MTR accepts $10.5 bln land premium for Tuen Mun A16 Station Package Two project

MTR Corporation (0066) said it has accepted the HK$10.5 billion land premium the government set for the Tuen Mun A16 Station Package Two Property Development.

The offer was made by the government in July, by reference to the full market value of the site, taking into account the presence of the railway, according to a filing on Tuesday.

Sun Hung Kai Properties (0016) earlier this month beat three competitors and won the site. 

The project was valued at about HK$9.68 billion to HK$12.1 billion, or HK$3,200 to HK$4,000 per sq ft.

The proposed development will comprise residential, commercial, government accommodation and parking spaces with a total residential gross floor area of not more than 249,979 square meters and a total commercial gross floor area of up to 31,100 sq m.

It is expected to provide around 5,500 homes upon completion. 

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