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

Zhang Jingda, Joint Director of Centaline Surveyors, indicated that the four bids received for this project are reasonable and meet expectations. The market still has substantial rigid demand, and a further reduction in interest rates is expected next year. This project is tied to Railroads, and the scale is half of what it was previously since it is a pure Residence development, reducing investment and risk, which in turn enhances its attractiveness.

Zhang Jingda also pointed out that Tung Chung East will have supporting facilities such as a Railroad station, shopping mall, and Community facilities in the future, giving the project considerable advantages. However, the property market still has uncertain factors, and it is expected that the development's high bids will be more cautious. The estimated price per square foot of floor space is approximately 1,800 HKD, with the total land value around 0.581 billion HKD. (js/k)

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