MTR advances housing pipeline of over 9,300 flats
RTHK · 2 SOURCESabout 2 hours ago2 MIN
Summary
MTR is pressing ahead with a sizeable residential development pipeline alongside its railway expansion plans. Chief Executive Officer Jeny Yeung Mei-chun said eight uncompleted residential projects, together with completed ones, are expected to provide about 9,300 flats for sale in Hong Kong, while around 8,000 units are tied to three projects now being lined up or tendered.
Key Points
- MTR put Phase 2 of the Tuen Mun Area 16 Station property development project out to tender in July, with completion expected in 2033 or later.
- Subject to market conditions, the company plans to launch two additional property projects within about the next 12 months.
- Those two planned launches, together with the Tuen Mun Area 16 Station Phase 2 tender, would account for about 8,000 flats in total.
- Yeung said MTR is currently advancing eight uncompleted residential property projects, which with completed projects could supply about 9,300 saleable flats
- MTR said seven railway projects under construction, plus the South Island Line West and Pak Shek Kok Station projects in planning and design, are expected to add 20 stations
Why It Matters
The update links MTR's property pipeline directly to future housing supply and to funding for rail investment, as the company said most first-half property development profit will be used for asset renewal, management and support for new railway projects. For the second half, MTR expects passenger traffic to post slight growth and said a gradual recovery in retail and property markets could benefit its advertising and property rental businesses