MTR rejects all five bids for plot at Tung Chung, Lantau Island, as developers recoil at huge sum needed to build

The MTR Corporation has rejected all five bids for a large residential site in Tung Chung on Lantau Island after the plot elicited a cool response from Hong Kong’s developers.“[MTR] has decided not to accept any of the tender submissions [and] will retender the project in due course,” the rail operator said in a statement. MTR declined to give a further comment.Given the costly investment required for the parcel, located atop MTR’s Tung Chung traction substation, the fact the bids fell short…

MTR rejects all five bids for plot at Tung Chung, Lantau Island, as developers recoil at huge sum needed to build
The MTR Corporation has rejected all five bids for a large residential site in Tung Chung on Lantau Island after the plot elicited a cool response from Hong Kong’s developers.“[MTR] has decided not to accept any of the tender submissions [and] will retender the project in due course,” the rail operator said in a statement. MTR declined to give a further comment.Given the costly investment required for the parcel, located atop MTR’s Tung Chung traction substation, the fact the bids fell short…