Kowloon Development Company Limited wins URA's Ka Wai Man Road project

The Urban Renewal Authority (URA) today (Thursday) announced that Kowloon Development Company Limited has won the development contract for its Ka Wai Man Road residential project in a public tender exercise.

The 730-square metre site will be used to construct a 27-storey residential tower on a four-level podium car park and will produce a total floor area of about 7,300 square metres. The site was earmarked by the 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 total investment in the redevelopment project is estimated at about $260 million. Construction work will begin shortly and is expected to be completed in the second half of 2005.

Kowloon Development is one of four property developers who tendered for the project. Based on the recommendations of a tender panel appointed by the Board, members of the Board agreed that the offer made by Kowloon Development has met all the tender requirements and represented the highest financial benefit to the Authority.

A URA spokesman said the Authority was pleased to have the opportunity of entering into a joint venture with Kowloon Development which was renowned in the development of quality residential projects in Hong Kong.