11 September 2014 - The MTR Corporation (0066) yesterday announced its intention to retender the mega Tai Wai Station Project. Market expectations forecast that the land premium will be slashed by 30% to around HKD8.11 billion (below HKD3,000 /sq.ft (gross floor area)).
Many developers including Cheung Kong Holdings (0001) and Sun Hung Kai Properties (0016) who participated in the initial tender in 2012 expressed interest in bidding.
Atop the Tai Wai station, the project aims to provide 2,900 residential units in eight blocks, as well as 800 parking spaces. The site is about 521,100 sq. ft. and has a gross floor area of about 2.7 million square feet. Developers are to submit their expressed interest from today until Monday.
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