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New World Development bids for new sports park project in Hong Kong

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New World Development bids for new sports park project in Hong Kong

New World Development Co. Ltd. is said to be one of two final bidders for the approximately 28-hectare Kai Tak Sports Park project at Hong Kong's new Kai Tak development area, according to a report by the Hong Kong Economic Times.

The city's government selected three companies and invited them to submit tenders for the project located at the old airport site in east Kowloon, after reviewing a round of initial applications at the end of 2017.

Hong Kong's Home Affairs Bureau told the publication they had received two tenders as at the submission deadline, according to the Aug. 14 report.

The contract is expected to be awarded in the second half of 2018, while the project is targeted for completion between 2022 and 2023.

The report, citing unnamed sources, added that the other bidder is a Chinese company.

The development, covering a total floor area of 4.2 million square feet, will include a main stadium with a capacity of 50,000; a bowling center; a sports arena; and retail, dining and public areas.