[8][9] In 2016, Leung Chun-ying announced in the 2016 Policy Address that the Government was working with MTR Corporation regarding future development sites, including at Siu Ho Wan Depot.

[12] In September 2022, MTR announced that a land exchange with Government for public housing had been accepted, and that a project agreement for the construction of Oyster Bay station had been agreed.

[13] The Siu Ho Wan depot will remain in operation throughout construction, continuing to serve the Airport Express and Tung Chung lines.

[1][13] However, in April 2023, the MTR Corporation announced it would re-tender the project at 'an appropriate time' after a failed bid in February of the same year, citing slow paces of economic recovery and high interest rates.

[14][15] The station will be built at-grade along the existing shared track between the Airport Express and Tung Chung lines southwest of Siu Ho Wan depot.