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Chris Tsang

Sun Hung Kai Properties (SHKP) subsidiary Bright Grand Enterprises on Thursday won the tender for MTR Corporation’s Tuen Mun A16 Station Phase Two Property Development.
SHKP had already clinched phase one of the development last November.
The second phase’s residential portion spans 249,979 square metres and is expected to yield around 5,510 homes, while its commercial component comprises 31,100 square metres and will house a large-scale shopping mall at the podium level.
Combined, the two phases are expected to deliver a total of 6,790 flats in Tuen Mun Area 16.
SHKP said it would primarily construct small to medium-sized units.
“Projects built on top of stations in well-developed communities are increasingly rare, so we have great confidence in its development,” said Victor Lui, deputy managing director at SHKP.
Tender submissions closed on Wednesday, with market sources saying other top Hong Kong developers including CK Asset and Henderson Land Development were among the bidders. A consortium of Sino Land, Kerry Properties, China Overseas Land & Investment and Great Eagle also submitted a bid, they added.
MTR Corp said a total of four bids were received.
David Tang, managing director of property and international business at MTR Corp, said Tuen Mun was a mature community, with the project situated atop a railway station and offering comprehensive amenities.
Vincent KC Cheung, managing director at Vincorn Consulting and Appraisal, earlier estimated the project’s accommodation value at HK$4,000 (US$510) per square foot.
“With a total gross floor area of nearly 3 million square feet – including the commercial component – the project is valued at close to HK$12 billion,” Cheung said.
Alvin Lam, director at Midland Surveyors, noted that MTR Corp had not launched such a large-scale single tender project in a long time.
“The scale of this development exceeds that of the topside projects at Tai Wai, Tsuen Wan West, and Nam Cheong stations from over a decade ago, comprising residential components alongside a large shopping mall and transport facilities,” he said.
Lam added the residential portion would likely consist of small to medium-sized flats catering to the mass market.
According to tender documents, the phase two development is located beside the Tuen Mun River and the Area 16 Station of the MTR Tuen Mun South Extension, which is under construction.
The project has a maximum total gross floor area of 281,079 square metres (3.02 million square feet).
Bidders were required to propose an upfront payment, with the winner to pay in four instalments under a fixed profit-sharing ratio of 15 per cent.
The project attracted 28 expressions of interest when the submission period closed in July.
Consolidated market valuations ranged from HK$7.5 billion to HK$12.1 billion, translating to about HK$2,500 to HK$4,000 per square foot of floor area, with total investment costs projected to exceed HK$20 billion.


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Developer has now won two projects in the area, which combined are expected to deliver nearly 6,800 flats


Developer has now won two projects in the area, which combined are expected to deliver nearly 6,800 flats.


SHKP clinches rare MTR station-top megaproject in Hong Kong’s Tuen Mun

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Developer has now won two projects in the area, which combined are expected to deliver nearly 6,800 flats

Developer has now won two projects in the area, which combined are expected to deliver nearly 6,800 flats