MTR Corporation (0066) has invited developers to submit bids for Phase 1 of its Tuen Mun Area 16 project on Wednesday, after receiving 31 expressions of interest.
Valuations for the site range from HK$1.4 billion to HK$2.1 billion, or HK$2,300 to HK$3,500 per square foot.
The submissions will close at 2 pm on November 5.
The project is adjacent to the planned Area 16 Station of the Tuen Mun South Extension line, aiming to be completed in 2030.
Phase 1 of the development, situated in the northeastern section, will provide approximately 601,000 sq ft of residential floor area, with covered walkways connecting to the future station and shopping mall.
