URA’s Hang On Street demand-led redevelopment project attains 92% acceptance rate
Property owners representing 92 percent of the undivided shares of the Hang On Street demand-led redevelopment project in Kwun Tong have signed agreements to sell their properties to the Urban Renewal Authority within the 75-day conditional offer period expiring today (Wednesday).
This demand-led project at Nos. 12 - 30 Hang On Street (even numbers) was commenced in November 2014. It is the third demand-led redevelopment project under the third round of the pilot scheme. Conditional acquisition offers were issued to property owners in the project on 16 January 2015.
After the authorisation by the Secretary for Development to proceed with the project, and subject to no appeal or dismissal of all appeals 30 days after the publication of the authorisation, the URA will complete agreements with owners.
The project occupies an area of about 865 square metres covering 10 street numbers. The URA's current proposal is to redevelop the project to provide about 5,950 square metres of residential floor area for about 115 residential units and some 740 square metres of commercial/retail and institution or community facilities. The project is tentatively scheduled for completion by 2021/2022.