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Invitation to Tender for Cherry Street Project

The Urban Renewal Authority (URA) invited a total of 16 property developers to tender for the joint development of the Cherry Street project in Tai Kok Tsui today (Wednesday). The developers have been selected among those who responded to an expression of interest exercise for the project earlier.

The Cherry Street project covers a site area of about 48,500 square feet and is expected to deliver a maximum gross floor area of about 459,000 square feet for residential and commercial purposes upon completion in 2008. The completed development will also provide a residential home for the elderly of about 11,800 square feet.

During the expression of interest exercise which closed on May 28, 17 submissions were received from interested parties for the joint development of the project. A tender review panel under the URA Board decided to invite 16 of them 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.

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 8th July 2004.

The Cherry Street project was one of the three early launch projects for which land acquisition was commenced by the URA in March 2002. More than 200 owners have received compensation that has enabled them to set up new homes in newer and better environment elsewhere. In addition, about 320 tenant households have either received cash compensation or been resettled in public housing.

A URA spokesman said it was hoped that the project would not only renew the site of dilapidated buildings but would also generate a revitalizing impact on the neighbourhood.