The Hong Kong government today withdrew the tender for a property project atop a railway station, and sold another site below surveyors’ estimates of its value.
None of the bids for Bayside, the project above the Tsuen Wan West train station, was accepted, Tsuen Wan West Property Development Ltd. said in a statement today. Tsuen Wan West is the company set up by the government to manage the project. The site was expected to fetch HK$7.4 billion ($953 million), according to the median estimate of five surveyors in a Bloomberg News survey.
Chinachem Group, the closely-held developer controlled by the estate of the late Nina Wang, paid HK$2.6 billion for the 711,000 square feet Cityside project adjacent to Bayside, the company said in a statement. That site was expected to be sold for HK$2.7 billion, according to the Bloomberg News survey.
The government is one of the city’s biggest suppliers of unoccupied residential land. MTR Corp., Hong Kong’s railway operator, sells land to developers for a portion of the their profits.