URA invites tenders for To Kwa Wan project

The Urban Renewal Authority invited 34 developers and consortiums to submit tenders for the redevelopment project at the junction of Hung Fook and Ngan Hon streets in To Kwa Wan, with a deadline of noon on November 25.

The project, which covers a site area of 4,581 square meters, was first announced in June 2016. Upon completion, it will provide a maximum total gross floor area of 41,229 square meters.

Major surveyors previously expected that the valuation of the site ranged from HK$4.88 billion to HK$5.77 billion.

The successful developer/consortium will be required to build in compliance with requirements of the master design control of To Kwa Wan district as set out in the development agreement of the project to create synergy with adjoining URA development projects, allowing comprehensive restructuring and replanning of the area while enhancing a pedestrian-friendly environment and connectivity.

The URA has started eight connecting projects, including this project, in To Kwa Wan under the district-based approach.

Henderson Land Development (0012) won a 7,406-sq-m site from the URA at Bailey/Wing Kwong streets for HK$8.2 billion last month, which is near to the new site.

This comes as more new homes are put on the market.

CK Asset (1113) said it will release the first price list of its #Lyos project in Yuen Long's Hung Shui Kiu soon, which will offer at least 69 units.

Kowloon Development (0034) released the second price list of the Manor Hill project in Tseung Kwan O, offering 156 units with an average discounted price of HK$22,784 a square foot.

Ranging from 204 to 428 sq ft, the flats are priced from HK$3.89 million to HK$9.2 million after discounts.

The developer has received more than 4,000 checks for the first batch of 312 flats, meaning a 12 times over-subscription.

Office rent in Central has rebounded in September as the trend of recentralization emerged, said Knight Frank.

It expected the rental atmosphere of the office building market in the Kowloon District will remain stable in the short term.