Race starts for MTR site

Finance | Staff reporter 21 Sep 2021

MTR Corp (0066) will invite developers and/or consortia to submit expressions of interest for the Tung Chung traction substation property development, with the deadline being 2 pm on September 28.

The project is a residential development to be built atop Tung Chung Traction Substation and its associated railway facilities with a maximum residential gross floor area of 87,288 square meters that may provide 1,400 to 1,800 residential units.

A Centaline Surveyors expert expected the site's market valuation could be as much as HK$5.1 billion and will result in mostly small and medium-sized units.

Meanwhile, more new units have been put on the market, with Wheelock Properties' Koko Hills phase two - Koko Reserve in Lam Tin will provide 82 units, covering 483 to 1,175 sq ft.

Managing director Ricky Wong Kwong-yiu said the project expects to upload the sales brochure and open showrooms this month, and it is expected to be put on sale within a month.

Developers have been working with other stakeholders to increase housing supply and to maintain prices, Wong said, adding that more market regulation is not necessarily the best way to increase supply.

He believes that if the government can simplify the relevant procedures of changing land use, and make the approval process easier, it will help shorten the time to speed up property supply.

Henderson Land Development's (0012) The Henley III in Kai Tak was 17 times oversubscribed after receiving 1,432 checks for 81 units in its latest batch up for sale last night.

Its other project, The Holborn in Quarry Bay, will launch another batch of sales on Friday, offering 23 units from 220 to 260 sq ft.

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