New World Development-led Consortium and MTR Corporation Signed Tseung Kwan O Station Development Package One -Area 55b

Back to Press Release

New World Development-led Consortium and MTR Corporation Signed Tseung Kwan O Station Development Package One -Area 55b

The MTR Corporation and a New World Development-led consortium comprising New World Development Company Limited (45%), Chow Tai Fook Enterprises Limited (30%) and Wee Investment (Pte.) Limited (25%), today (6 February 2002) signed a development agreement for the Tseung Kwan O Station Development Package One - Area 55b.

The Area 55b development site is located adjacent to the MTR Tseung Kwan O Station in the heart of Tseung Kwan O town centre. The development will capitalise on its prime location and provide quality residential and commercial accommodation.

Mr Jack C K So, Chairman of MTR Corporation said, "The upcoming MTR Tseung Kwan O Line is scheduled to open in mid-August this year. With the convenient MTR network, the new development will no doubt be most sought after by home-purchasers."

Dr Henry Cheng, Managing Director of New World Development said, "We are delighted to be awarded our first development tender package for the MTR Tseung Kwan O Station. It is of even greater pleasure that we have the opportunity to partner with MTR Corporation again. With our good track record in developing MTR residential projects and the well established partnership with MTR Corporation, we are confident that this project will once again be a success and will bring Hong Kong people another batch of quality homes in the near future. Our participation in the project demonstrates our further commitment to property development in Hong Kong."

He continued, "Given its close proximity to the MTR Tseung Kwan O Station and that the district has developed into a mature residential community with convenient public transportation and comprehensive facilities, we see good development potential in this project."

Targeted for completion in 2005, the development has a total site area of 127,843 square feet and a gross floor area of around 1,041,923 square feet. The site will be developed into four residential blocks with approximately 1,350 units and a shopping centre. The project's total development cost is expected to be approximately HK$2 billion and New World Development's portion of funding is expected to be financed by its working capital.