The first phase of the property development project at Tung Chung East Station (00066.HK) will close for tender submissions today (18th) at 2 PM. As of noon, two tenders have been received on-site. This project was previously tendered at the end of last year but ended with 'zero bids' and was put back on the market after being subdivided at the end of this year.

The Tung Chung East Station project is located opposite the under-construction Tung Chung East Station. Currently, MTR is subdividing the project for phased development and re-launching it. Earlier, several developers submitted letters of intent, including Sun Hung Kai Properties (00016.HK), Henderson Land Development (00012.HK), Wharf Real Estate, Chinachem Charitable Foundation, Kwan Hung Development, FE CONSORT INTL (00035.HK), Sino Land Company (00083.HK), EMPEROR INT'L (00163.HK), and China Travel Service.

The first phase of the project is located in the southeastern part of the project and has a maximum buildable residential floor area of approximately 0.32 million square feet, expected to provide 600 units. Compared to when it was first launched last year, the residential area has been significantly reduced by 53%, and the commercial development portion has also been excluded. The estimated market valuation of the project ranges from approximately 0.32 billion to 0.48 billion, with a valuation of around 1,000 to 1,500 dollars per square foot.