DEVELOPERS have shown strong interest in the Land Development Corporation's (LDC) $4 billion urban renewal project in Wanchai Road and Tai Yuen Street in Wan Chai. Before yesterday's deadline, more than 10 companies were believed to have expressed an interest in entering into joint ventures with the LDC to develop the project. An LDC spokesman said it had received a favour-able response from developers. Property giants which have confirmed interest included Cheung Kong (Holdings), Sun Hung Kai Properties, Henderson Land Development, Sino Group and New World Development. Hang Lung Development, Hopewell Holdings and Hysan Development were also believed to have declared an interest in the project. A formal tender had been expected to take place this month or next month for developers to make detailed submissions. The project covers a site area of more than 90,000 square feet, bounded by Queen's Road East, Ruttonjee Hospital, Cross Street and Tai Yuen Street. It could provide a total floor area of 887,944 sq ft - including 216,098 sq ft of residential space, 552,591 sq ft of office space and 32,152 sq ft of retail space. Analysts said the developers' response was stronger than expected, especially when the project incorporated 79,567 sq ft of space for Urban Council market facilities and 7,534 sq ft for social welfare facilities. They said it also reflected developers' confidence in the long-term prospects for the property market because urban redevelopment projects usually took longer to complete, they said. The winning developer would team up with the LDC to assemble the site for redevelopment, deal with compensation and rehousing for affected property owners or tenants, and plan, construct and market the project. The LDC, a quasi-government organisation, has entered into several joint ventures with developers, mainly for large-scale urban renewal projects which call for bigger financial resources. It has been developing a commercial-office project with Cheung Kong in Jubilee Street, and another project with New World Development in Wing Lok Street. Sun Hung Kai Properties has been engaged as the joint venture partner for two LDC projects.