One Tender Submission Received for the URA’s Kai Tak Road / Sa Po Road Development Scheme

The Urban Renewal Authority (URA) received one tender submission for the development of the Kai Tak Road / Sa Po Road Development Scheme (KC-015 Project) in Kowloon City before the deadline for submission at noon today (20 September 2024).

A URA spokesperson remarked that the URA will not speculate on the considerations of the developers and consortia in submitting tender for the KC-015 Project.  Developers and consortia in general take into account various factors when bidding for development projects, such as their liquidity reserves, the impact of interest rates on interest expenses and property prices, construction costs, the inventory of unsold units, and prevailing market demand.

To enhance the attractiveness of the KC-015 Project, the URA has refined the criteria for shortlisting qualified developers and consortia for bidding the Project, and revised several tender terms.  These include the introduction of staged payments arrangement for tender amounts, providing more flexible payment options.  Additionally, the URA has reviewed the control measures on flat sales in URA joint venture project, which involve, among other adjustments, the removal of restrictions on the quantity or percentage of units for company and individual purchasers, thereby providing developers with increased flexibility when marketing the units in the future.

A tender review panel under the URA Board will carefully examine the submission received and recommend to the URA Board to make the final decision.

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(ENDS)