The Urban Renewal Authority's (URA) HK$1.7 billion, 1.43 million square feet Tsuen Wan town centre residential redevelopment has attracted seven bids from major developers.
Sun Hung Kai Properties, Hang Lung Properties, Henderson Land Development, Cheung Kong (Holdings), Sino Land and privately run Nan Fung Development and Chinachem Group each confirmed they were bidding on the project.
After the tender closed yesterday, authority executive director Andy Lee Siu-chuen said: 'The response is satisfactory, indicating local developers are interested in the first project being tendered by URA.'
Mr Lee estimated the contract could be awarded within the next few weeks. Two tender options had been offered to developers. One involved a profit-sharing scheme and the other a share of equity.
The redevelopment project, involving 218,500 sq ft along Sha Tsui, Tai Ho and Yeung Uk roads, could create 1,900 residential units, 245,000 sq ft of retail space and some community facilities.
One source said developers choosing profit-sharing had to offer an up-front payment according to their valuation of the land. The authority could share a profit of up to 40 per cent on the project only if sales revenue exceeded HK$5.8 billion, he said.