2 September 2014 - Following the failure of the first tender in July, the Urban Renewal Authority yesterday announced that Sino Land (0083) and Chinese Estates (0127) have won the mega Kwun Tong Redevelopment Project. Sources say that the land price of the project is less than the targeted HKD7 billion.
The 5.25-hectare town center site, as large as Tai Koo Shing, is the Urban Renewal Authority's biggest project so far. Terms were relaxed and six groups submitted bids when the tender exercise restarted in August. Sino Land and Chinese Estates did not submit bids in the initial tender.
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