Source: Hong Kong Information Services
The Government has awarded the pilot project under the large-scale land disposal scheme in the Hung Shui Kiu/Ha Tsuen New Development Area (HSK) in the Northern Metropolis (NM) to HSK New Development Limited.
The winning tenderer scored highest in both non-premium and premium criteria, submitting a successful bid of $1.03 billion.
The consortium comprises six shareholder subsidiaries: China Overseas Land & Investment, China Merchants Land, China Resources Land, China Tourism Group Corporation, JD.com, Inc. (JD), and Sino Land Company.
As the first large-scale land disposal tender in the NM, the HSK pilot project covers nearly 11 hectares, representing a significant investment over a long development cycle.
Secretary for Development Bernadette Linn noted that the consortium of the successful tenderer encompasses not only major enterprises that have long participated in local real estate development, but also market leaders that are well-established in other industries with proven experience and capability.
She added that this demonstrates how a large-scale land disposal project can facilitate cross-sector co-operation. The six enterprises have pooled their strengths and joined forces to cast a vote of confidence in the NM through concrete action, setting a new course for the diversified development in the NM.
The bureau pointed out that the successful tenderer will be responsible for forming and developing three residential sites, yielding around 3,000 flats in total and completing site formation for a smart modern logistics centre on an Enterprise & Technology Park (E&TP) site with a permissible gross floor area (GFA) up to 50,950 sq m.
The centre will adopt a modern, high-quality design with JD serving as the leading enterprise. It will commence operations with at least 15,300 sq m of GFA within 55 months, well ahead of the minimum requirement of 96 months in the tender documents.
The aforementioned three residential sites and one E&TP site – HSK Town Lot Nos. 18 to 21 – spanning a total area of about 3.6 hectares, will be leased to the successful tenderer for a term of 50 years.
The successful tenderer will also be responsible for forming the remaining sites in the HSK pilot area. Among them, two E&TP sites – HSK Town Lot Nos. 23 and 24 – and a site for a government facility must have their site formation completed and be handed back to the Government by the end of 2028.
In addition, the successful tenderer will construct an open space, a pedestrian street and a footpath, which must be completed and handed back to the Government no later than 2033.
After the successful tenderer completes the site formation and hands back the sites to the Government, Ms Linn said the Government will grant the two E&TP sites of 4.5 hectares directly to Hung Shui Kiu Industry Park Company (the Park Company), which is wholly government-owned, for superstructure development and operation.
The successful tenderer estimates that the implementation of the entire large-scale land disposal project will involve an investment of about $16.8 billion and create over 6,000 jobs.