New World wins HK site tender to build 2,900 homes

Hong Kong

NEW World Development Co, the builder controlled by the family of Hong Kong billionaire Cheng Yu-tung, won the tender for a HK$10.4 billion (S$1.7 billion) site in the city that can provide at least 2,900 new homes.

New World will pay HK$2.9 billion of the land premium for the site atop a train station while MTR Corp, Hong Kong's government-owned railway operator, will pay the rest, MTR said in a statement on Tuesday. New World will fund and build the development, including the commercial portion which will be owned by MTR, according to the filing.