MTR Corporation (0066) said on Monday that it has received at least 28 expressions of interest for its Tuen Mun A16 Station Package Two Property Development, a result it deemed "satisfactory".
The tender for the project will kick off on Wednesday and is expected to close at the beginning of September, said David Tang Chi-fai, managing director of Property and International Business at MTRC.
The development totals over 300 million square feet of residential and commercial gross floor area, which could provide about 5,500 units, he said.
Situated in Tuen Mun, a mature neighborhood home to over 500,000 residents, the project is expected to receive a warm market response, bolstered by its connection to the new railway station and large-scale shopping facilities, he added.
Taking reference from the Kam Sheung Road Station development, developers have the option to operate the commercial portion of the Tuen Mun project independently or return it to the MTRC, Tang stated.
Under market estimates, the project is valued at about HK$9.68 billion to HK$10.9 billion, or HK$3,200 to HK$3,600 per sq ft.
Tang also noted that MTRC will roll out more property projects in the future according to market situation, aiming to offer more cash flow for its ongoing railway developments.
Regarding the Pak Shek Kok station development, he said the company has begun work on the related railway design and town planning and will implement the development soon.
