Date
23 September 2017
The Urban Renewal Authority has winnowed contenders for the second and third stages of redevelopment of Kwun Tong from 15 to 10. Photo: HKEJ
The Urban Renewal Authority has winnowed contenders for the second and third stages of redevelopment of Kwun Tong from 15 to 10. Photo: HKEJ

URA cuts Kwun Tong rebuild field down to 10 HK runners

Ten Hong Kong developers are still in the running for the second and third stages of the massive Kwun Tong Town Centre Redevelopment Project after the field was narrowed from 15, Sing Tao Daily reported Wednesday.

The 10 firms include Cheung Kong (Holdings) Ltd. (00001.HK), Henderson Land Development (00012.HK) and New World Development Co., Ltd. (00017.HK).

A number of mainland developers such as China Vanke Co. Ltd. (000002.CN) signalled interest in the multibillion-dollar project last month but did not make the cut.

According to an unnamed source, the Urban Renewal Authority asked developers to put at least HK$8 billion (US$1.03 billion) into a guarantee fund to be a part of the bid.

The final tenderer will be determined by the proportion of the proceeds the developer is willing to share with the authorities. The bids are due on July 15 and developers will own the residential part of the project only.

Some industry insiders said the project could cost about HK$18 billion. 

The two phases will cover 234,164 square feet with an estimated buildable floor area of 1.49 million square meters, providing about 1,700 units. 

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