure residential project, spanning hundreds of thousands of square feet, said David Tang Chi-fai, property and international business director of MTRC.
All in all, the Tuen Mun Site A16 project has a size of over 4 million sq ft, with housing, shopping malls, and community facilities, he said.
MTRC has since suspended project tender following the successful retendering of the Tung Chung East Station project in 2024, which had previously failed to secure bids.
Tang noted that the second phase of the Tung Chung East Station project would also commence tender following the Tuen Mun project.
Meanwhile, he said the development of Oyster Bay Station, which failed to tender in 2023, would be unveiled after completing the construction of the station, adding that many projects of MTRC are expected to launch in the future, including developments in Kwu Tung, Hung Shui Kiu, San Tin, and Fan Ling.
Tang said Hong Kong's residential property market is expected to stabilize, with recent transaction volumes showing a modest improvement.
He added that all 16 MTR shopping malls recorded 100 percent occupancy, despite a decline in rents amid the challenging retail market in Hong Kong.
Tang said that the priority is to improve the catering sector, which has strong demand among HongKongers, adding that the proportion of restaurants in MTR malls has increased from 20 percent to 30 percent.
As the shift in consumption patterns has led to the decline of customer traffic, it is also necessary to revitalize Hong Kong's night-time economy, Tang said.
He added that to attract and satisfy more customers, MTR's shopping malls have refreshed 10 to 20 percent of tenants annually.
HELEN ZHONG
