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Cheryl Arcibal

Hong Kong’s MTR Corporation said on Monday that it had received eight bids for a commercial and residential development at one of the critical hubs in the Northern Metropolis, a large-scale project that aims to bolster the city’s economic base and foster closer integration with the Greater Bay Area.
The number of bids for the Kam Sheung Road Station Phase Two property development exceeded expectations, indicating developers’ interest in the Northern Metropolis project, according to analysts.
The railway operator’s option for the winning developer to sell back the retail portion of the project at a pre-agreed buy-back price of HK$1.6 billion (US$204 million) would reduce investment risks and enhance the project’s attractiveness, they added.
The second phase of the project, which covers a maximum residential gross floor area of 767,882 sq ft (71,338 square metres) and a maximum commercial gross floor area of 438,633 sq ft, was estimated at about HK$5.7 billion, according to a forecast by Vincent Cheung, managing director at Vincorn Consulting and Appraisal.




“For such a big project, the total tenders received were better than expected,” said Cheung.
Some of the city’s major developers, including CK Asset Holdings, Henderson Land Development, Sun Hung Kai Properties and Wheelock Properties, submitted individual bids. A consortium of Sino Land, China Overseas Land and Investments, Great Eagle Holdings and China Merchants Land submitted a joint bid.
“The site is near Kam Sheung Road MTR station, which is set to become an interchange between the Tuen Ma line and the Northern Link,” said Alkan Au, head of value and risk advisory at JLL in Hong Kong. “This enhanced future connectivity strengthens the site’s residential appeal.”
The proposed Kam Sheung Road station on the Northern Link would be located next to the existing Kam Sheung Road station on the Tuen Ma line, according to the MTR.
The proposed Kam Sheung Road station is envisioned to strengthen the transport infrastructure network for existing and future communities, such as the housing developments at Kam Tin South in Yuen Long. It is a key component of the Northern Metropolis development.
Upon the commissioning of the Northern Link, Kam Sheung Road station will be transformed into an upgraded interchange hub connecting the Northern Link and the Tuen Ma line, facilitating passengers and nearby residents to travel across districts and use cross-boundary train services on the East Rail line.
“The project will enjoy seamless integration with the MTR network, offering excellent connectivity,” the railway operator said.
With the buy-back option for the commercial portion, Au said the winning bidder’s exposure to retail uncertainty would be reduced, aligning with the developers’ current risk-mitigation strategies.
Under the terms of the tender, the winning bidder can choose to retain the retail portion for self-development, with a minimum buildable area of about 108,000 sq ft and a maximum area of 439,000 sq ft. Alternatively, the winner could construct a shopping mall spanning about 280,000 sq ft, which MTR Corp would then repurchase for HK$1.6 billion.
Hong Kong’s retail sector has been slowly recovering, with total sales value climbing by about 12 per cent in the first two months of 2026 from a year earlier, according to the latest official data.
Still, high-street shops’ overall vacancy rate in the city’s core shopping districts rose to 6.8 per cent in the year’s first quarter, up from 5.8 per cent in the previous quarter, according to property consultancy CBRE.
Hordes of Hongkongers continue to travel to Shenzhen for shopping and dining, where they get more value for money.
“The retail component offers potential but faces headwinds from e-commerce and uneven consumer recovery, prompting cautious developer sentiment,” Au said.
Since the start of the year, the government has held three successful rounds of land tenders.


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The second phase of the Kam Sheung Road station project is estimated at about HK$5.7 billion, according to an analyst’s forecast


The second phase of the Kam Sheung Road station project is estimated at about HK$5.7 billion, according to an analyst’s forecast.


Hong Kong’s Northern Metropolis gains momentum as key project attracts 8 bids

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The second phase of the Kam Sheung Road station project is estimated at about HK$5.7 billion, according to an analyst’s forecast

The second phase of the Kam Sheung Road station project is estimated at about HK$5.7 billion, according to an analyst’s forecast