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New World Development Company Limited wins development of URA’s Sai Yee Street project in Mong Kok

The Urban Renewal Authority (URA) today (Monday) announced that Up Fair Limited, a wholly-owned subsidiary of New World Development Company Limited, has won the contract for the redevelopment of Sai Yee Street project in Mong Kok by tender.

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 percent of the total number of residential units 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 with the aim to preserve and enhance the unique local character and vibrancy of the sports retail shops currently prevailing in the vicinity of the project site.

New World Development Company Limited is one of the 12 tender submissions received for the above development project. The URA Board after careful consideration of all the tender submissions agreed that the offer made by New World Development Company Limited met all the tender requirements and represented the best benefit to the URA.

A spokesman for the URA said the URA was pleased to have the opportunity to implement the project with New World Development Company Limited, which has solid experience in delivering quality developments in Hong Kong.