Sino Land wins URA's project in Tsuen Wan
The Urban Renewal Authority today (Friday) announced that Sino
Land's wholly-owned subsidiary, Prime Harvest Development Limited,
has won a joint venture contract for the URA's Tsuen Wan Town
Centre redevelopment project in a public tender exercise.
The 20,300-square metre site between Tai Ho Road and Yeung Uk Road, will produce about 1,900 residential units with a total floor area of 107,000 square metres and 22,800 square metres for retail use. In addition, there will be 3,300 square metres for transport and community facilities, 3,700 square metres of open space and 530 parking spaces.
The total investment in the redevelopment project is estimated at about $4 billion. Construction work will begin shortly and is expected to be completed around 2006.
Sino Land is one of seven major property developers who tendered for the project. Based on the recommendations of a specially appointed tender panel, the URA Board agreed that the offer made by Sino Land has met all the tender requirements and represented the highest financial benefit to the Authority.
Commenting on the tender exercise, a URA spokesman said the Authority was delighted with the encouraging response of local property developers to the tender.
"It shows the developers' keen interest in becoming partners of the URA in urban redevelopment projects," he said.
"The URA looks forward to working closely with Sino Land, which has solid experience in delivering quality development projects, to bring about the revitalization of the Tsuen Wan Town Centre," he added.