New World wins race to build small units
Finance | Esther Yu 27 Jan 2016New World Development (0017) has won the tender for an Urban Renewal Authority project in Ma Tau Kok.
Located at the junction of Kowloon City and Sheung Heung roads, the site, covering 1,384 square meters with a buildable area of about 111,730 square feet, is to provide 216 units upon completion.
Of the residential units, half should be under 480 sq ft, but the smallest cannot go below 260 sq ft.
There is also up to 22,346 sq ft of retail space. The project is expected to be completed in 2021.
Altogether eight bids were received in December.
Among the bidders were Sino Land (0083), Emperor International (0163), CK Property (1113), Far East Consortium (0035) and a joint venture between Paliburg (0617) and Regal Hotels International (0078).
Market estimates of the site's valuation vary between HK$740 million and HK$1.3 billion.
While the site is close to the Sha Tin to Central Link, it is also located next to a market that may be a source of noise pollution.
It has been said that if sales go above HK$1.92 billion, part of the profits will be shared with the URA.
Regarding media reports that water samples taken from its Kai Tak project De Novo showed lead content above the acceptable level, the URA said water samples have been collected again for tests to prove it is within the standard required by the Water Supplies Department.
Meanwhile, the URA will also launch a pilot scheme for homeowners to prevent tender rigging in building renovations, according to the non-executive director Alice Mak Mei-kuen.
Secretary for Development Paul Chan Mo-po has said an online platform featuring open tenders to be monitored by the URA will be used to hire subcontractors for construction of residential buildings.
Today's Standard
