41 enter race for URA project

Staff reporter

The Urban Renewal Authority has received 41 expressions of interest for its development project on Oak and Ivy streets in Tai Kok Tsui.

A review panel under the URA board will shortlist developers based on experience and financial capability and invite them to submit tenders.

The project, which covers a site area of 6,662.86 square feet, will provide a maximum total gross floor area of 59,965.74 sq ft.

Meanwhile, a new price list for Grand Victoria phase one in West Kowloon is expected to be released over the weekend.

About 1,600 checks were received for 269 units in the first two price lists of phase one yesterday - an oversubscription of about five times. The property in Cheung Sha Wan is being developed by Wheelock Properties, Sino Land (0083), K Wah International (0173), Shimao (0813) and SEA Holdings (0251).

The developers released 53 units in the third price list at an average price of HK$26,073 per sq ft after discounts.

In Sha Tin, Sun Hung Kai Properties (0016) expects to release the sales brochure for St Michel at the end of this month.

In the secondary market, the University of Hong Kong's dean of medicine, Gabriel Leung, bought a 2,079 sq ft flat at Baguio Villa in Pok Fu Lam for HK$39.38 million, or HK$18,942 per sq ft, local media reported. The vendor will earn HK$12.5 million after holding the property for eight years.

Meanwhile, Hebert Pang Kee-chan, who holds a 12.89 percent stake in the mainland's InnoCare Pharma (9969), bought a 1,513 sq ft flat at The Arch in West Kowloon for HK$65.6 million, or HK$43,358 per sq ft. The seller, who bought the unit for HK$54 million in 2016, will make a capital gain of HK$11.6 million.