MTR Corporation (0066) says it has received 36 expressions of interest for its Pak Shing Kok Ventilation Building property development in Tseung Kwan O, with market valuations ranging from HK$1.6 billion to HK$2.3 billion, or about HK$5,500 to HK$8,000 per square foot.
Sun Hung Kai Properties (0016), Henderson Land Development (0012), Emperor International (0163), Lai Sun Development Company (0488) and Nan Fung Group were said to have submitted their plans.
The residential development is in the lot known as Tseung Kwan O Town Lot No 132, which abuts Chiu Shun Road near the junction with Wan Po Road, and is accessible to the Hang Hau station via Pui Shing Road and Ngan O Road. It will be built atop the Pak Shing Kok Ventilation Building and provide a maximum gross floor area of 27,006 square meters.
With a convenient location and good supporting facilities, as well as a relatively low investment amount, it is no surprise that the project has received enthusiastic responses, said Alvin Lam Tsz-pun, director at Midland Surveyors.
A minimum size requirement of about 280 sq ft will apply to this development and Lam expects mainly small and medium-sized units will be built upon the site to meet the demand of small families.
But in view of the fifth wave of the pandemic, interested developers and consortia are expected to be conservative in their bids, Lam added.
Meanwhile, Wheelock Properties, partnered with Peterson Group, acquired a residential building in Wan Chai at the reserve price of HK$1.7 billion through a compulsory sale yesterday.
The building, Ventris Court at No. 15 Ventris Road, with a registered site area of about 17,595 square feet, was completed in 1963.
Wheelock said it is a rare premium site in the urban area of Hong Kong Island and it will be redeveloped into a luxury residential project.
The developer expected to put the project up for sale in three years at the earliest.
Separately, Sunevision (1686), the technology arm of SHKP, said the site it won at Chung Hom Kok will be used to develop its second landing station for international submarine cables.
The addition of cable landing stations to its data center portfolio will further strengthen its position as a connectivity hub in Asia, it said.
It won the site on a 30-year land grant at a premium of HK$427.9 million last week.
The development will be built atop the Pak Shing Kok Ventilation Building. Sing Tao
