The Urban Renewal Authority will invite developers and consortiums to submit expressions of interest for redevelopment project at the junction of Hung Fook and Ngan Hon streets in To Kwa Wan today.
The project, which covers a site area of 4,581 square meters, was first announced in June 2016. Upon completion, it will provide a maximum total gross floor area of 41,229 square meters.
The successful developer/consortium will be required to build in compliance with requirements of the master design control of To Kwa Wan district as set out in the development agreement of the project to create synergy with adjoining development URA projects, allowing comprehensive restructuring and replanning of the area while enhancing a pedestrian-friendly environment and connectivity.
The project will also enhance the livability of the district by adopting placemaking and smart initiatives.
The requirements of the district-based master design control include improving connectivity with major district nodes, including To Kwa Wan MTR station, Hoi Sam Park, and other public facilities with a better-restructured pedestrian network and enhancing street vibrancy with distinctive design character by specifying building frontage and landscape design along the pedestrian streets.
The winner will also need to improve air ventilation by specifying podium setback and tower separation among the development projects within the district to create a more livable environment, as well as to create spaces to serve as a community gathering point, coupled with place-making initiatives to cultivate a distinctive district precinct.
The URA has commenced eight connecting projects, including this project, in To Kwa Wan under the district-based approach.
Henderson Land Development (0012) won a 7,406-sq-m site from URA at Bailey/Wing Kwong streets for HK$8.2 billion last week, which is near the new site.
Knight Frank forecasts that home prices will reach a record high in the third quarter.