30 July 2014 - The mega Kwun Tong redevelopment project, Kung Tong Town Centre Project (Development Areas 2 & 3), requiring investment of up to HK$18 billion, has failed to attract any takers, the first time the Urban Renewal Authority (URA) has faced such a tender failure.

 

The Authority yesterday said that all tenders had failed to meet the HK$8 billion minimum investment requirement. After careful consideration, the Urban Renewal Authority Board decided to revise some of the tender terms and project requirements and invite the ten pre-qualified developers which had earlier expressed interest to submit their tender proposals based on the revised terms.

 

The URA's target to provide about 1,700 residential units through this project by 2019/20 remains unchanged.

 

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Photo credit: HK Magazine