URA’s Tongzhou Street reconstruction won 20 bids

The URA implemented an anonymous bid to publish the price arrangement. The first Sham Shui Po Tongzhou Street project closed 20 bids yesterday, which was the second highest bid volume in the calendar year. Many Chinese and Hong Kong consortiums entered the bid, including Minmetals Real Estate (00230)’s first tender. Most of the URA projects can increase transparency.

The URA’s first project in this fiscal year was a landmark project for the reconstruction of Tongzhou Street/Guilin Street in Sham Shui Po. It was followed by 20 tenders, setting a new record for the Kowloon City project of the URA, second only to that of the 22nd residential site A Records. The project last month intercepted 38 letters of intent calculations, the tender rate reached 53%, and the response was enthusiastic.

The project is about 10 minutes walk from Sham Shui Po Station and is located unilaterally. It is expected that the middle and high-level units can enjoy the sea view. The target buyers are mainly local developers, all of which are bids for sole proprietorship, including the newly-invested land of Kai Tak King (00016). ), Cheung Kong (01113), Hong Kong Ferry (00050), Shunjia (00083), Hua Wei and others. Another China Vanke Hong Kong (01036) and Minmetals real estate also bid.

For the first time Minmetals Real Estate, which has entered the market construction project, its Hong Kong headquarters operations director, Luo Yaorong, said that the number of urban projects involved in the project is not high, and the successful bidder can increase the Group’s business in Hong Kong. The current property market is hot and the public price can be used as a public Professional guidelines will help the market develop healthily.

Market valuation 1.17 to 1.37 billion

Zhang Siwei, senior property director of Emperor International (00163), pointed out that the project is an urban renewal project. High-level units are expected to have sea views and have potential for development. The new arrangement will increase transparency and refer to the bid prices of other consortiums for projects in the same area. Fang Wenchang, director of the Real Estate Development Department of Yuanzhan (00035), stated that the development experience of the group in the same area is based on the project in the area. The open list price can enhance transparency and is beyond reproach.

The URA pointed out that after the project is approved by the board of directors, in addition to publishing the names of the winning bidder and the parent company, the bid price and other bidders’ names will be announced together. After the signing of the development agreement, the bureau will meet within 21 working days after the successful bid. The rest of the tender amount will be announced in an anonymous manner. The approach is roughly the same as that of the Lands Department.

The terms of the tender stated that the successful bidder must return the commercial floor to the URA and develop a fashion design base to calculate the cost of building a residential floor, with a valuation of 1.17 billion to 1.37 billion yuan. About 22,000 yuan.