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Kerry Properties Limited wins URA's First Street/Second Street Project

The Urban Renewal Authority (URA) today (Thursday) announced that a wholly-owned subsidiary of Kerry Properties Limited, Wealthy State Investments Limited has won the joint development contract for its First Street/Second Street project in Sai Ying Pun in a public tender exercise.

The project covers a site area of about 38,000 square feet and upon completion, is expected to deliver a gross floor area of about 425,000 square feet for residential and commercial use. In addition, an 11,800-square foot residential care home for the elderly and about 7,500 square feet of landscaped open space will be provided.

Kerry Properties Limited is one of the 11 property developers who tendered for the joint venture project. Based on the recommendation of a tender review panel appointed by the URA Board, members of the Board agreed that the offer made by Kerry Properties Limited 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 Kerry Properties Limited, which has solid experience in delivering quality development in Hong Kong.