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Sun Hung Kai Properties wins URA's Larch Street/Fir Street Project

The Urban Renewal Authority (URA) today (Thursday) announced that a wholly-owned subsidiary of Sun Hung Kai Properties Limited, Standtex Limited, has won the joint development contract for its Larch Street/Fir Street project in Tai Kok Tsui in a public tender exercise.

The project covers a site area of about 23,570 square feet and upon completion, is expected to deliver a maximum gross floor area of about 212,160 square feet for residential and commercial use.  This includes the provision of a total gross floor area of about 10,000 square feet in the future commercial block for commercial/community uses by the URA. An initial plan is to turn it into a viable location for fostering local social enterprises, so as to strengthen community network, build up social capital, better serve the community in Tai Kok Tsui and Sham Shui Po and provide more job opportunities.

In addition, about 4,800 square feet of the development site is also designated for an open space at street level to enhance the surrounding environment.

Sun Hung Kai Properties Limited is one of the eight 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 Sun Hung Kai 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 Sun Hung Kai Properties Limited, which has solid experience in delivering quality development in Hong Kong.