MTR (HKG:0066) has opened the first phase of its Tuen Mun property development for expressions of interest, inviting bids from developers, The Standard reported Wednesday.

The site is located beside the Tuen Mun River and the planned Area 16 Station on the Tuen Mun South Extension Line, which is scheduled for completion in 2030, according to the report.

Plans for the project include residential towers, a shopping complex, community amenities, and a public transport interchange, it added.

The initial phase will offer roughly 55,847 square meters of residential floor area, connected by covered walkways to the new station and retail facilities.

Surveyors estimate the site could fetch between HK$1.4 billion and HK$2 billion, translating to HK$2,300 to HK$3,500 per square foot, The Standard said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)