Cheung Kong (Holdings) has outbid seven developers to win a small residential site in Sham Shui Po, underscoring the demand for urban sites. The developer outbid rivals including Sun Hung Kai Properties and Henderson Land Development for the 36,000 sq ft Urban Renewal Authority (URA) site at the junction of Lai Chi Kok Road, Kweilin Street and Yee Kuk Street. It can build three residential blocks with about 390 units, including 60 with facilities for the elderly. 'Strong interest is expected as urban sites are always sought after,' said Pang Shui- kee, the managing director of surveyor SK Pang. He estimated that the total investment cost would be HK$1.45 billion, or HK$4,500 per sq ft. Janny Chan, an assistant sales director at Midland Realty in West Kowloon, said new projects in the area were going for HK$4,800 to HK$5,200 per sq ft as Sham Shui Po was popular with first-time buyers. Home prices in Sham Shui Po have jumped as much as 30 per cent over the past 12 months, Chan said. 'Prices for some 20-year-old units have increased to HK$1.3 million from HK$1 million early last year.' According to the tender document, the winning bidder has to share profits with the URA once the project's turnover reaches HK$2.2 billion, the proportion of profit to be shared ranging from 20 per cent to 50 per cent.