Arts Hub Rolls Out Major Construction Tender
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2019-06-10 HKT 17:02
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The West Kowloon Cultural District Authority (WKCDA) on Monday rolled out its tender bid for a 135,000-square-metre construction project which will house a major exhibition centre, a hotel, office space, as well as various retail, dining and entertainment facilities.
The faciltiies at the western end of the district will be constructed and managed under the Build-Operate-Transfer (BOT) model, which means the company or consortium winning the tender will be responsible for building everything, and then run them for 30 years.
The CEO of the WKCDA, Duncan Pescod, said the winner will also be required to share the income generated from the project with the authority.
"I would expect that share to be increasing over time as the amount of income derived from the project improves, but also as they start to get pay-back on their investment, of course our share should increase", he said.
Pescod added that the profit-sharing arrangement will be a contractual obligation and there will also a penalty clause if the bidders fail to deliver.
Construction of the project is expected to be completed in 2025.
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