Sun Hung Kai Properties Ltd. and CK Asset Holdings Ltd. are still in the running for the up to HK$37.65 billion third-phase development of the site around MTR Corp. Ltd.'s Wong Chuk Hang metro station in Hong Kong, the South China Morning Post reported.

The developers submitted two of the total five bids, a far cry from the 36 expressions of interest logged in June. They are competing against Henderson Land Development Co. Ltd., Chinachem Group Co. Ltd. and a consortium comprising New World Development Co. Ltd., Wheelock Properties Ltd., Sino Land Co. Ltd., China Overseas Land & Investment Ltd. and K. Wah International Holdings Ltd., according to the publication.

Alvin Lam, director at Midland Surveyors, was quoted in the Aug. 7 report as saying that the low number of final bids might be due to the high investment costs and risks for the project, recent housing policies in the city and China's credit tightening measures.

The project is considered as the most expensive real estate on a railway line in the city when it is completed by 2024.

The planned development, the only mixed-use phase of the Wong Chuk Hang station project, has a total gross floor area of over 1.5 million square feet. It will include an up to HK$6 billion shopping center and 1,200 flats across four towers.

The tender winner will make an estimated HK$12.9 billion one-time payment to the government as land premium and will also share 25% of the profit with MTR, according to the paper.