Hong Kong News Network, July 31 — The Urban Renewal Authority announced that China Overseas Group has won the bid for the Prince Edward–Pak Lei Street/Zhejiang Street project (the Pak Lei Street project) with a tender price of HK$6.902 billion, equating to HK$9,362 per square foot—about 19% above the market’s upper limit.

The Berry Street project concluded its tender process ahead of schedule, receiving seven bids. The bidding consortium comprises CK Asset, Sun Hung Kai Properties, K. Wah International, China Overseas, Chinachem, and Wheelock Properties; meanwhile, Kerry Properties is participating in the tender through a joint venture with Sino Land and Great Eagle.

You Weiguang, Managing Director of China Overseas Property, stated that the project is located in the core coastal area of the Eastern Victoria Harbour District, boasts convenient transportation, well‑developed surrounding amenities, and immense development potential. The project spans approximately 82,000 square feet, with a total development area of about 737,000 square feet. The project will be developed into a rare, large-scale waterfront residential complex in Kowloon. The company will continue to expand its high-quality land bank and strengthen its momentum for sustainable development.

The Pell Street Project covers approximately 81,800 square feet and is located at the intersection of Pell Street and Zhejiang Street. It offers a developable gross floor area of about 737,200 square feet and is expected to accommodate roughly 1,200 residential units. The municipal bureau stipulated in the tender terms that, should future property sales revenue reach HK$13.3 billion, the developer must allocate a proportionate share of the profits to the municipal bureau. The winning consortium is also required to construct a 100-bed nursing home and a day-care center for the elderly, which the Urban Renewal Authority will repurchase for approximately HK$130 million.

The market estimates the site’s value to be between HK$4.42 billion and HK$5.8 billion, with a land price of approximately HK$6,000 to HK$7,870 per square foot.