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Yau Lee Holdings Limited wins development contract of URA’s Pine Street/Oak Street Demand-led Project in Tai Kok Tsui

The Urban Renewal Authority (URA) today (Tuesday) announced that Rich Asia Management Limited, a wholly-owned subsidiary of Yau Lee Holdings Limited, has won the contract for the development of Pine Street/Oak Street Demand-led Project in Tai Kok Tsui.

The URA earlier invited a number of pre-qualified property developers to submit a tender for the project. The URA received a total of 11 tender offers when the tender closed.

After careful deliberation, the URA Board considered that the tender offer made by Yau Lee Holdings Limited has met the tender requirements of the project and thus decided to award the development contract to Yau Lee Holdings Limited.

A spokesman for the URA said the Authority was pleased to have the opportunity to implement the Pine Street/Oak Street Demand-led Project in Tai Kok Tsui with Yau Lee Holdings Limited, on which it could leverage the experience in developing this project.

The project site covers an area of about 767 square metres. Upon completion, it is planned to provide about 115 residential units with a total residential gross floor area of about 5,754 square metres and 719 square metres of commercial gross floor area.

(ENDS)