MTR Corporation (0066) received only three bids for phase 1 of its Oyster Bay/Siu Ho Wan property development - lower than market expectations - when the tender closed yesterday.
CK Asset (1113) and Wheelock Properties were two of the bidders.
Wheelock said it remains positive about Oyster Bay's potential and has taken the recent withdrawal of previous projects into account while placing its bid.
Phase 1 will offer about 1,400 flats with 1.25 million square feet for residential use as well as 67,400 sq ft of retail space.
Market valuations range from HK$3.94 billion to HK$6.56 billion, or HK$3,000 to HK$5,000 per sq ft of floor area.
Vincorn Consulting and Appraisal says it is unlikely that the tender will be withdrawn as it is a key project, sitting atop a subway station. It had forecast eight bids at most, taking into account interest rate hikes.
Elsewhere, a residential site on Po Fung Road in Tsuen Wan will close bids tomorrow. The plot has a site area of 89,987 sq ft and an estimated buildable floor area of 314,309 sq ft.
Midland Surveyors expects the site to be valued at HK$1.41 billion or HK$4,500 per sq ft, which could be attractive for medium- or small-sized developers.
Meanwhile, the Urban Renewal Authority revealed that the second highest bid for its Queen's Road West/In Ku Lane development project was HK$950 million, 22.2 percent lower than the winner offer of HK$1.16 billion from CK Asset.
