The Urban Renewal Authority’s development of the Bailey Street / Chi Kiang Street project in Kowloon received a total seven bids from developers including CK Asset (1113), K Wah International (0173) and China Overseas Land & Investment (0688).
K Wah bidded for the urban waterfront site at market price for its rarity and short distance to a nearby railway station, the developer said.
This site, measuring 7,600 square meters, is expected to yield no fewer than 1,200 residential units.
The project is estimated to be valued at HK$4.13 billion to HK$4.92 billion, with an estimated value of HK$6,300 to HK$7,500 per sq ft.
Sources indicate that developers must submit tender offer proposals to URA for the project, with the highest bidder winning.
Previously, the project received 27 expressions of interest in May, the lowest in four years.
