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Peggy Ye

Hong Kong’s Urban Renewal Authority (URA) received seven tender submissions for a major waterfront residential redevelopment project in Hung Hom, drawing bids from some of the city’s largest developers despite a subdued land market.
The authority said on Monday that seven developers submitted tenders for the project before the noon deadline. A tender review panel under the URA board will assess the bids before making recommendations, with the board to decide on the successful developer.
Wheelock Properties and Chinachem Group confirmed to the South China Morning Post that they had submitted a tender, while Sino Land said it had formed a consortium with Kerry Properties and Great Eagle Holdings to bid for the project.
Other bidders include CK Asset Holdings, Sun Hung Kai Properties, K. Wah International, and China Overseas Land & Investment, according to local Chinese media reports and sources.
The URA said in a statement on Monday that the project was expected to add new housing supply to one of Kowloon’s key urban renewal districts and “to maximise the site’s development potential while creating better links between the Hung Hom waterfront and planned developments further inland”.
The 7,610-square-metre (81,900 sq ft) site at the junction of Bailey Street and Chi Kiang Street is expected to provide at least 1,200 flats, with a maximum gross floor area of about 737,226 sq ft.
Analysts said the number of bids was broadly in line with expectations given the site’s waterfront location and rarity among urban redevelopment opportunities.
The site’s market value is between HK$5.4 billion (US$688 million) and HK$5.9 billion, or HK$7,320 to HK$7,980 per square foot, according to Meir Lam, a manager at consultancy Arup. “The successful bidder must also provide more than 30,000 sq ft of community facilities and enter into a profit-sharing arrangement with the Urban Renewal Authority,” she said.
The tender comes as the government maintains a cautious land sale strategy despite signs of a housing market recovery. Development Secretary Bernadette Linn Hon-ho said earlier this month that private housing supply reached 12,430 units in the first half of the year, close to the full-year target of 12,600 units. Supply could exceed the target by the end of the year as the private market became more active, and authorities would adjust land sales according to market conditions, she added.
Against that backdrop, developers have shown growing interest in the To Kwa Wan district. New residential projects nearby recorded strong sales in recent weeks, with investors attracted by robust student rental demand and the area’s transformation into a broader redevelopment corridor linking Kai Tak and Hung Hom.
Originally earmarked for a school, the Bailey Street project is one of two sites the government granted to the URA at a nominal land premium of HK$1,000 last year in an uncommon move to shore up the cash-strapped authority’s finances.
The scheme is part of the URA’s wider district redevelopment strategy in Kowloon, which includes multiple projects in neighbouring To Kwa Wan aimed at improving pedestrian connectivity, upgrading public spaces and integrating ageing Kowloon neighbourhoods with the Kai Tak waterfront. Most of the surrounding redevelopment projects are expected to be completed within the next two to three years.


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Site for 1,200 flats, worth at least US$688 million, is part of urban renewal initiative linking Kowloon neighbourhoods to Kai Tak


Site for 1,200 flats, worth at least US$688 million, is part of urban renewal initiative linking Kowloon neighbourhoods to Kai Tak.


7 Hong Kong developers bid for waterfront project as Kowloon renewal gathers pace

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Site for 1,200 flats, worth at least US$688 million, is part of urban renewal initiative linking Kowloon neighbourhoods to Kai Tak

Site for 1,200 flats, worth at least US$688 million, is part of urban renewal initiative linking Kowloon neighbourhoods to Kai Tak