Hong Kong’s Urban Renewal Authority will launch a scheme next month that aims to improve transparency and communications in response to the lacklustre interest from developers in bidding for its projects amid an unclear market environment.
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The “development facilitation service”, which aims to improve the success rate of authority tenders, will be tested on a project in Mong Kok.
The Shantung Street/Thistle Street redevelopment is a 14,940 square metre project that aims to enhance the liveability of the surroundings.
Wai Chi-sing, managing director of the cash-strapped authority, said on Sunday in his official blog that developers who accessed the service could use a dedicated platform to download project information, including planning parameters, land lease terms and design requirements.
The authority will also send out questionnaires on the platform to gather opinions from developers.
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“The service aims to increase the transparency of project information before the tender process starts and to help developers prepare better,” he said.
The new initiative followed an announcement by the authority that it might undertake a major redevelopment project in Kowloon City on its own after a failed tender in September. The lone bid was from CK Asset Holdings.