Seven Developers Bid for $564 Million Kowloon Waterfront Project

7 Hong Kong Developers Compete for Key Waterfront Project in Kowloon

Seven major Hong Kong developers have submitted bids for a significant waterfront residential redevelopment in Hung Hom, marking a crucial step in the city's ongoing urban renewal efforts in Kowloon. The project, valued at an estimated US$564 million, is set to deliver 1,200 flats and improve connectivity between the Hung Hom waterfront and Kai Tak.

Bids Under Review

The Urban Renewal Authority (URA) confirmed on Monday that it had received the tenders before the noon deadline. A dedicated review panel will now assess the proposals and make recommendations to the URA board, which will select the winning developer. Chinese media reports suggest that prominent firms such as CK Asset Holdings, K Wah International, and China Overseas Land & Investment are among the bidders.

A Strategic Urban Renewal Initiative

The 7,610-square-metre site, located at the junction of Bailey Street and Chi Kiang Street, is a key part of Kowloon’s urban renewal strategy. The project aims to maximise the site’s development potential while enhancing links between the waterfront and planned inland developments. The site is expected to feature a maximum gross floor area of about 737,226 square feet and will also include over 30,000 square feet of community facilities as part of the developer’s obligations.

High Stakes in a Soft Land Market

Despite a subdued property market, the project has attracted significant interest, with the site’s market value estimated between HK$5.4 billion (US$688 million) and HK$5.9 billion (US$752 million). This translates to HK$7,320 to HK$7,980 per square foot, according to Meir Lam of property consultancy Arup. Additionally, the successful bidder will be required to enter a profit-sharing arrangement with the URA, further underscoring the high stakes of the project.

This redevelopment is expected to play a pivotal role in revitalising one of Kowloon’s key districts, addressing housing demand, and enhancing community infrastructure. The final decision on the winning bid is eagerly awaited.

Source: South China Morning Post