URA’s To Kwa Wan Road demand-led project aborted as 80% acceptance threshold could not be met
The Urban Renewal Authority (URA) announced that it would not proceed with a demand-led project located at Nos. 68A to 70C To Kwa Wan Road (even number) as a key condition requiring the acceptance of URA's conditional offers with execution of the Conditional Sale and Purchase Agreements by owners of no less than 80 percent of the undivided shares of each lot in the project site within 75-day offer period expiring today (Monday) could not be attained.
The To Kwa Wan Road project is the second project commenced under the third round of the Demand-led Redevelopment Project (Pilot Scheme). The URA issued conditional acquisition offers to owners of 129 property interests on 25 June this year.
As the To Kwa Wan Road 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 To Kwa Wan Road demand-led redevelopment project will also be gazetted in due course.