Tender Award for URA’s Sung Hing Lane / Kwai Heung Street Development Project

The Urban Renewal Authority (URA) announced today (4 August 2022) that the contract for the development of Sung Hing Lane / Kwai Heung Street Development Project (the Project) in Sai Ying Pun has been awarded to Mega Source Global Limited, a wholly-owned subsidiary of Far East Consortium International Limited, with a tender amount at HK$1,240 million.

The URA earlier invited 34 property developers to submit tenders for the Project following an expression of interest exercise.  The URA received a total of nine tenders from these 34 property developers when the submission of tender closed on 11 July 2022.

After careful deliberation, the URA Board considered that the tender offer made by Mega Source Global Limited has met the tender requirements of the Project and thus decided to award the development contract to Mega Source Global Limited.  A list of the eight 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 (the Agreement) with the successful tenderer (within 21 business days after the tender award).

The Project, which covers a site area of 1,077.3 square metres, was commenced in July 2017.  Upon completion, it is planned to provide a total gross floor area of about 8,804 square metres.

Through better site planning and design, the redevelopment aims to enhance the connectivity to the adjoining children’s playground while improving the existing pedestrian access from Des Voeux Road West and Kwai Heung Street.

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

Annex

List of Unsuccessful Tenderers for the Sung Hing Lane / Kwai Heung Street Development Project
(In alphabetical order of the names of the tenderers)

(ENDS)