Hung Hom Bailey Street Redevelopment Attracts at Least 7 Bids from Cheung Kong, K. Wah, China Overseas

The Urban Renewal Authority's Hung Hom Bailey Street/Zhejiang Street project closed for bids at noon, receiving at least seven submissions. Cheung Kong, K. Wah International, and China Overseas each sent representatives to submit their bids, while at least four other consortia also tendered.

Market valuation of the site is estimated at HKD 4.42 billion to HKD 5.8 billion, implying a land premium of about HKD 6,000 to HKD 7,870 per square foot of gross floor area. K. Wah International bid as a sole developer, pricing according to the current market. The property market has seen relatively low transaction volumes recently, affected by the summer holidays and the earlier World Cup.