A residential redevelopment incorporating up to 1,000 flats in Sai Ying Pun in Western District has attracted keen interest from big to medium developers on the back of the go-ahead for MTR Corp's West Island line extension.
The Urban Renewal Authority said it had received 11 bids for the project, which covers a site area of about 38,000 square feet at First Street and Second Street. Tenders closed yesterday.
The project will provide a gross floor area of about 425,000 sqft, mainly for residential use. It will also include an 11,800 sqft home for the elderly and about 7,500 sqft of landscaped open space.
Ricky Wong Kwong-yiu, a sales and marketing director with one of the bidders, Wheelock Properties, said last week's green light for the new rail line to Kennedy Town helped enhance the appeal of the project.
'I expect other developers will be more aggressive in their bids. We have factored in the favourable effect brought by the approval of the new rail route in our bid,' Mr Wong said.
He said the total investment for the project was as high as $2.5 billion.