Property acquisition for Man On Street/Tai Kok Tsui Road demand-led redevelopment project to start soon
The Urban Renewal Authority (URA) will soon issue conditional acquisition offers to property owners affected by the Man On Street/Tai Kok Tsui Road demand-led redevelopment project in Tai Kok Tsui, which was under the fifth round of the demand-led redevelopment project (pilot scheme), following its commencement in December 2016.
Eligible owner-occupiers of domestic properties of Nos. 8 - 30 Man On Street (even numbers) and Nos. 193 - 199 Tai Kok Tsui Road (odd numbers) will be offered $13,391 per square foot of saleable area which is the unit rate of a notional replacement flat of seven years old situated in a similar locality ("Notional Flat Unit Rate"). In line with the established mechanism, the URA has appointed seven independent consultancy firms by open ballot to assess the Notional Flat Unit Rate. The whole process is transparent, open and fair.
The Notional Flat Unit Rate and the conditional acquisition offers for the project have been approved by the Land, Rehousing and Compensation Committee of the URA Board today (Wednesday).
Conditional offer letters to owners of the project will be issued shortly, which will be valid for 75 days from the issuance of the conditional offer. There must be an acceptance of URA's conditional offers with execution of Conditional Sale and Purchase Agreements by owners of not less than 80 percent of undivided shares of each lot in the site within the said 75 days, failing which the project will not be proceeded further.
If acceptance of the conditional offers and execution of Conditional Sale and Purchase Agreements up to the said level of 80 percent is successfully attained and if the project submitted by URA to the Secretary for Development is authorised by the Secretary for Development within one year of the issue of the conditional offer, the URA will then complete the Conditional Sale and Purchase Agreements with the owners.
The URA's prevailing acquisition policy for domestic and non-domestic property interests is equally applicable to this demand-led project. After completion of the property acquisition, the URA will make ex-gratia payment or rehousing arrangement for the domestic tenants concerned, if eligible.
The URA will organise briefings for the affected owners, residents and shop operators to explain to them the acquisition, compensation and rehousing arrangements for this demand-led project. An urban renewal social service team staffed by professional social workers of the Salvation Army, which has been appointed by the Urban Renewal Fund, will provide counselling and practical assistance that the residents may need. The contact number of the social service team is 2117 8673.
The project covers a total area of about 1,770 square metres, involving a total of 16 street numbers of buildings. The URA's current development plan is to redevelop the project to provide about 10,300 square metres of residential floor area for about 200 residential units. It will also provide non-domestic floor area of about 2,000 square metres. The project is tentatively scheduled for completion by 2024/2025.
(ENDS)