The Urban Renewal Authority has invited firms to apply to redevelop a 23,143-square-foot site in Sai Ying Pun. The site, bordering Third Street and Centre Street, may provide a total gross floor area of 177,175 sq ft, mainly for residential use, the URA said.
It intends to provide about 270 homes, including a large number of units smaller than 500 sq ft.
Judging from the URA and Kerry Properties' (0683) Island Crest nearby, smaller homes could potentially cost buyers more per square foot.
Comparable homes at the redevelopment project in First Street and Second Street were sold for just above HK$14,000 to around HK$18,000 psf early this year, higher than units of about 800 sq ft, said Hong Kong Property sales manager Anthony Wong. "Small units involve small lump-sums and have good rental yield," Wong said, noting the supply of these units is low in the district.
The URA said it also plans to re-use a pair of existing tenement buildings as public open space.
Interested parties have to prove development experience and financial capability, and submit expressions of interest by July 30.
Meanwhile, URA chairman Barry Cheung Chun-yuen noted criticism of excessively large bay windows at Lime Stardom, co-developed with Sun Hung Kai Properties (0016), and said the issue would be discussed with the Development Bureau. He personally supports a cap on size. DEREK YIU
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