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Sun Hung Kai, CK Asset remain in contention for HK$11.8B Hong Kong plot

The fourth phase of MTR Corp. Ltd.'s HK$11.8 billion development atop the Wong Chuk Hang Station in Hong Kong attracted six bids, marking a steep decline from 38 expressions of interests it received in September, South China Morning Post reported.

Still in contention for the project are Sun Hung Kai Properties Ltd., CK Asset Holdings Ltd., Henderson Land Development Co. Ltd., Great Eagle Holdings Ltd., Kerry Properties Ltd. and a consortium comprising Wheelock & Co. Ltd., Chinachem Group Co. Ltd. and China Overseas Land & Investment Ltd., according to the publication.

Vincent Cheung, managing director of Vincorn Consulting and Appraisal Ltd., said the response to the public tender is disappointing since he expected the project to receive at least 10 bids.

Meanwhile, Thomas Lam, Knight Frank's executive director, noted in the Oct. 23 report that the social unrest in the city, as well as the U.S.-China trade war and the soon-to-be-implemented vacancy tax, may have affected the decision of potential bidders.

The Wong Chuk Hang Station is expected to provide 800 residential units across two towers spanning 638,305 square feet. Completion of the project is slated in 2025, with the successful tenderer to share 25% of the profit from the property to MTR.