Tuen Mun Area 16 Station Phase 2 Property Tender Closes at 2pm
On.cc · 1 SOURCESabout 2 hours ago2 MIN
Summary
MTR Corporation's tender for the Tuen Mun Area 16 Station Phase 2 property development closed at 2pm on Wednesday. The integrated project will feature shopping facilities, community amenities, and a public transport interchange seamlessly connected to the Area 16 Station on the Tuen Ma Line, enabling transfer to the future Northern Link at Kam Sheung Road Station. The development spans approximately 3,025,534 square feet of gross floor area and is expected to provide around 5,510 residential units, with completion targeted between November 2033 and June 2035.
Key Points
- The residential gross floor area is capped at approximately 2,690,774 square feet, while commercial space is limited to about 334,760 square feet
- Developers may bid for the commercial component together with housing, or MTR Corporation can buy back the shopping arcade for HK$1.38 billion
- If MTR retains the mall, its floor area will be reduced to approximately 274,482 square feet; developers building it would develop the full 334,760 square feet
- The tender adopts a fixed profit-sharing model with a uniform 15% ratio, and MTR Corporation covers the graded land premium
- Land payment is split into four installments: 30% upon tender award, 20% by November 2028, 20% by November 2030, and the final 30% upon building occupancy
Why It Matters
This tender represents one of the largest integrated transit-oriented developments in the New Territories West, combining residential, commercial, and transport functions in a single project. The staggered payment schedule and profit-sharing arrangement reflect MTR Corporation's strategy to attract developers while managing financial risk amid market uncertainties.
This tender represents one of the largest integrated transit-oriented developments in the New Territories West, combining residential, commercial, and transport functions in a single project. The staggered payment schedule and profit-sharing arrangement reflect MTR Corporation's strategy to attract developers while managing financial risk amid market uncertainties.