32 developers invited for Sai Ying Pun project bids

The Urban Renewal Authority has invited 32 developers to tender for the Queen's Road West/In Ku Lane Development project in Sai Ying Pun, after it received 33 expressions of interest last month.

Lan Kwai Fong Properties, founded by the "father of Lan Kwai Fong" Allan Zeman, also showed interest in the project but it was not clear whether the developer was invited to tender. If so, it would be the first time it has made a bid for a property project.

The development, which covers a site area of 1,566 square meters, was first announced in March 2018. Upon completion, it is planned to provide a total gross floor area of 11,290 sq m.

Market valuations for the site range from HK$1.5 billion to HK$1.7 billion - or from about HK$12,300 to HK$14,000 per square foot.

The project aims to rationalize the land use and layout in the area by replanning the public open space to improve the connectivity, accessibility and built environment.

Tender submissions will close at noon on November 24.

In the primary market, Sun Hung Kai Properties (0016) said it has collected more than 1,500 checks for the 60 units to be sold tomorrow at Park Yoho Bologna in Yuen Long, meaning they are 24 times oversubscribed.

Two days later, its project with CK Asset (1113) - Grand Jete phase 1 in Tuen Mun - will also see a new round of sales, offering 80 units. They include 70 flats on price lists and 10 penthouses for tender.

On Saturday, 118 flats at One Innovale Cabanna in Fan Ling will be put up for sale, developer Henderson Land Development (0012) said. The second price list was unveiled yesterday together with the sales arrangement, which provides 57 flats at an average square-foot price of HK$14,208 after discounts.

The batch, which includes homes from 224 to 683 sq ft, is priced at between HK$3.31 million and HK$9.36 million, or between HK$13,398 and HK$15,469 per sq ft after discounts.

Henderson said it has attracted 770 checks for the project, an oversubscription of nearly six times compared to the 113 units in the first batch.

In Tseung Kwan O, homes at Lohas Park phase 10, developed by Nan Fung Group and MTR Corporation (0066), are ready for delivery after the government granted consent to assign, Nan Fung said. It will launch sales of the remaining 11 percent unsold units at the completed project in due course.