Ho Man Tin project draws keen interest

Business | Samantha Wong 18 Sep 2018

MTR Corporation Ltd (0066) yesterday received 31 expressions of interest for the second phase of a project atop Ho Man Tin MTR Station, which will provide about 900 to 1,000 residential units.

Kerry Properties (0683), Wheelock Properties, and Nan Fung Group are among Hong Kong developers that submitted the expressions of interest, while mainland developers who did so included China Overseas Land and Investment (0688), Longfor Properties (0960), and CITIC Pacific Properties.

The site bounded by Chung Hau Street, Fat Kwong Street, Yan Fung Street and Chatham Road North has a maximum residential gross floor area of 640,000 square feet. The target for the project's completion is likely to be in 2024.

The site is estimated to worth HK$14 billion, or HK$22,000 per square foot in terms of gross floor area, according to James Cheung Tat-chi, a surveyor from Centaline Property.

A consortium led by Goldin Financial Holdings won the development rights for phase one of the station-linked project last December.

The latest batch, accounting for one-third of the total units in the development, are sized from 306 sq ft to 1,086 sq ft.

Prices range from HK$5.63 million to HK$24 million, or about HK$15,600 per sq ft to HK$24,000 per sq ft - an average of HK$16,283 per sq ft.

The development will provide 2,392 flats, and more than 900 apartments have been sold since its launch earlier this month. Construction of the project is expected to be completed in September 2020.

Elsewhere, Henderson Land Development (0012) launched 89 apartments at its Novum West project in Sai Ying Pun. The latest batch is priced from HK$6.1 million to HK$13 million, or HK$26,560 to HK$40,000 per sq ft.

The smallest unit measures 174 sq ft.

samantha.wong@singtaonewscorp.com

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