Henderson wins $8.2b project

Henderson Land Development (0012) has won the bid for the Urban Renewal Authority's Bailey Street/Wing Kwong Street development project in To Kwa Wan with HK$8.19 billion, beating five other competitors.

Covering a site area of 7,406 square meters, the URA's biggest project in seven years has a market value of as much as HK$10 billion.

Upon completion, it will provide a maximum total gross floor area of 66,654 square meters.

Henderson will be required to build in compliance with the requirements of the master design control of To Kwa Wan district in Kowloon City as set out in the development agreement of the project to create synergy with adjoining development projects of the URA.

The project will also enhance the livability of the district by adopting place-making and smart initiatives.

A Henderson employee said the group is confident in the site's development potential.

That came as Henderson Land released the first price list for The Holborn in Quarry Bay, offering 88 units ranging from HK$5.96 million to HK$8 million after discounts.

The list comprises 23 studio flats and 65 one-bedroom flats, measuring from 229 to 260 square feet, or from HK$25,309 to HK$30,946 per sq ft.

Mark Hahn Ka-fai, a general manager of the sales department, said the first price list offers a 3 to 4 percent discount to the market and there will be room for price increases in the future.

The project is expected to kick off subscription tomorrow, and the first round of sales will be next weekend at the earliest, Hahn said.

It opened showrooms to the public yesterday.

Mangrove in Hung Hom also unveiled its first price list yesterday, offering 50 units ranging from 186 sq ft to 250 sq ft with an average discounted-per-sq-ft price of HK$19,648.

Developed by Kwai Hung Group, the project will open showrooms today and is expected to launch sales as soon as the middle of this month.