ITP Media Group announces major expansion into Hong Kong, Malaysia and Singapore
It is a landmark deal in the 40-year history of the Middle East-headquartered business
The MTR Corporation's Phase Two tender for property development at the Tuen Mun Area 16 Station has concluded, with four bids submitted by prominent Hong Kong developers. Among these was a consortium consisting of Sino Land, Kerry Properties, China Overseas Land & Investment and Great Eagle. MTR's David Tang remarked on the encouraging response, emphasizing the demand for housing in Hong Kong and the mature nature of the Tuen Mun community.
The project, described by Vincent KC Cheung, managing director at Vincorn Consulting and Appraisal, as having a value of approximately HK$12 billion, would span nearly 3 million square feet, including both residential and commercial components. The residential section, consisting of small to medium-sized flats, is anticipated to yield around 5,510 homes, while the commercial section includes a large shopping mall.
MTR has not launched such a large-scale tender project in a long time, according to Alvin Lam, director at Midland Surveyors, noting that it surpasses previous topside projects at Tai Wai, Tsuen Wan West, and Nam Cheong stations. The residential portion of the project is expected to cater to the mass market, and bidders must propose an upfront payment to MTR Corp, with the winner paying the sum in four installments, with a fixed profit-sharing ratio of 15 percent.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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