2024-04-30 28Hse Editor
The MTR Tung Chung Traction and Distribution Station project, which passed out in November last year, was closed yesterday. MTR announced yesterday that it has received 5 tenders. The consortiums that entered the bid this time include Henderson Land, Xinzhi, Nanfeng and so on. It is understood that the project can build a floor area of about 939,600 square feet and can build about 1,600 units. The latest land premium for the project was rumored to be 3.5475 billion yuan, a decrease of as much as 1.218 billion yuan or 25.55% compared with last year.
The Tung Chung Traction and Distribution Substation Project received 5 bids yesterday, which indicated that the wholly-owned bidders included Henderson Land, Xinzhi, Nanfeng, etc. The number of bids was the same as the 5 bids received during the first tender last year. The tendered developers include Cheung Kong, SHKP, Henderson Land, Chinachem and Sinochem. As for the 31 letters of intent received by the project earlier, they include many local real estate developers, such as Cheung Kong, SHKP, Henderson Land, Sinochem, Wheelock, Chinachem, Emperor, etc.
Land premium amount dropped by 25% compared with last year
The project is adjacent to Ying Wan Garden. Although it is close to the MTR Tung Chung East Station, which will be opened in 2029, the infrastructure still needs to be improved. The site area is about 156,600 square feet, with a buildable floor area of about 939,600 square feet and about 1,600 units. According to the source, the tender terms for this project stated that the latest land premium price was RMB 3.5475 billion, which was a significant decrease of RMB 1.218 billion or 25.55% compared with RMB 4.765 billion last year. Phase 13, Tseung Kwan O Pak Shing Kok Ventilation Building Project, etc. are similar.
Based on comprehensive market information, including the amount of land premium, the project is valued at about 3.29 billion to 5.54 billion yuan, and the land price per square foot is about 3,500 to 5,900 yuan. In addition to directly lowering the land premium, it is reported that other bidding terms of the project have also been adjusted. Last year, the dividend ratio was required to be no less than 15%. The latest change is to propose the dividend ratio by the developer. It is believed that this will determine whether the project can be successfully bid. key. Last time, the MTR required developers to submit an upfront fee of at least 250 million yuan, but now it only requires 100 million yuan in earnest money.
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