MTR Awards Tuen Mun Area 16 Station Phase 2 Development To Sun Hung Kai Properties Unit

MTR Corp. said the contract for the Phase 2 property development project at Tuen Mun Area 16 Station was awarded to Bright Kingdom Enterprises, a subsidiary of Sun Hung Kai Properties, which will obtain the future ownership of the commercial portion of the project. According to ETNet, other bidders included Henderson Land and Sun Hung Kai Properties as sole bidders, a consortium of Sino Land, Kerry Properties, China Overseas Land & Investment and Eagle Asset, and a bid believed to be from CK Asset. Market estimates put the project value at HK$9.682 billion to HK$12.102 billion, with an average valuation of about HK$3,200 to HK$4,000 per square foot.