The West Kowloon Cultural District Authority (the Authority or WKCDA) today announced that the tender for the Artist Square Towers Project (AST Project) has been awarded to Winner Harvest Limited, a wholly-owned subsidiary of Sun Hung Kai Properties Limited (SHKP) (HKSE:0016).
The AST Project comprises three commercial buildings with a total gross floor area of approximately 65,000 sqm, including 62,435 sqm for Office use and 2,500 sqm for Retail / Dining / Entertainment (RDE) uses. The tender was issued on 9 September 2022 and closed on 14 November 2022. SHKP was awarded with the right to develop and operate the AST Project for a period of about 47 years under a Build-Operate-Transfer arrangement and will be responsible for the design, construction, financing, marketing, leasing, management, operation and maintenance of the AST Project.
The Authority has received one returned tender by the close of the tender. Having considered the average valuation provided by three independent valuers engaged by the Authority and other relevant factors, the Authority considers the tender price offered by SHKP is commensurate with the market level and accepted the tender bid.
“The AST Project is situated at the prime location of the West Kowloon Cultural District (the District or WKCD) and is seamlessly connected with a number of world-class arts and cultural facilities, including M+ and the Lyric Theatre Complex under construction,” said Mrs Betty Fung Ching Suk-yee, Chief Executive Officer of WKCDA. “The AST Project is a key component of the development model of the WKCD, which integrates arts and cultural facilities with commercial developments, with a view to creating a unique cultural hub and art-themed commercial destination for Hong Kong as well as generating long-term income to support the cultural mission of the District. The Authority looks forward to working with SHKP to make the AST Project a success.”
The Authority will continue to unleash the potential of the commercial land in WKCD, which is well positioned to become a world-class arts and cultural hub of the Guangdong-Hong Kong-Macao Greater Bay Area and the Asian region.
About the West Kowloon Cultural District
The West Kowloon Cultural District is one of the largest and most ambitious cultural projects in the world. Its vision is to create a vibrant new cultural quarter for Hong Kong on forty hectares of reclaimed land located alongside Victoria Harbour. With a varied mix of theatres, performance spaces, and museums, the West Kowloon Cultural District will produce and host world-class exhibitions, performances and cultural events, providing twenty-three hectares of public open space, including a two-kilometre waterfront promenade.