MTRC seeks bids for 1,200-unit development

Business | Samantha Wong, Annie Qiu and Tracy Hu 21 Jun 2018

MTR Corporation (0066) is to invite expressions of interest from property developers today for a site near Wong Chuk Hang Station, which will provide up to 1,200 residential homes.

Phase three of the Wong Chuk Hang Station project has a total gross floor area of 1.5 million square feet, including 1 million sq ft for residential use and 500,000 sq ft for retail space.

Construction of the project is expected to be completed in 2024, surveyors expect the site could fetch HK$20 billion, or HK$13,000 per sq ft in terms of gross floor area.

Hong Kong Property forecasts that the price increase in new projects will narrow in the future, as the proposed reform on vacancy tax on first-hand residential units will push developers to launch more units for sale.

Meanwhile, Sino Land's (0083) latest residential project, Mayfair by the Sea 8 in Pak Shek Kok, is expected to launch pre-sales in the third quarter, said Victor Tin, associate director of the group. The show flats will be located at Olympian City shopping mall in Tai Kok Tsui.

There are three buildings with a total of 528 units. The flats range from 500 to 1,200 sq ft in size, and 85 percent of them have two or three bedrooms. The remaining 15 percent are four-bedroom and special units. Construction is expected to be completed in February 2021.

Sino Land also said three special units in Palazzo project in Sha Tin are expected to be sold by tender.

Elsewhere, Sun Hung Kai Properties (0016) is to put five more units at its Grand YOHO project in Yuen Long for sale, said its deputy managing director Victor Lui Ting.

The five apartments, at Tower 3 and Tower 8 of the second phase, are sized from 705 to 1,115 sq ft. Tenders open next Friday.

About 350 units in the same development are expected to be put out for pre-sale by the end of this year, said Lui.

Also, Henderson Land (0012) has launched an additional 59 apartments from its Eden Manor project in Fanling's Kwu Tung, with prices ranging from HK$6.4 million to HK$26 million or HK$16,856 to HK$21,615 per sq ft, and comprising mainly one-bedroom and three-bedroom homes.

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