The MTRC has announced that the development rights of Lohas Park 7 had been awarded to Wheelock.
According to a research note from Barclays, the land price had already been fixed at HK$3,147psf for the project prior to the tender.
MTRC will retain ownership of the shopping mall by buying it back at HK$4.98bn. This is the second piece of land that Wheelock has obtained in the Lohas Park district as it won Package 5 in November 2014 for HK$1,874ps for HK$2.01bn.
Wheelock said that it planned to build small-to-mid-sized units on the site.
On 2 June, the tender for Lohas Park Phase 7 closed after receiving only seven bids from developers, much less than the 28 expressions of interest it had received prior to the launch of the official tender.
Developers that submitted bids included CK Property, SHKP, Henderson Land, Wheelock, Far East Consortium, a consortium formed by Sino Land and Lifestyle and a consortium formed by Wing Tai and Link REIT.
The 1,235,277sf site carried a land price of HK$3,147psf, or a lump sum of HK$3.88bn, which may have put off some smaller developers. The MTRC provided two options for bidding.