URA’s demand-led project in Tai Kok Tsui achieves major breakthrough
A demand-led redevelopment project in Tai Kok Tsui of the second-round pilot scheme of the Urban Renewal Authority (URA) is set to move forward as owners representing more than 80 percent of the undivided shares per lot have signed agreements to sell their properties to URA within the 75-day conditional offer period expiring today (Monday).
Director (Acquisition & Clearance) of the URA, Mr Ian Wong, is pleased to announce that due to the concerted effort of the property owners of No. 8 - 10 Fuk Chak Street / 7 - 9 Li Tak Street in Tai Kok Tsui, the project has taken a significant step forward on fulfilling one key condition of the URA's conditional offers.
"We are delighted to see the project initiated by the owners achieve a major breakthrough which will help improve the living conditions of some 250 residents just as they have hoped for," said Mr Wong.
It is by no means an easy task to assemble owners of more than 80 percent of undivided shares to sell their properties to URA within the conditional offer period. This is a result of the support of the owners and the hard work of the URA frontline staff in the past two months, he added.
The URA issued acquisition offers to property owners of the Fuk Chak Street / Li Tak Street project on 11 September this year.
Mr Wong said the Fuk Chak Street / Li Tak Street project could be advanced further pending the authorisation of the project by the Secretary for Development.
Occupying a site area of 716 square metres, the URA's initial proposal is to redevelop the Fuk Chak Street / Li Tak Street site to provide around 96 residential units of small to medium size, including some at lower levels for in-situ flat-for-flat option. It is tentatively scheduled for completion by 2019/2020.
Meanwhile, the demand-led redevelopment project at No. 25 - 31 Wong Chuk Street in Sham Shui Po, also in the second round of pilot scheme, has to be aborted since the stipulated 80 percent acceptance threshold could not be attained within the 75-day conditional offer period.
As the Wong Chuk Street project falls through, the URA will notify owners who have signed the sale and purchase agreements of the cessation of the project within seven working days and enter into cancellation agreements with them.
The notification of cessation of the Wong Chuk Street demand-led project will also be gazetted in due course.