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Invitation to tender for development of Sai Yee Street project in Mong Kok

The Urban Renewal Authority (URA) today (Friday) invited a total of 18 property developers to tender for the joint development of Sai Yee Street project in Mong Kok.

The project, with a site area of about 2,478 square metres, is bounded by parts of Sai Yee Street, Nelson Street and Fa Yuen Street and situated in or near the cluster of sports retail outlets in Mong Kok. 

Upon completion, it is expected to deliver a residential gross floor area of 17,346 square metres providing about 290 residential units.  The URA plans to provide about 50% of the total number of residential units in this project with a saleable area of or less than 46.5 square metres (i.e. about 500 square feet).

The project is also expected to yield a multi-level commercial portion with a gross floor area of about 4,956 square metres, with the ground floor shops abutting on Fa Yuen Street and Nelson Street designated for sports-related businesses.

The URA and the successful tenderer will jointly and equally retain the property interest of the whole commercial portion for letting for five years before its ultimate disposal.  This arrangement intends to preserve and enhance the unique local character and vibrancy of the sports retail shops currently prevailing in the vicinity of the project site, and to facilitate the leasing at market rent of some designated sports shops, upon completion of the project, to a number of sports retailers who previously operated sports-related trades at the project site and have been given such a leasing option by the URA.

A related company of the successful tenderer will be appointed to manage the commercial portion.

Following the expression of interest exercise which was closed on 23 July 2012, a tender review panel under the URA Board has decided to invite all the 18 interested property developers to tender (full list at annex), after taking into consideration their experience and financial strength to undertake the development in accordance with the requirements and criteria set by the URA.

All tender submissions should reach the URA Headquarters at 26/F, COSCO Tower, 183 Queen's Road Central, by 5:00 pm on Wednesday, 12 September 2012.

(ENDS)

List of companies invited to submit tenders (Annex)

  1. Cheung Kong (Holdings) Limited

  2. China Overseas Land & Investment Limited

  3. Chuang's Consortium International Limited

  4. Emperor International Holdings Limited

  5. Great Eagle Holdings Limited

  6. Henderson Land Development Company Limited

  7. HKR International Limited

  8. K. Wah International Holdings Limited

  9. Kowloon Development Company Limited

10. Lai Sun Development Company Limited

11. Chen's Holdings Limited

12. New World Development Company Limited

13. Paliburg Holdings Limited

14. Sino Land Company Limited

15. Soundwill Holdings Limited

16. Sun Hung Kai Properties Limited

17. Wheelock and Company Limited

18. Wing Tai Properties Limited