The Urban Renewal Authority on Wednesday received three tender submissions for the development of the To Kwa Wan Road / Wing Kwong Street Development Scheme, including CK Asset (1113), China Overseas Lands & Investment (0688), and a joint venture of Sino Land (0083) and Great Eagle (0041).
A tender review panel under the URA board will carefully assess the tender submissions received and make recommendations to the board to make final decision regarding the award of the development contract of the project, the authority said.
The project will be awarded to the bidder offering the highest premium, with a profit-sharing requirement, according to market sources.
The developer should share future residential sales proceeds with the URA once the amount tops HK$9.1 billion, with a 20 percent split on the first HK$800 million, rising to 30 percent thereafter, sources said.
As for the commercial portion, the winning bidder and the URA will each hold a 50 percent stake, which is required to be held for at least five years, they added.
The developement covers a site area of around 70,955 square feet and is expected to deliver around 1,050 residential units. Its total gross floor area is about 537,463 sq ft, of which residential gross floor area spans nearly 447,886 sq ft.
Market valuations for the site range from HK$3.9 billion to HK$4.8 billion, or HK$7,400 to HK$9.000 per sq ft. The project is targeted for completion by 2032.
Earlier, the project drew 28 expressions of interest, including Chinachem and China Overseas Lands & Investment.
This project is the final redevelopment project within Hong Kong's first "District-based Redevelopment New Community", officially named Victoria Cove Central, according to the URA. Located near To Kwa Wan MTR Station, the project plans to construct two footbridges, connecting to the MTR Station entrance.
