HONG KONG | Yee Kuk Street Redevelopment | 3 Towers | App

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$2.5m `elderly-friendly' flats will leave most seniors out of bidding
The Standard
Tuesday, November 24, 2009



A batch of "elderly-friendly" homes is to be built in Sham Shui Po over the next four years.

But, with an estimated price tag of HK$2.5 million a unit, the average Hong Kong senior citizen will be hard pressed to afford one - unless they have put aside big nest eggs or are supported by rich children.

They will also have to bid for one of the 60 homes on the open market.

The 20-story block on Yee Kuk Street is part of the Urban Renewal Authority's redevelopment project in Sham Shui Po, which also includes two other residential blocks of 300 ordinary units. Authority chairman Barry Cheung Chun-yuen said kitchens and washrooms in the seniors flats will be bigger and have railings, while facilities like clothes drying racks and wash basins will be installed at lower heights.

Doors and the building's lobby will be wider to cater to those using wheelchairs.

The flats, measuring about 500 square feet, will be priced at about HK$5,000 psf.

"The elderly-friendly flats are to provide additional choice for elderly, not to subsidize their housing expenses," Cheung said, adding the flats would be open to all buyers.

The Hong Kong Housing Society has in the past built similar flats for elderly people, but these are limited to those who have reached age 60. These flats under the "Senior Citizens Residence Scheme" are in Jolly Place in Tseung Kwan O, and Cheerful Court in Jordan Valley. They provide one-stop services such as leased accommodation and recreational and medical care services for eligible senior citizens under a lease-for-life arrangement.

In September 2008, the government approved in principle a plan by the Housing Society to carry out two elderly projects in the former Tanner Hill Estate in Tanner Road, North Point, and at Tin Shui Wai.

[Ni3lS]

Approved projects belong to the proposed highrises section.

[_00_deathscar]

App means application doesn't it?

[webeagle12]

Originally Posted by _00_deathscar

App means application doesn't it?

approved

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Eight developers in for URA flats at Sham Shui Po
The Standard
Tuesday, January 19, 2010

Eight developers have submitted tenders for a 36,000 square foot joint redevelopment project in Yee Kuk Street, Sham Shui Po, the Urban Renewal Authority said.

They were among 15 developers invited by the URA to tender for two adjacent sites.

They are Henderson Land (0012), Sino Land (0083), Wheelock Properties (0049), K Wah International (0173), Cheung Kong (Holdings) (0001), Sun Hung Kai Properties (0016), New World Development (0017) and USI (Holdings) (0369).

Quinly Wan Tsz-mei, a K Wah Real Estate property manager, said the company is interested in solely developing the sites because Sham Shui Po is a traditional residential area where people like to move homes.

According to the official tender document, the URA will share profits when revenue exceeds HK$2.2 billion. It will get 20 percent of the first HK$1 billion and the ratio will increase to 50 percent as the amount grows.

The URA proposes to redevelop the sites to provide about 390 flats, including 60 with elderly-friendly facilities.

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22 January 2010
Cheung Kong (Holdings) Limited wins URA¡¦s development project at Lai Chi Kok Road / Kweilin Street and Yee Kuk Street
URA Press Release

The Urban Renewal Authority (URA) today (Friday) announced that Grandwood Investments Limited, a wholly-owned subsidiary of Cheung Kong (Holdings) Limited, has won the contract for the joint development project at Lai Chi Kok Road / Kweilin Street and Yee Kuk Street in Sham Shui Po in a public tender exercise.

The project comprises two adjacent sites at Lai Chi Kok Road / Kweilin Street and Yee Kuk Street of about 36,000 square feet. The URA's proposal is to redevelop the sites to provide about 390 residential units, including some 60 flats with elderly-friendly facilities. Besides, some 4,100 square feet of floor area for Non-Government Organisations specialising preferably in services for senior citizens, 50,000 square feet of commercial floor area and 6,200 square feet of public open space will also be provided in the project.

Cheung Kong (Holdings) Limited is one of the eight tender submissions received for the joint development project. The URA Board after careful consideration of all the tender submissions agreed that the offer made by Cheung Kong (Holdings) Limited met all the tender requirements and represented the best benefit to the Authority.

A spokesman for the URA said the Authority was pleased to have the opportunity of entering into a joint development with Cheung Kong (Holdings) Limited, which has solid experience in delivering quality developments in Hong Kong.

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Cheung Kong wins bid for Sham Shui Po site
23 January 2010
SCMP

Cheung Kong (Holdings) has outbid seven developers to win a small residential site in Sham Shui Po, underscoring the demand for urban sites.

The developer outbid rivals including Sun Hung Kai Properties and Henderson Land Development for the 36,000 sq ft Urban Renewal Authority (URA) site at the junction of Lai Chi Kok Road, Kweilin Street and Yee Kuk Street.

It can build three residential blocks with about 390 units, including 60 with facilities for the elderly.

"Strong interest is expected as urban sites are always sought after," said Pang Shui-kee, the managing director of surveyor SK Pang.

He estimated that the total investment cost would be HK$1.45 billion, or HK$4,500 per sq ft.

Janny Chan, an assistant sales director at Midland Realty in West Kowloon, said new projects in the area were going for HK$4,800 to HK$5,200 per sq ft as Sham Shui Po was popular with first-time buyers.

Home prices in Sham Shui Po have jumped as much as 30 per cent over the past 12 months, Chan said. "Prices for some 20-year-old units have increased to HK$1.3 million from HK$1 million early last year."

According to the tender document, the winning bidder has to share profits with the URA once the project's turnover reaches HK$2.2 billion, the proportion of profit to be shared ranging from 20 per cent to 50 per cent.