MTR Corporation (0066) named its Wong Chuk Hang Station property development The Southside, which can accommodate 5,200 flats and includes a shopping mall which is expected to open in 2023.

The development, which has a site area of 771,772 sq ft, will be developed in six packages, according to MTRC property director David Tang Chi-fai. Package one of the residential project will hit the market this year.

The tender for package five will close on January 26. The package will provide at least 1,050 homes.

MTRC previously received 37 expressions of interest from developers for Wong Chuk Hang station package five property development. The land premium was reported to be HK$6.4 billion, or HK$10,119 per sq ft.

The developers include CK Asset (1113), Henderson Land Development (0012), Sun Hung Kai Properties (0016), Country Garden (2007) and China Jinmao (0817).

The project's value is estimated at between HK$10.1 billion and HK$12.3 billion. Centaline Surveyors director James Cheung King-tat put the project's value at HK$10.2 billion - toward the lower end of market expectations.

In 2019, Wong Chuk Hang station package four only attracted six bids from developers after 38 players submitted expressions of interest.

In October 2019, Kerry Properties (0683), Swire Properties (1972) and Sino Land (0083) won the tender for the package four residential project. The trio of local developers was reported to be paying a HK$6.76 billion land premium for the plot, or a gross floor area HK$10,587 per sq ft - the highest of all the first four phases of the project.

Wong Chuk Hang station property development, situated on Aberdeen Inland Lot No 467, is a development located atop the Wong Chuk Hang MTR depot and adjacent to Wong Chuk Hang MTR station.

The shopping mall, which is also named The Southside, comprises about 150 shops, and is expected to be complete in 2023.

The occupancy rate of The Lohas - the first shopping mall at Lohas Park in Tseung Kwan O - has reached 85 percent, Tang said.

The project is being developed in six packages. SING TAO

Wong Chuk Hang project is now The Southside