Developers bidding for time over MTR site, says expert
High interest rates and expensive construction costs have deterred developers from bidding for a project at the future Tung Chung East MTR Station, head of valuation and advisory services at Colliers Hong Kong Hannah Jeong said on Friday. The MTR Corporation says it has received no "conforming tender" for residential and retail developments at the site on Lantau, despite attracting 32 expressions of interest. It comes a week after the government failed to sell another site in the vicinity. Jeong said despite the good amenities and accessibility at the station, developers could not agree to the base price set as the costs involved wouldn't support the overall project return. With five years to go until the station's completion, developers are playing a "wait and see" game due to the current global market uncertainties, Jeong added.  She said the site is still attractive, however, given its proximity to a new data centre and the airport.