MTR Corp announced Grand Ample, a consortium formed by Sino Land, China Overseas Land & Investment and K Wah International, won the tender to develop phase one of West Rail’s Kam Sheung Road station residential project in Yuen Long.
     The three-partner consortium will pay an upfront lump sum payment of HK$8.33 billion for the development rights. The site, which could potentially provide a total floor area of 1.24 million sq ft, will provide 1,652 flats, of which 40%, or 661 units, will be smaller than 538 sq ft. The project is scheduled for completion in 2025.
     According to local news sources, the HK$8.33 billion represents HK$6,735 per sq ft, about 7% higher than the previous tender in Yuen Long station two years ago. In 2015, Sun Hung Kai Properties won the development rights at Yuen Long station, now Yoho development, for HK$9.32 billion, or HK$6,275 per sq ft.