14 October 2014 - New World Development (0017) has won the development rights of the keenly-followed residential project atop Tai Wai MTR station, outbidding eight rivals including Cheung Kong Holdings (0001), Henderson Land (0012) and Wheelock Properties (0020). Henry Cheng Kar Shun, Chairman of New World Development (0017) said that the project's total investment is estimated at HK$20 billion.

 

The site is about 521,100 sq. ft. and has a maximum redevelopment area of 2.7 million square feet. MTR Corp (0066) will own the commercial portion. In return it will give New World Development HK$7.5 billion, meaning the developer will have to pay HK$2.86 billion instead of a land premium of HK$10.36 billion.

 

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