MTR Corp. Ltd. will accept tenders for the land parcel near Wong Chuk Hang Station in Hong Kong until Feb. 27., after inviting developers to submit bids Jan. 25, The (Hong Kong) Standard reported.
The company set the land premium for the property at HK$4.68 billion or HK$8,119 per square foot, which is lower than the market's anticipated price of HK$10,000 per square foot.
Vincent Cheung Kiu-cho, Colliers International's executive director of valuation and advisory for Asia, said that the land cost for the project may amount to at least HK$10 billion, despite the land premium costing 4% less than the company's property in Ho Man Tin.
The Wong Chuk Hang Station property could provide two residential towers with 800 flats and 576,000 square feet of gross floor area.
Other property developers like China Overseas Land & Investment Ltd., Henderson Land Development Co. Ltd. and New World Development Co. Ltd. are also moving forward with sales of their own residential projects in Hong Kong, according to the Jan. 26 report.