URA tender closes for Kennedy Town site

The Urban Renewal Authority (URA) said today (Thursday) that it has received four tender offers for its residential development project in Ka Wai Man Road, Kennedy Town.

"Despite the recent short-term change in the general mood of the property market, the number of tender offers received indicates that property developers still show a considerable interest in the URA's projects," a URA spokesman said.

"The market has shown a remarkable resilience since the beginning of this year and is likely to continue a steady progress in the foreseeable future," he commented.

He pointed out that during a URA invitation of expression of interest in the project earlier this year, a total of 25 developers expressed their interest and 22 of them who were qualified were subsequently invited to place a tender.

The site was earmarked by Government as a linked site to facilitate the implementation of the Kennedy Town New Praya project which was commenced by the former Land Development Corporation. The site area measures about 730 square metres and the purpose is to construct a 27-storey residential tower on a four-level podium carpark. The total floor area is estimated at about 7,300 square metres.

The URA Board will consider the tenders and make a decision as soon as possible.