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Nan Fung Group wins URA's Cherry Street project

The Urban Renewal Authority (URA) today (Thursday) announced that a wholly owned subsidiary of Nan Fung Group, Best Treasure Enterprises Ltd., has won the joint development contract for its Cherry Street project in Tai Kok Tsui in a public tender exercise.

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.

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

Nan Fung Group is one of nine property developers who tendered for the joint venture project. Based on the recommendations of a tender review panel appointed by the URA Board, members of the Board agreed that the offer made by Nan Fung Group has met all the tender requirements and, at the same time, represented the best benefit to the Authority.

The spokesman said the Authority was pleased to have the opportunity of entering into a joint venture with Nan Fung Group, which has solid experience in delivering quality estate development in Hong Kong.