URA to acquire property interests for Reclamation Street project
The Urban Renewal Authority (URA) is going to issue acquisition offers to owners of some 173 property interests affected by its Reclamation Street/Shantung Street redevelopment project in Mong Kok early next month.
Eligible owner-occupiers of domestic properties of Reclamation Street/Shantung Street project will be offered $11,832 per square foot of saleable area which is equivalent to the unit rate of a notional replacement flat of seven-year-old situated in similar locality and of similar size, is deliberated and approved by the Land, Rehousing and Compensation Committee of the URA Board today (Friday).
Property owners will have 60 days to consider the acquisition offers.
Same as other URA projects, the Authority's prevailing acquisition policy for both domestic and non-domestic property interests is applicable to this project.
Upon 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 a series of briefings for the affected owners, residents and shop operators to explain to them the acquisition and compensation and rehousing arrangements.
The URA's initial proposal is to redevelop the project site of some 1,640 square metres to provide around 190 residential units, including some at the lower levels for flat-for-flat option. The project construction is tentatively scheduled for completion by 2019/2020.