MTR Tuen Mun Mega Project Closes for Bids, Expected to Deliver 5,510 Units
SingTao · 1 SOURCESabout 2 hours ago2 MIN
Summary
The MTR Corporation's ambitious Tuen Mun Area 16 Station Phase 2 "super giant" property development project reached its tender closing deadline on Wednesday, drawing significant market attention as one of Hong Kong's largest residential development opportunities in recent years. The project, situated atop the future Area 16 Station, is poised to deliver approximately 5,510 residential units alongside comprehensive retail and transport facilities. Market analysts have valued the project between HK$9.68 billion and HK$12.1 billion, translating to approximately HK$3,200 to HK$4,000 per square foot, with industry experts expecting developers to form consortiums to mitigate investment risks.
Key Points
- The Tuen Mun Area 16 Station Phase 2 project closed for tender on September 2, 2026, following a two-month invitation period
- The development will feature a maximum gross floor area of approximately 2.69 million square feet for residential use and 334,800 square feet for retail
- Market valuations range from HK$9.682 billion to HK$12.102 billion, averaging HK$3,200 to HK$4,000 per square foot
- Tender terms require bidders to propose a "single price" amount, with the highest bid winning; revenue sharing is fixed at 15%
- Two mall ownership options: Plan A allows full developer ownership of 334,760 square feet, while Plan B offers 274,482 square feet with MTR buying back at HK$1.38 billion
- Payment structure spans four installments: 30% upon award, 20% each in November 2028 and 2030, and 30% upon occupation permit issuance
- Phase 1 of the Area 16 Station development was secured by Sun Hung Kai Properties in November 2025
- Zhang Qiaochu, Managing Director of Hong Liang Consulting and Assessment, noted that the project's massive scale and investment risks make consortium bidding the likely approach
Why It Matters
This landmark project represents a significant test of developer appetite for large-scale residential developments amid current market conditions, with its outcome likely to influence future MTR property launches and shape the transformation of the Tuen Mun district into a major transit-oriented development hub connected to the Northern Link .
This landmark project represents a significant test of developer appetite for large-scale residential developments amid current market conditions, with its outcome likely to influence future MTR property launches and shape the transformation of the Tuen Mun district into a major transit-oriented development hub connected to the Northern Link .