MTR (HKG:0066) has opened bidding for Phase 1 of its Tuen Mun Area 16 development after receiving 31 expressions of interest, The Standard reported Wednesday.

According to the report, the site is valued between HK$1.4 billion and HK$2.1 billion, equivalent to about HK$2,300 to HK$3,500 per square foot.

Located beside the planned Area 16 Station on the Tuen Mun South Extension line, which is reportedly scheduled for completion in 2030, the first phase will offer about 601,000 square feet of residential floor area.

It will also feature covered walkways linking to the future station and the adjacent shopping mall, the report added.

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