K. Wah International wins URA's Johnston Road project
The Urban Renewal Authority (URA) today (Thursday) announced
that a wholly owned subsidiary of K. Wah International Holdings
Ltd., Union Profits Ltd., has won the joint development contract
for its Johnston Road project in Wan Chai in a public tender
exercise.
The project site occupies a prominent location of about 21,200
square feet in Johnston Road at its junction with Ship Street. It
is the first site successfully cleared since the URA commenced
acquisition work in March 2002 for a series of redevelopment
projects. It is also an important part of the URA's effort to
regenerate the older part of Wan Chai.
The project is expected to yield about 190,000 square feet of
residential floor area and about 28,000 square feet of commercial
retail area upon completion in 2007.
The project also features the conservation of five pre-war
buildings of historic value to Wan Chai. Four of them, fronting
Johnston Road, are a row of four-storey, Cantonese terraced-style
buildings which are a fast disappearing species in Hong Kong. The
remaining one is a four-storey shop-house in Ship Street that is
typically reminiscent of Hong Kong's live-and-work arrangement of a
family business before the 1960's
K. Wah International is one of 14 property developers who tendered
for the joint venture project. Based on the recommendations of a
tender review panel appointed by the URA Board, members of the
Board agreed that the offer made by K. Wah International has met
all the tender requirements and, at the same time, represented the
best benefit to the project.
A URA spokesman said that the primary factors in assessing the
tenders were the overall benefit to the project, the development
design and its revitalising impact on the neighbourhood. Proposal
for conservation of the 5 pre-war buildings was also an important
factor for consideration.
The spokesman said the Authority was pleased to have the
opportunity of entering into a joint venture with K. Wah
International, which has solid experience in delivering quality
estate development in Hong Kong.