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Hong Kong's PCPD reserve bidder for £6b London water project

[HONG KONG] Pacific Century Premium Developments Limited (PCPD) on Friday confirmed media reports that it has been selected as the reserve bidder for the £6 billion (S$10.6 billion) Meridian Water Regeneration Project in north London.

The company said it has yet to receive a formal notification that it has become the preferred bidder.

South China Morning Post reported on Thursday that the property company controlled by Richard Li, the younger son of Hong Kong's richest man, is in talks to take over as the master developer of the mixed development project after the previous developer of the project withdrew.

Property information site CoStar first reported on Tuesday the Enfield Council would approach the reserve bidder Pacific Century Premium Development to open discussions on Meridian Water, citing the Council spokesperson, after the preferred bidder Barratt Developments Plc pulled out.

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"The company wishes to clarify that until it has received formal notification from Enfield Council that it has replaced Barratt as the preferred bidder for further negotiations in relation to the Project, the company is not in a position to comment on the news reports," PCPD said in a statement on Friday.

Shares of the company were trading flat on Friday, versus a 0.1 per cent gain in the broader market.

The project proposes 10,000 homes and 6,700 new jobs in north London, led and controlled by Enfield Council, according to the CoStar report.