Tender awarded for development of URA’s Hang On Street Redevelopment Project

The Urban Renewal Authority (URA) today (Tuesday) announced that the contract for the development of Hang On Street Redevelopment Project (the Project) in Kwun Tong has been awarded to Gainplace Limited, a wholly-owned subsidiary of Lai Sun Development Company Limited.  The tender amount offered by Gainplace Limited is HK$883 million, which is the highest among the tender submissions received by the URA for this project.

The URA earlier invited 37 property developers to submit tenders for the Project following an expression of interest exercise.  The URA received a total of 18 tenders from these 37 property developers when the submission of tender closed on 10 April 2019.

After careful deliberation, the URA Board considered that the tender offer made by Gainplace Limited has met the tender requirements of the Project and thus decided to award the development contract to Gainplace Limited.  A list of the 17 unsuccessful tenderers and their respective parent companies is at Annex.  The URA will later publish on an anonymous basis the tender amounts of these unsuccessful but conforming tenders after the execution of the development agreement with the successful tenderer (usually within 21 business days after the tender award).

The Project, which covers a site area of 789.7 square metres, was commenced on 7 November 2014 under the third round of the URA’s Demand-led Redevelopment Projects (Pilot Scheme).  Upon completion, it will provide a maximum total gross floor area of about 6,660 square metres.

The successful developer will be required to construct the new development in compliance with the standard and quality requirements, the environmentally sustainable provisions and smart provisions set out in the development agreement of the Project with the aim of creating a sustainable living environment.

(ENDS)

Annex

List of unsuccessful tenderers of the Hang On Street Redevelopment Project 
(In alphabetical order of the names of the tenderers)