Tender Award for Development of URA’s Wing Kwong Street / Sung On Street Development Project

The Urban Renewal Authority (URA) announced today (27 October 2022) that the contract for the development of the Wing Kwong Street / Sung On Street Development Project (the Project) in To Kwa Wan has been awarded to a consortium, Fortune Hope Limited, consisting of Sino Land Company Limited and China Merchants Land Limited, with a tender amount at HK$2,388 million.

The URA earlier invited 31 developers / consortia to submit tenders for the Project following an expression of interest exercise.  The URA received a total of seven tenders from these 31 developers / consortia when the submission of tender closed on 6 October 2022.

After careful deliberation, the URA Board considered that the tender offer made by Fortune Hope Limited has met the tender requirements of the Project and thus decided to award the development contract to Fortune Hope Limited.  A list of the six 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 2,876 square metres, was commenced in June 2018.  It is planned to provide a maximum total gross floor area of 25,884 square metres upon completion.  The commercial portion, with 30% of its interest owned by the URA, will be jointly held and operated by the URA and the successful consortium as set out in the Agreement.

The successful consortium will be required to construct the new development in compliance with the requirements of the master design control of To Kwa Wan district in Kowloon City as set out in the Agreement of the Project to create synergy with adjoining development projects of the URA, allowing comprehensive restructuring and replanning of the area while enhancing walkability and connectivity.  The Project will also enhance the livability of the district by adopting place-making and smart initiatives.

In addition, the new development must comply with the standard and quality requirements, the environmentally sustainable provisions and smart provisions set out in the Agreement.

Annex

List of Unsuccessful Tenderers for Wing Kwong Street / Sung On Street Development Project

(In alphabetical order of the names of the tenderers)

(ENDS)