A residential redevelopment venture in Kowloon’s redevelopment hotbed of To Kwa Wan obtained 32 expressions of curiosity, in accordance with an announcement by Hong Kong’s Urban Renewal Authority, which is managing the tender.
The URA is trying to redevelop half of the block at Shing Tak Street and Mau Tau Ching Road right into a property with a complete ground space of 38,547 sq. metres (414,916 sq. ft). The majority or 32,243 sq. metres of the event will probably be allotted to 640 residential flats.
The web site lies one avenue away from Horae Plaza, the neighbourhood procuring centre acquired final September for HK$425 million ($54.2 million) by native developer Fairland Holdings, which is upgrading the 1998-vintage mall. According to Fairland government director Douglas Wu, To Kwa Wan was historically often called an industrial district with an ageing inhabitants.
“But in recent years, many factories had already moved to other areas and were replaced by residential redevelopment projects,” Wu informed Mingtiandi. “The recent extension of the Tuen Ma MTR attracted more interest from developers. The residential projects attracted more young professionals and families to move in and bring in a higher purchasing power and stronger demand.”
Heavyweights Queue Up
The builders that submitted EOIs for the URA venture — estimated at HK$2.66 billion to HK$2.9 billion ($339 million to $370 million) — embody Hong Kong property heavyweights CK Asset Holdings, Chinachem, New World Development, Sun Hung Kai Properties, Sino Land, Wheelock Properties, CSI Properties, Great Eagle and Emperor International, The Standard reported.
Mainland builders China Overseas Land & Investment, Poly Property and China Merchants Land have been additionally named amongst those that submitted a bid.
“Based on the principal tender terms approved by the URA Board, shortlisted developers and consortia will be invited to submit tenders for the development of the project,” the URA mentioned.
The company mentioned it might bear in mind the 32 builders’ “experience in property developments in the past and financial capability” in relation to the venture’s standards set by the tender overview panel.
The URA expects the venture, which might additionally function a retail element at its podium, to be accomplished by 2029 or 2030.
To Kwa Wan Transforms
The upcoming venture is the newest in a string of URA redevelopment initiatives in To Kwa Wan, which is a key focus of the company as half of the general Kowloon East revitalisation plan that features the outdated Kai Tak airport space, Wu mentioned.
Last October, a consortium of Sino Land and China Merchants Land received a young for the Wing Kwong Street/Sung On Street Development Project with a lower-than-expected bid of just below HK$2.39 billion ($300 million).
The successful bid translated to HK$8,571 ($1,092) per sq. foot of potential ground space, representing a virtually 25 p.c markdown to the HK$11,381 per sq. foot paid by Li Ka-Shing’s CK Asset Holdings to safe its personal close by web site in To Kwa Wan after successful a URA tender the earlier March.
In February of final yr, HKEX-listed Hysan Development and privately held Empire Group agreed to every purchase a 25 p.c stake in the URA’s Bailey Street/Wing Kwong Street venture in To Kwa Wan from Henderson Land for a mixed HK$6.1 billion after Henderson had received the venture in a URA tender in September 2021 for HK$8.1 billion.
In December 2021, Kerry Properties received a URA tender for HK$5.58 billion ($716.1 million), giving it the proper to develop new properties and retail house on a web site between Hung Fook Street and Ngan Hon Street.
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