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Wednesday, Dec 01, 2021

Henderson Land wins tender to develop new Central Harbourfront with record HK$50.8b bid

Three buildings and a rooftop park will be built at new Central Harbourfront after Henderson Land wins a tender with a record HK$50.8 billion.
The Development Bureau announced on Wednesday that the tender for Site 3 of the New Central Harbourfront has been awarded to Pacific Gate Development, a subsidiary of Henderson Land on a 50-year land grant, following a two-envelope open tender.

The premium is the highest ever for a government tender, surpassing the previous record set by Henderson Land in 2019 when it paid HK$42.2 billion for a parcel atop the West Kowloon express rail station.

Two parts of the Central site will have to be completed by 2027 and 2032, respectively.

The site occupies a prominent location at the new Central Harbourfront. It is bounded by the Central Piers to its north, Two International Finance Centre to its west, Statue Square to its south, and the temporary Hong Kong Observation Wheel to its east.

The winning proposal is based on the idea of “a bridge” and aims to curate a world-class iconic landmark in Hong Kong. It also proposes to enhance the connectivity between the hinterland and waterfront in Central and create a vast amount of green and public spaces.

There will be three buildings at the site. The block closest to the harbor will be multi-functional, whereas the other two will be office buildings.

The Horizon Park, a platform at the roof level, will connect the three buildings. The public will be able to enjoy panoramic views of the Central cityscape and Victoria Harbor from there.

The park will provide a lawn, jogging routes and outdoor space for public use. There will be public open space spanning more than 25,000 square meters.

The proposal also includes a pedestrian connection with Central MTR Station.

The SAR government adopted a two-envelope approach in the tender to take both design and premium into consideration. An equal weighting was given for premium and design.

The Tender Assessment Panel gave Pacific Gate Development the highest marks for its proposals, with the overall mark totaling 100.

To that end, the panel recommended to the Central Tender Board to accept this tender, and the recommendation was approved.

The government received a total of six tenders. Only two attained the passing mark for both the premium and non-premium proposals in the two-envelope approach, and the successful tender was given a higher total mark and hence awarded the tender.

The successful tenderer needs to prepare a master layout plan for approval by the Town Planning Board. In accordance with the Conditions of Sale, two plots have to be completed by December 31, 2027, and December 31, 2032, respectively.
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