Kerry Properties (0683) has won the bid for the Urban Renewal Authority's Hung Fook Street/Ngan Hon Street development project in To Kwa Wan for HK$5.59 billion, beating seven other competitors.
That is also the first time that Kerry has won a URA project since 2005.
The project covers a site area of 4,581 square meters and will provide a maximum total gross floor area of 41,229 square meters upon completion.
The successful developer will be required to construct the development in compliance with the requirements of the master design control of To Kwa Wan as set out in the agreement of the project to create synergy with adjoining development projects of the URA,
The project will also enhance the livability of the district by adopting place-making and smart initiatives.
Separately, The Wharf (0004) has paid HK$700 million together with four sites totaling 190,000 sq ft in Tung Chung to Ebenezer School in exchange for the redevelopment of the current site of the school at Pok Fu Lam, local media said.
The developer plans to build a luxury residential project with sea views, whose market value is expected to be as high as HK$10 billion, the report said.
In other news, The Yoho Hub project atop Yuen Long MTR Station unveiled the first batch of 206 units with an average price of HK$19,899 after discounts, the highest among new projects in Yuen Long.
Ranging from 325 sq ft to 1,036 sq ft, the batch provides one-bedroom units to four-bedroom units.
The cheapest flat is priced at HK$6.85 million after discounts, or at HK$21,082 per sq ft, the developer Sun Hung Kai Properties (0016) said.
Meanwhile, the mortgage-related one-month Hong Kong Interbank Offered Rate is expected to stay below 0.4 percent while the mortgage interest rate is to reach 1.7 percent as the greenback is turning strong, said Eric Tso Tak-ming, chief vice president at mReferral.
That came as investment house Morgan Stanley expected Hong Kong property prices to fall 2 percent year-on-year next year and the volume of transactions to drop by 5 percent to 15 percent.
