Hong Kong's Sneaker Street project sees good response from developers

The Urban Renewal Authority's "Sneaker Street" commercial and residential project in Mong Kok has received an overwhelming response, with 12 developers putting in tenders.

"I think they were attracted by the high investment value of the retail space in the project," said Vincent Cheung Kiu-cho, national director for Greater China at property consultant Cushman & Wakefield. "It is located in the core retail area of Mong Kok."

Alvin Lam, a director at Midland Surveyors, said: "Another reason is the site is not big. That's why it attracted mid-sized and small developers."

Developers including Cheung Kong, Sun Hung Kai Properties, Sino Land, Henderson Land Development, New World Development, Nan Fung Development, Wheelock Properties, K Wah International, Paliburg Holdings, Emperor Group and Lai Sun Development submitted bids. Eighteen firms had submitted expressions of interest on July 23.

The 26,673 square foot site near the Macpherson Playground is bounded by Sai Yee, Nelson and Fa Yuen streets. It would be suitable for a project with a commercial floor area of 53,346 sq ft and a residential floor area of 186,712 sq ft.

It is expected to supply a total of 290 flats, half of which would be about 500 sq ft.