The number of bids for the Kam Sheung Road Station Phase Two property development exceeded expectations, indicating developers’ interest in the Northern Metropolis project, according to analysts.

The railway operator’s option for the winning developer to sell back the retail portion of the project at a pre-agreed buy-back price of HK$1.6 billion (US$204 million) would reduce investment risks and enhance the project’s attractiveness, they added.

The second phase of the project, which covers a maximum residential gross floor area of 767,882 sq ft (71,338 square metres) and a maximum commercial gross floor area of 438,633 sq ft, was estimated at about HK$5.7 billion, according to a forecast by Vincent Cheung, managing director at Vincorn Consulting and Appraisal.

“For such a big project, the total tenders received were better than expected,” said Cheung.