Builders welcome transparency in Hong Kong redevelopment project
Urban Renewal Authority, which received bids from 20 companies for a redevelopment project in Sham Sui Po, will for the first time reveal the winning bid and an anonymous list of submitted bid values
The Urban Renewal Authority’s move to disclose the winning tender’s value, the list of bidders and an anonymous list of submitted bids for the first time as part of a redevelopment project, has received a strong response, as more than half of the invited developers have submitted bids.
The Tung Chau Street/Kweilin Street Demand-Led Redevelopment Project in Sham Shui Po received bids from 20 of the 38 invited developers, according to the authority.
The authority declined further comment.
As part of the new arrangements, the authority will reveal the winning tender’s value and the list of bidders when it announces the results. After the Urban Renewal Authority completes signing the agreement with the winning developer, it will also disclose an anonymous list of submitted bid values for the project.
Developers welcomed the new arrangements.
“[Disclosing the list of submitted values] helps to increase transparency,” said Cheung Sze-mei, senior property officer at Emperor International Holdings, which has submitted a bid for the project. “The values could be used as a reference for submitting other bids in the future.”
