The first phase property development project of Tung Chung East Station, which previously had unsuccessful bids, closed bids yesterday (18th) and received four proposals.

Lin Zibin, Director of the Hong Kong Surveyors' Association, indicated that the aforementioned project is quite far from the current Tung Chung town center and is in the initial development stage. After adjusting the project scale and tendering conditions, multiple large developers have participated in the bidding, with the number of bids meeting market expectations. In fact, the scale of the project has been reduced by more than half compared to before the re-launch of the tender, which helps to lower the project investment amount and risks. However, it is anticipated that developers' bidding conditions will still be cautious. If calculated at a price of 1,500 Hong Kong dollars per square foot of floor space, the estimated project valuation is about 0.484 billion Hong Kong dollars.

Lin Zibin also pointed out that this development is part of a long-term Railroads project, which will later feature shopping and Community facilities, as well as a Public Transport interchange and other amenities. However, the Tung Chung station is expected to open at the earliest in five years and is located away from the current town center of Tung Chung, thus making the actual development of the area still in the initial stage, reducing its attractiveness to developers, and it is expected that the bidding conditions will be more conservative.

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