MTR Corporation (0066) received six bids for its Tuen Mun Area 16 Phase 1 residential development project, with the consortium including leading Hong Kong developers such as CK Asset (1113) and Sun Hung Kai Properties (0016).
Others include K. Wah International (0173), China Overseas Land & Investment (0688), and Wheelock Properties.
Sino Land (0083) also joined with Kerry Properties (0683) and Great Eagle Holdings (0041) in a consortium bid.
The site, located in the northeastern section of the overall development area where Tuen Mun Swimming Pool currently stands, is designated for residential use only.
With a total gross floor area of about 600,000 square feet, the project is expected to offer up to 1,280 units across two residential towers.
Market valuations for the site range between HK$1.2 billion and HK$2.4 billion, translating to a land premium of HK$2,000 to HK$4,000 per sq ft.
