The Urban Renewal Authority (URA) today (Monday) invited a total of 15 property developers/consortia to tender for the joint development of the Lee Tung Street/McGregor Street project in Wan Chai.

The project covers a site area of about 88,500 square feet.  Upon completion, it is expected to deliver a maximum gross floor area of about 835,000 square feet for residential and commercial uses, together with public open space, a residential care home for the elderly and conservation of three historical buildings.

The Lee Tung Street/McGregor Street project is one of the key URA projects in Wan Chai, which incorporates redevelopment, conservation and revitalisation elements.  The project will feature some "Wedding City" themed shops and a wedding traditions and culture gallery in the three conserved historical buildings, and some floor space will also be designated for social enterprises.

Following the expression of interest exercise which was closed on 24 March 2009, 15 submissions were received by the Authority. A tender review panel under the URA Board has decided to invite 15 interested parties for tender, after taking into consideration their experience and financial strength to undertake the development in accordance with the requirements and criteria set by the Authority.

The tenderers will have to submit a proposal of upfront payment to URA subject to provision that future sales income has to be shared with the Authority as well.

Implementation of the project will help create more job opportunities in Hong Kong, in particular for the construction sector now suffering from a high unemployment rate.  Moreover, the kick-off of the project will help revitalise the area and improve patronage flow.

All tender submissions should reach the URA Headquarters at 10/F Low Block, Grand Millennium Plaza, 181 Queen¡¦s Road Central, by 5:00 pm on 15 June 2009.

ENDS