URA project draws strong interest

Business | Samantha Wong 10 Oct 2017

The Urban Renewal Authority received nine tenders for a 29,000-square-foot development site on Peel Street and Graham Street in Central.

The site, estimated to fetch over HK$10 billion, is bounded by Graham Street, Gage Street and Cochrane Street.

The project to be built on the site will provide a gross floor area of not more than 434,000 sq ft for office, hotel and retail purposes, as well as public open space of not less than 14,100 sq ft for community use.

Target completion of the project on the site is 2021.

Major local developers submitted bids for the site. They included CK Asset Holdings (1113), Sun Hung Kai Properties (0016), New World Development (0017), Wheelock Properties (0020), Henderson Land (0012), Kerry Properties (0683), Great Eagle Holdings (0041) and Wing Tai Properties (0369). Sino Land (0083) and Lifestyle China (2136) submitted a joint bid.

The URA said the successful bidder has to preserve an old retail shop within the redevelopment area - Wing Woo Grocery at 120 Wellington Street which has been operating for more than 80 years.

CK Asset and URA are currently developing jointly My Central, a luxury residential project, on Graham Street. When completed, it will provide 185 units comprised of 674-sq-ft, two- bedroom homes to 1,134-sq-ft, three- bedroom apartments. CK Asset said it will launch this week the price list for the first batch of 50 flats. Construction of the project is expected to be completed in March 2019.

Meanwhile, the Lands Department said that it has issued 12 pre-sale consent for residential developments and three pre-sale consent for commercial developments in the third quarter of this year.

The 12 pre-sale consent involve a total of 4,770 residential units. Five developments in Kwai Chung, Sham Shui Po, Shau Kei Wan, Tuen Mun and Sha Tin, providing a total of 516 residential units, are expected to be completed next year.

Five developments in Tsuen Wan, Tuen Mun, Kai Tak, Sheung Wan and Ho Man Tin and two phases of one development in Tseung Kwan O, providing a total of 4,254 flats, are expected to be completed in 2019.

The Lands Department also said that it is currently processing 22 residential development applications that will provide a total of 10,093 residential units.

Of the applications currently being processed, about 2,400 residential units are in Nan Fung Group's Lohas Park project in Tseung Kwan O and about 500 flats are in Sun Hung Kai Properties' King Sau Lane project in Tuen Mun.

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