Urban Renewal Authority received at least six tenders for a redevelopment project in Mong Kok, including local giants and mainland state-owned builders.
CK Asset (1113), Great Eagle (0041), Chinachem, K Wah International (0173), Poly Property Group (0119) and China Overseas Land & Investment (0688) were seen submitting their tenders today before the close at noon.
The project occupies an area of about 26,600 square feet and is located at the junction of Shantung Street, Thistle Street and Nelson Street.
With a maximum developable floor area of about 160,900 square feet, the residential floor area is about 152,000 sq ft and it is estimated that about 380 units can be built.
In this project, the bidding consortium was understood to need to propose its own price and share 20 percent of profits with the URA when the proceeds from the sale of properties reach HK$2.55 billion in the future.
The valuation of the Shantung Street project is estimated to range from HK$640 million to HK$930 million, or about HK$4,000 to HK$5,800 per sq ft.
STAFF REPORTER
