MTR Corporation (0066) says it has received a total of 35 expressions of interest for the Tung Chung Traction Substation Property Development.
Henderson Land (0012), Sun Hung Kai Properties (0016), Road King Infrastructure (1098), Emperor International (0163) and Chinachem Group are said to have shown interest.
The project is a residential development to be built on top of the Tung Chung Traction Substation and its associated railway facilities with a maximum residential gross floor area of 87,288 square meters. It may provide 1,400 to 1,800 residential units.
Meanwhile, the Urban Renewal Authority has received 36 expressions of interest for a redevelopment project at the junction of Hung Fook and Ngan Hon streets in To Kwa Wan. Local media reported that Sun Hung Kai Properties, New World Development (0017), Chinachem Group, Nan Fung Group, SEA Holdings (0251) and Country Garden (2007), China Overseas Land & Investment (0688) and Kaisa (1638) were among the 36 involved in the tender. The project covers an area of 4,581 sq m, and will provide a maximum total gross floor area of 41,229 sq m upon completion.
Alvin Lam Tsz-pun, director at Midland Surveyors, said both projects have their own advantages and potential. The MTR site is close to the future MTR station with convenient transportation and a large scale of development, while the URA site is in a rare urban area, Lam said.
It is estimated that the land valuation of the MTR Tung Chung project is about HK$5.64 billion, while that of the URA project is about HK$5.33 billion.
There have been 35 expressions of interest for the Tung Chung Traction Substation project. SING TAO
