New bid on Tin Shui Wai site

New bid on Tin Shui Wai site

MTR Corporation yesterday put up for sale its unpopular Tin Shui Wai development site for the third time at a price and terms more attractive than previous levels.

Surveyors said the residential plot near the MTR’s Tin Wing Light Rail terminus may now be valued at the lower end of an estimated range of HK$1,500 to HK$2,000 per buildable square foot.

That means its overall value will drop to HK$1.47 billion, about half of the HK$2.68 billion sought by the rail operator early in 2013 when the site was withdrawn from tender.

It is believed that MTRC will let bidders decide how much to pay and it will remove any entry barrier just like it did in its second sale attempt last year. It failed to sell the site last year because offered prices did not meet its desired level.

Market sources said MTRC will ask for only a 10 percent share of the proceeds from the future development project so as to lure small and medium- size developers.

Among 21 developers which expressed interest in the Tin Shui Wai site were Cheung Kong Holdings (0001), New World Development (0017) and mainland developers Vanke and China Overseas Land (0688). Bidding will close on February 5.

Separately, the Urban Renewal Authority is auctioning the development site at its Fuk Wing Street project in Sham Shui Po. It said last night that the auction has generated the interest of 27 developers, the largest number seen by the authority in a decade.

The 6,415-sq-ft site will deliver more than 90 flats with a residential gross floor area of 48,125 sq ft in addition to commercial premises of 6,017 buildable sq ft.

Large developers, including Cheung Kong, and some small players, such as CSI Properties (0497), were among those which expressed interest.


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