URA To Kwa Wan Project Draws Three Bids Amid Optimism for District Renewal
SingTao · 7 SOURCESabout 3 hours ago2 MIN
Summary
The Urban Renewal Authority (URA) closed bidding for its flagship To Kwa Wan Road/Yung Kwong Street redevelopment project on Wednesday, November 11, 2026, receiving three competitive offers from major Hong Kong developers. The project, which marks the culmination of the city's inaugural "Small District Renewal New Community" initiative, attracted submissions from Cheung Kong Holdings, China Overseas Land & Investment, and a joint venture between Sino Land and Great Eagle Group . Industry analysts project the market value between HK$3.9 billion and HK$4.8 billion, with professional valuations suggesting a floor price around HK$4.5 billion . The development will deliver approximately 1,050 residential units through innovative modular integrated construction methods, aiming for completion by 2032.
Key Points
- Three developers submitted bids: Cheung Kong Holdings, China Overseas Land & Investment, and a Sino Land-Great Eagle consortium .
- Site covers approximately 58,933 square feet across five streets including To Kwa Wan Road, Ma Tau Wei Road, Hung Fuk Street, Kai Ming Street, and Yuk Shing Street .
- Project valuation ranges from HK$3.45 billion to HK$4.8 billion, translating to HK$6,500-HK$9,000 per square foot of gross floor area .
- Revenue sharing triggers when sales exceed HK$9.1 billion, with URA receiving 20% of the first HK$800 million and 30% thereafter .
- The new community, officially named Victoria Cove Central (VCC), will feature two pedestrian bridges connecting to MTR To Kwa Wan Station .
Why It Matters
The successful tendering of this project signals strong developer confidence in Hong Kong's urban renewal sector, particularly in transitional districts where older neighborhoods are being transformed into modern residential communities. The revenue-sharing model and mandatory commercial joint-ownership arrangement demonstrate URA's evolving approach to balancing public interest with private sector participation, potentially serving as a template for future redevelopment initiatives across the territory .
The successful tendering of this project signals strong developer confidence in Hong Kong's urban renewal sector, particularly in transitional districts where older neighborhoods are being transformed into modern residential communities. The revenue-sharing model and mandatory commercial joint-ownership arrangement demonstrate URA's evolving approach to balancing public interest with private sector participation, potentially serving as a template for future redevelopment initiatives across the territory .