Project Details

✔ Project has been published!

Results Chart for Delivery Method and Financing

Delivery Method

DBFOM All Private Finance
# of Projects: 1
100% of the Results

Background informationProject Created: October 8, 2008

Project Name: Tate's Cairn Tunnel, Kowloon
Year in Operation: 1991
Sector: Transportation
Subsector: Tunnel
Status: In Operation
Type: New Facility
Description: 3900 meter long tunnel (tolled) connecting Kowloon to Sha Tin in the New Territories. Two tubes, each with 2 lanes for traffic. 30 year BOT franchise to produce and operate the facility.
Delivery Method as described in the country where it's located: Build Operate Transfer
Is the project still active: Yes
Comments: Project began with an unsolicited proposal from the private sector, which the Government did not accept. Project brief issued by the government in May 1987. Six tenders received. Winning proposal had shortest construction time, included an innovative ventilation system that substantially reduced capital and operating costs, and a significantly more expensive roadway surface that saved money over the concession through lower operating and maintenance costs.

Project Locations

Address:
City: Hong Kong
State:
Country: Hong Kong, Special Administrative Region of China

Address:
City: Diamond Hill
State:
Country: Hong Kong, Special Administrative Region of China

Address:
City: Sha Tin
State:
Country: Hong Kong, Special Administrative Region of China

Souces of Project Support (Non-monetary)

Checkbox Checked Access to Land: Government provided. Project reverts to government at end of the franchise.
Checkbox Checked Revenue Stream (Cash Flow) Protected Through Long Term Commitment(s) of Public Sponsor(s): Initial tolls set as a result of the competition and award of the BOT concession. Right to collect tolls confirmed through enactment of the Tate's Cairn Tunnel Ordinance in July 1988. Toll increases are subject to approval of the Hong Kong government. 2.5% of gross operating receipts from concessionaire in each of the first five years of operation, and 5% of gross operating receipts in the remaining years, are paid to government as a royalty.

Souces of Project Support (Monetary)

Checkbox Checked

From Private Capital Markets Directly to Producers as Debt: HK $1.5 billion ($US 195 million)

Checkbox Checked

From Producers as Equity: $HK 600 million ($US 77 million) in equity from producers.

Project Delivery & Finance Method

Project Delivery:
All Public Finance. Public Sponsor contracts for initial design, and separately contracts for initial construction. Public Owner operates and maintains the resulting facility.
Is there an independent checking engineer? Yes
Project Finance Method: All By Private Sponsor

Procurement Approach

Project Component
Qualifications
Based Selection
Request for
Qualifications
Request for
Proposals
Invitation
for Bids
Unsolicited
Proposals

Term for Key Components & Forms of Contract

Project Component
Years
Quarters
Combined Term: Initial Design, Construction, O&M Period
30
0
Forms
Description
 
 

Project Value (If and As Known)

Date of Estimated Project Value: August 1, 1987
Project Value
Hard Cost
Hard & Soft Costs
Total
$200-500 Million US
$200-500 Million US

Warning!!!

You are about to delete: .

Confirm Deletion Cancel