MTR Corp. Ltd. plans to launch a tender for a residential development site in the Tseung Kwan O area of the New Territories, Hong Kong, with the plot estimated to fetch a price of HK$2.7 billion, Mingtiandi reported.
Thomas Lam, executive director at Knight Frank, told Mingtiandi that the land parcel, which represents the phase 11 of the Lohas Park development in Tseung Kwan O, is expected to yield a gross floor area of up to 950,000 square meters and accommodate 1,850 houses. It will form part of a wider project in the area that is expected to become the largest residential estate in the city upon its anticipated 2025 completion, eyeing to house 58,000 residents in 21,500 units, the news platform added March 11.
David Tang Chi Fai, MTR's property director, was cited by the South China Morning Post as saying that the tender for the Lohas Park land parcel is scheduled to commence within March. The publication, citing veteran property surveyor Vincent Cheung, added March 10 that the development planned for the property could require a total investment of HK$11.4 billion.