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CK Asset, Sun Hung Kai Properties among 16 bidding for Hong Kong site

Hong Kong's Urban Renewal Authority closed Dec. 4 the tender for the Reclamation Street/Shantung Street project in Mong Kok and received 16 bids from the 40 parties invited for the 1,389-square-meter site.

The Hong Kong authority said the winning developer will build the site, which is expected to provide about 187 residential units. The total residential gross floor area for the project is approximately 10,424 square meters, while the commercial side is expected to gross 2,085 square meters.

The (Hong Kong) Standard reported Dec. 5 that CK Asset Holdings Ltd. and Sun Hung Kai Properties Ltd. are among the bidders for the property. The publication reported, citing an analyst estimate, that the land parcel's market value ranges from HK$1.46 billion to HK$1.8 billion.

The Urban Renewal Authority said in a release that a tender review panel will review the bids and award the tender.