Wedding Card St tenders invited
The Urban Renewal Authority has invited developers to tender for a redevelopment project at Lee Tung Street, also known as 'Wedding Card Street', after 15 developers and consortiums showed interest in co-developing the project.
A source from the property sector said the winning developer will have to share profits with the authority if sales are over HK$6.2 billion.
Henderson Land and Sun Hung Kai are among the developers showing interest, the companies' spokeswomen confirmed yesterday. Bidders must submit a payment proposal by June 15.
The exercise had been put on hold due to the economic downturn. Developers who had expressed their interest in August were asked to reconsider in March. The same number of developers expressed interest.
The HK$3.5 billion project is expected to offer 1,415 flats with a 'wedding city' theme, with wedding shops in preserved tenement buildings.