Consortium wins improvement rights to MTR’s Wong Chuk Hang private venture at a lower premium than prior stage

A consortium of four Hong Kong engineers has won the improvement rights for the most recent private venture at Wong Chuk Hang MTR station, which has been obtained at a lower premium than the past stage.

Kayson Limited, including New World Development, Empire Group, Lai Sun Development, and CSI Properties, won the delicate for the fifth period of the undertaking at Wong Chuk Hang station on the South Island line, rail route administrator MTR Corp said on Wednesday.

“The pandemic has not influenced the engineers’ assurance to keep purchasing and putting resources into land,” said James Cheung, chief at Centaline Surveyors. “The public authority has hindered the speed of land dispatches [so] top-notch parcels along the rail line are much more extraordinary.”

Kayson beat Sun Hung Kai Properties, CK Asset, K Wah International, and two other consortiums. Prominently, the bidders were all nearby engineers.

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The victor will likewise need to share around 25% of the undertaking’s benefits with the MTR.

Cheung said that an assumption has been influenced by the fourth rush of the Covid pandemic, the public authority had changed the land premium as needs be to reflect economic situations.

He said that the pads based on the package were destined to be medium-sized units, and could get up to HK$30,000 per sq ft.

The plot can yield a gross floor space of as much as 636,152 sq ft, which could oblige up to 1,050 pads with a normal size of around 600 sq ft.

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The undertaking, the penultimate one at Wong Chuk Hang station, gotten only six offers on Tuesday, less than the seven to eight expected by the market. The task had drawn in 37 articulations of interest, the third-most noteworthy for an MTR railroad advancement.

New World Development and CSI Properties have recently taken an interest in the MTR’s property advancements at Tai Wai and Yau Tong stations, separately. New World’s The Pavilia Farm project, involving 3,090 pads spread over numerous stages above Tai Wai station, has been a hit with homebuyers.

This article initially showed up in the South China Morning Post (SCMP), the most definitive voice providing details regarding China and Asia for over a century. For more SCMP stories, kindly investigate the SCMP application or visit the SCMP’s Facebook and Twitter pages. Copyright © 2021 South China Morning Post Publishers Ltd. Protected by copyright law.

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