The MTR Corporation said on Monday that it has rejected all three bids received from developers for the first phase of its Oyster Bay project in northern Lantau, where some 1,900 flats are to be built.

The company said it will put the project out to tender again at a suitable time.

Market estimates value the project at between HK$3.9 billion and HK$6.5 billion.

It involves the development of property on top of a planned Tung Chung Line station.

It's the third failed tender for property development this year and the second this month.

On January 10, The government withdrew the biggest residential site it had put up for sale in two decades in southern Stanley district, after all four tenders failed to meet its reserve price.

Hong Kong’s Urban Renewal Authority also rejected a tender for a plot of land in Kwun Tong 10 days ago.

Analysts had anticipated that withdrawal after the government received just one bid for the 25,595-square-metre site, with developers’ appetite for new projects apparently suppressed amid the current weak market sentiment.