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Salina Li

Sun Hung Kai Properties (SHKP), Hong Kong’s largest developer, edged five other bidders to win the tender for a parcel of land in the New Territories, a residential development that is expected to cost about HK$6 billion (US$772 million).
The tender for the Tuen Mun A16 station package one property development, which closed on Wednesday, was awarded to SHKP subsidiary Mega Asia International, MTR Corp said on Thursday, without disclosing the winning bid amount.
The package one development, with a maximum residential gross floor area of more than 600,000 sq ft, is located near the Tuen Mun River and an MTR station that is currently under construction as part of the Tuen Ma Line extension.
With ample commercial and community amenities, the package one development would primarily feature small to medium-sized residential units, which would require a “total investment of around HK$6 billion”, said Lui Ting, SHKP’s deputy managing director.
Six tenders for the site were received by the 2pm deadline on Wednesday, according to MTR Corp. It received 31 expressions of interest for the project from September 22 to 29.
SHKP was a well-established and reputable property developer, which also took part in the company’s various property developments, the MTR said after the tender results were announced.
The site was estimated to be worth between HK$1.8 billion and HK$2.3 billion, excluding any profit-sharing arrangements with the MTR, according to real estate consultancy CBRE. It said the site was expected to deliver about 1,000 units and 251 private car parking spaces.

Like the Northern Metropolis development, Tuen Mun offers great potential with the influx of a large population, according to Hannah Jeong, the head of valuation and advisory services at CBRE Hong Kong.
“I believe the land portion [of the new development] would be from HK$4,000 to HK$4,500 per square foot on accommodation value, before sharing profits,” Jeong said. “The construction cost would be between HK$5,500 and HK$6,000 per square foot. Hence, the estimated residential price may be from HK$15,000 to HK$17,000 per square foot.”
The tender win of subsidiary Mega Asia would appear to bolster SHKP’s market position, following a slight increase in its earnings in the financial year ended June.
SHKP has ramped up the expansion of its land bank amid a gradually improving home market. It won two other residential sites awarded by the Lands Department this year.
In January, SHKP secured a site measuring around 38,750 sq ft in Sha Tin for HK$606 million. The developer also acquired a site measuring more than 110,000 sq ft in Tung Chung for HK$602 million in February.
SHKP’s major projects to be completed in Hong Kong from this financial year up to 2027-2028 would span 1.65 million sq ft to 4.37 million sq ft a year. Additionally, 10.3 million sq ft would be completed by the 2028-2029 financial year and beyond.
Meanwhile, the Hong Kong government put up a mid-size residential plot in Tsuen Wan for tender in late September, within its financial second quarter. The tender will close on November 14.
A plot measuring 70,000 sq ft at the junction of Wing Shun Street and Texaco Road in Tsuen Wan in the Western part of New Territories was expected to provide about 780 average-sized flats, Secretary for Development Bernadette Linn Hon-ho said in July. About 10,118 sq ft had to be set aside for social welfare facilities.
The Tsuen Wan plot was one of the eight residential sites that Financial Secretary Paul Chan Mo-po earmarked for sale in the 2025-26 financial year in his budget speech in February. These plots were expected to provide about 4,500 private flats.


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Sun Hung Kai Properties’ new Tuen Mun development would primarily feature small to medium-sized residential units. Photo: May Tse

The MTR Corp’s Tuen Mun South Extension works site includes the construction of a railway viaduct over the Tuen Mun River. Photo: May Tse

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The site is estimated to fetch between HK$1.8 billion and HK$2.3 billion. Photo: May Tse

The site is near a station currently under construction as part of the Tuen Ma Line extension. Photo: May Tse

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The Tuen Mun A16 station package one project is expected to require around US$772 million to develop, SHKP’s Lui Ting says


The Tuen Mun A16 station package one project is expected to require around US$772 million to develop, SHKP’s Lui Ting says.


SHKP unit Mega Asia wins tender for MTR’s Tuen Mun site

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The Tuen Mun A16 station package one project is expected to require around US$772 million to develop, SHKP’s Lui Ting says

The Tuen Mun A16 station package one project is expected to require around US$772 million to develop, SHKP’s Lui Ting says