From today’s The Standard:
Heavyweights such as Sun Hung Kai Properties (0016), Henderson Land (0012) and New World Development (0017) are among firms to have submitted tenders for a redevelopment project at Sai Yee Street in Mong Kok.
The Urban Renewal Authority has received 12 tenders for the residential- cum-commercial project, bidding for which closed yesterday.
Despite several restrictions involved, the 26,672-square-foot plot on the popular shopping strip, also known as Sneaker Street, received 18 expressions of interest in July.
The plot will likely fetch HK$2.5 billion to HK$3.6 billion and yield a residential gross floor area of 186,710 sq ft, housing 290 units. Half the units must have a saleable area of no more than 500 sq ft.
As for the multi-level commercial space with a gfa of 53,300 sq ft, half of it will belong exclusively to the URA, which will also claim a share of profits from sales in the residential portion.
Current establishments will be demolished for the new project, where ground-floor shops have been designated for sports-related businesses to preserve the area’s unique character.
“Preserve the area’s unique character” my ass.