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Key urban renewal projects for tender
1. Key urban renewal projects for tender The
Urban Renewal Authority is set to release three urban redevelopment projects for
public tender, with the Tsuen Wan town centre project expected to attract bids
of more than HK$2 billion for the land rights alone. Sources said the authority
had already formulated basic tendering arrangements for the town centre and Yeung
Uk Road projects in Tsuen Wan and Ka Wai Man Road project in Western District.
Midland Surveyors director Ronald Cheung said the town centre project, which had
a total gross floor area of 1.47 million square feet, could attract bids of up
to HK$2.06 billion, or about HK$1,400 per square foot, for the government. The
authority is now considering different tender blueprints for the projects, according
to sources. Henderson Land, the biggest landlord in the area, currently has the
development and management rights for the town centre project and one option being
considered is for the authority to purchase these rights and eventually put the
lot up for public tender. Under this proposal, the successful bidder would be
solely responsible for the redevelopment of the site. If the authority did not
buy the development and management rights from Henderson Land, another option
under consideration would be to introduce a co-developer to the project. However,
sources said the authority was believed to prefer the first option, but Henderson
could be negotiating from a position of strength following encouraging results
in local land sales. The smaller redevelopment sites in Yeung Uk Road in Tsuen
Wan and Ka Wai Man Road in Western District will follow common authority tendering
practice - where developers agree to a profit sharing agreement with the authority
as part of the tender. ``We have yet to decide on the tender schedule or which
tender model we will adopt. We can't tell when and what kind of tender will be
held at the moment,'' said an authority spokesman. But he said once the authority
had decided on the tendering process the 29 developers that had earlier submitted
letters of intent could file their tenders. The three sites, to cover about two
million square feet, will provide around 2,400 homes after completion. [Source:
Hong Kong iMail, 27 April 2002] |  |
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