The Urban Renewal Authority (URA) today (Friday) announced that Grandwood Investments Limited, a wholly-owned subsidiary of Cheung Kong (Holdings) Limited, has won the contract for the joint development project at Lai Chi Kok Road / Kweilin Street and Yee Kuk Street in Sham Shui Po in a public tender exercise.

The project comprises two adjacent sites at Lai Chi Kok Road / Kweilin Street and Yee Kuk Street of about 36,000 square feet.  The URA's proposal is to redevelop the sites to provide about 390 residential units, including some 60 flats with elderly-friendly facilities.  Besides, some 4,100 square feet of floor area for Non-Government Organisations specialising preferably in services for senior citizens, 50,000 square feet of commercial floor area and 6,200 square feet of public open space will also be provided in the project.

Cheung Kong (Holdings) Limited is one of the eight tender submissions received for the joint development project.  The URA Board after careful consideration of all the tender submissions agreed that the offer made by Cheung Kong (Holdings) Limited met all the tender requirements and represented the best benefit to the Authority.

A spokesman for the URA said the Authority was pleased to have the opportunity of entering into a joint development with Cheung Kong (Holdings) Limited, which has solid experience in delivering quality developments in Hong Kong.

(ENDS)