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1. Tuen Mun Station property development project to be re-tendered

1. Tuen Mun Station property development project to be re-tendered
KCRC Press Release, 12 December 2005

The Board of Directors of the Tuen Mun Property Development Limited has decided not to award the tender for the joint venture property development at West Rail Tuen Mun Station.

A tender was received for the project from Creston Investments Limited at the close of submission on 25 November which was reviewed carefully.

The Tuen Mun Property Development Limited is a wholly owned subsidiary of the West Rail Property Development Limited. The Kowloon-Canton Railway Corporation (KCRC) is the agent for the Government on the project and the profits generated from the project will go to the Government.

Mr Daniel Lam, Director – Property of KCRC said, “The Board of Directors of the Tuen Mun Property Development Limited has decided not to award the tender, and will invite Expressions of Interests again as soon as possible.

“In view of the recent market changes, the KCRC will re-negotiate with the Government on the level of land premium for the project as soon as possible,” Mr Lam said.

Occupying an area of about 2.7 hectares, the project has an approximate gross floor area of 145,000 sq. m., comprising 120,000 sq. m. for residential use and 25,000 sq. m. for retail purposes.

The current development proposal comprises seven residential towers housing about 1,924 flats atop a podium containing a retail centre, car park, Park and Ride facilities and a station entrance plus a permanent Public Transport Interchange on the ground floor.

KCRC proposes to develop the site in two phases under one joint venture package.