7 Hong Kong developers bid for waterfront project as Kowloon renewal gathers pace
Site for 1,200 flats, worth at least US$564 million, is part of urban renewal initiative linking Kowloon neighbourhoods to Kai Tak
Hong Kong’s Urban Renewal Authority (URA) received seven tender submissions for a major waterfront residential redevelopment project in Hung Hom, drawing bids from some of the city’s largest developers despite a subdued land market.
The authority said on Monday that seven developers submitted tenders for the project before the noon deadline. A tender review panel under the URA board will assess the bids before making recommendations, with the board to decide on the successful developer.
According to Chinese media reports, bidders include CK Asset Holdings, K Wah International, and China Overseas Land & Investment.
The URA said in a statement on Monday that the project was expected to add new housing supply to one of Kowloon’s key urban renewal districts and “to maximise the site’s development potential while creating better links between the Hung Hom waterfront and planned developments further inland”.
The 7,610-square-metre (81,900 sq ft) site at the junction of Bailey Street and Chi Kiang Street is expected to provide at least 1,200 flats, with a maximum gross floor area of about 737,226 sq ft.
The site’s market value is between HK$5.4 billion (US$688 million) and HK$5.9 billion, or HK$7,320 to HK$7,980 per square foot, according to Meir Lam, a manager at property consultancy Arup. “The successful bidder must also provide more than 30,000 sq ft of community facilities and enter into a profit-sharing arrangement with the Urban Renewal Authority,” he said.