Nan Fung Development, a privately held mid-tier developer, has won the tender for an Urban Renewal Authority development site in Wan Chai.

Nan Fung outbid nine developers such as Cheung Kong (Holdings), Henderson Land Development and Sino Land for the site at 235 to 245 Queen's Road East, the authority said yesterday.

The 4,070 square foot site near Wan Chai Market, which can provide a gross floor area of 35,200 sqft for residential and commercial uses, will be Nan Fung's only residential project in the area.

Prices for the project could reach at least HK$5,500 per square foot due to strong demand for residential units in the area, Ricacorp Properties managing director Ivan Ho said.