At least 2 bids for Hung Shui Kiu Pilot Area in Northern Metropolis

The tender period for the Hung Shui Kiu Pilot Area in the Northern Metropolis closed at noon. At least two bids were received. Henderson Land submitted a solo bid, while a consortium involving mainland companies and a local developer also put in a bid.

The government received at least two bids after the tender period for the Hung Shui Kiu Pilot Area in the Northern Metropolis closed today.

They include a solo bid from Henderson Land, and a bid from a consortium involving six companies, including China Overseas Land & Investment, JD.com, and Sino Land.

The project is adjacent to the future Hung Shui Kiu MTR Station.

The project covers over 10 hectares, including three residential sites and three enterprise and technology park sites.

Market valuation ranges from 2.9 billion to 4.9 billion dollars.

The winning consortium must develop and operate at least one site. The remaining two sites can be returned to the government after completion of land leveling works.

A property analyst said the project is a key development area in the Northern Metropolis with strategic value, so there will be policy support in the future.

He said the total investment would be over 20 billion dollars.

To alleviate the cash flow pressure on developers, the government has introduced an interest-free, instalment payment arrangement for land prices for the first time.