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MTR Corp’s Oyster Bay site in North Lantau gets three bids, with large developers in the frame
- The tender for the first phase of the project includes a residential area of about 1.245 million square feet
- The tender comes as property firms continue to digest the government’s move to build public housing units on the former runway area of Kai Tak
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The MTR Corporation’s tender for an estimated HK$5.21 billion (US$669 million) project in Oyster Bay in north Lantau Island has received three bids, including submissions by the city’s biggest property developers such as CK Asset and Wheelock Properties.
“In view of the huge amount of investment, the participating bidders are mainly large-scale developers and consortiums. The number of bids and the response are also in line with market expectations,” Midland Surveyors said in a statement on Wednesday.
The tender for the first phase of the project includes a residential area of about 1.245 million square feet that could provide 1,400 housing units, and a shopping centre with a floor area of 67,400 sq ft. It comes as the property industry continues to digest the government’s move to build public housing units on the former runway area of Kai Tak, originally planned as a second central business district for the city.
The Oyster Bay project is a large-scale development and will be adjacent to a future MTR station, expected to be operational in 2030, Midland Surveyors said. With the project’s floor price estimated at HK$4,000 per sq ft, the gross land cost could be HK$5.21 billion.
“Since the first phase is the first project in the development area, it is in the ‘wasteland reclamation’ stage, so it is expected that participating developers will be more cautious with bidding and dividend ratios,” it added.
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