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MTR awards Hong Kong site tender at price above valuation

MTR Corp. Ltd. awarded the tender for a land parcel above Ho Man Tin Station in Hong Kong to Gold Brilliant Investment Ltd., a consortium led by Goldin Financial Holdings Ltd., at a price above its earlier market valuation of up to HK$9.7 billion.

The tender, which concluded Dec. 22, was reported to have drawn bids valued between HK$8.9 billion and HK$11 billion from 28 companies.

Gold Brilliant beat real estate heavyweights like Cheung Kong Property Holdings Ltd., Sun Hung Kai Properties Ltd., China Overseas Land & Investment Ltd. and Swire Properties Ltd. to clinch the tender.

The property will have the capacity to accommodate up to 1,000 residential units, with a potential maximum gross floor area of 742,716 square feet.