Kerry Properties Limited wins URA's First Street/Second Street Project
The Urban Renewal Authority (URA) today (Thursday) announced
that a wholly-owned subsidiary of Kerry Properties Limited, Wealthy
State Investments Limited has won the joint development contract
for its First Street/Second Street project in Sai Ying Pun in a
public tender exercise.
The project covers a site area of about 38,000 square feet and
upon completion, is expected to deliver a gross floor area of about
425,000 square feet for residential and commercial use. In
addition, an 11,800-square foot residential care home for the
elderly and about 7,500 square feet of landscaped open space will
be provided.
Kerry Properties Limited is one of the 11 property developers who
tendered for the joint venture project. Based on the recommendation
of a tender review panel appointed by the URA Board, members of the
Board agreed that the offer made by Kerry Properties Limited has
met all the tender requirements and, at the same time, represented
the best benefit to the Authority.
The spokesman said the Authority was pleased to have the
opportunity of entering into a joint venture with Kerry Properties
Limited, which has solid experience in delivering quality
development in Hong Kong.