Hong Kong Urban Renewal Authority receives bids for To Kwa Wan project valued at up to HK$4.8b
The Urban Renewal Authority received bids for a To Kwa Wan redevelopment project, with market estimates valuing it at HK$3.9 billion to HK$4.8 billion. Analysts expect keen interest due to strong local property sales and the site's transport links.
The Urban Renewal Authority's To Kwa Wan Road/Yung Kwong Street project in Hong Kong received bids by midday on 11 November, with market valuations ranging from about HK$3.9 billion to HK$4.8 billion, translating to a land premium of about HK$7,400 to HK$9,000 per square foot of gross floor area.
Alan Lam, director of surveying firm Centaline Surveyors, estimated the project's land value at HK$4.508 billion, or about HK$8,500 per square foot of gross floor area. He noted that the site benefits from comprehensive transport links and other supporting facilities, and that recent bidding for nearby projects had been strong with favourable pricing. New homes in the area have been popular with buyers and are selling well, Lam added, leading him to expect keen competition among developers.
The project covers To Kwa Wan Road, Ma Tau Wai Road, Hung Fook Street, Kai Ming Street and Yuk Sing Street. The site area is nearly 59,000 square feet, with a total permitted gross floor area of more than 530,000 square feet.
It is the final redevelopment project in the authority's first "small-district redevelopment new community" scheme, named "Victoria Cove Central". The site is near the MTR To Kwa Wan station, and plans include the construction of two pedestrian footbridges.