MTRC seeks interest in Tung Chung site

Staff reporter

The MTR Corporation (0066) is inviting developers to submit expressions of interest for a property development at Tung Chung East Station from today until October 6, 2023.

Opposite the future MTR Tung Chung East Station, the Tung Chung East Station Property Development pertains to the lot identified as Tung Chung Town Lot No. 53.

The station is scheduled for completion in 2029.

The package one project for tender this time is situated in the southeastern section of the entire development, with a maximum residential gross floor area of 64,650 square meters and a maximum commercial gross floor space of 8,133 sq m.

Based on market estimates, the land price is projected to range from HK$2,000 to 4,000 per square foot, with an estimated valuation for the first phase ranging from HK$1.57 billion to 3.13 billion.

In other developments, Nan Fung Group's Airside, a shopping mall spanning 70,000 square feet atop Kai Tak Station, officially opened yesterday, achieving an overall rental occupancy rate of 90 percent.

With the upcoming holidays, Sun Hung Kai Properties (0016) is launching various reward activities across its 12 major shopping malls. It is anticipated that these activities will boost foot traffic and sales at the malls by a projected year-on-year increase of 15 percent and 25 percent, respectively.