Intention of Redevelopment of Heng’an Street in Kwun Tong

The Urban Renewal Authority today (1st) started the redevelopment project at 12 to 30 (even) of Heng On Street, Kwun Tong. The interested developers were invited to submit a letter of intent for co-development. The letter of intent was intercepted on February 18; the site area was about 8500 square feet. The total floor area of the building is about 71,721 square meters, providing about 138 residential units.

The market expects that the land price per square meter of the project will be about 8,500 to 9,070 yuan, with a valuation of about 610 million to 650 million yuan. Zhang Shengdian, Director of Pu’er Enterprise Development Department (valuation and property management) estimates that the total investment of the project should be about 1 billion yuan, which can attract many small and medium-sized developers to participate.