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URA tender closes for Cherry Street project

In response to media enquiries on the tender submissions for the joint development of the Cherry Street project in Tai Kok Tsui, the Urban Renewal Authority (URA) today (Thursday) issued the following statement:

A total of nine tender offers have been received for the residential/commercial development in Cherry Street, Tai Kok Tsui.

A tender review panel under the URA Board will consider the tenders and make recommendation to the Board for a decision in due course.

Earlier, 17 developers took part in an expression of interest exercise for the project. Sixteen of them were qualified and invited to place a tender.

The Cherry Street project covers an area of about 48,500 square feet and is expected to deliver a gross floor area of about 459,000 square feet for commercial and residential purposes upon completion in 2008. In addition, a residential home for the elderly of about 11,800 square feet and about 19,000 square feet of open space will be provided.

A URA spokesman said that 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.