MTR Jinshangshanlu Station Project Expected to Meet Anticipated Response

Opinion Web Hong Kong Report: On March 17, MTR Corporation launched the second phase of the Jinshang Road Station property development project, receiving 30 expressions of interest yesterday. Director Lin Zibin of United Measurement stated that since this is the stage for submitting expressions of interest, developers are primarily aiming to secure an “entry ticket,” so the number of submissions is in line with market expectations.

He pointed out that the Jinshang Road Station project offers the advantage of proximity to the railway and will serve as a transfer hub for the North Loop Line and the Tuen Ma Line in the future. It has strong development potential in the northern district, and MTR projects have always been highly sought after by developers. Therefore, the residential portion is very attractive. The project also includes approximately 440,000 square feet of commercial space to meet the long-standing retail needs of local residents. However, due to the large scale of the project, with a total buildable area of over 1.2 million square feet, the investment and risks are significant. It is expected that major developers and consortia will primarily bid, with offers and responses depending on the bidding conditions. Assuming a land price of about HKD 6,000 per square foot, the initial estimated value of the project is approximately HKD 7.239 billion.

Lin Zibin noted that recently, several land parcels have been tendered with strong responses, with some exceeding the market valuation cap. Many developers are actively bidding for advantageous sites. The Jinshang Road project, with its northern district and railway advantages, is expected to have high housing demand. Drawing on the development experience of railway projects in Yuen Long District, the Jinshang Road Station project is poised to become another highly promising development area. Additionally, the district lacks large shopping malls and has ongoing public housing developments, so the inclusion of shopping facilities in this project will meet local consumer needs and enhance its development potential.

The project is highly attractive, but due to its large scale and high investment, it is expected that major developers and consortia will mainly participate. Upon completion, the project will provide over a thousand residential units, likely with diverse layouts, including mainly two- or three-bedroom units, with opportunities for one-bedroom and a small number of unique units to cater to different market segments.

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