URA’s Ash Street demand-led redevelopment project attains 86.58% acceptance rate
Property owners representing 86.58 percent of the undivided shares of the Ash Street demand-led redevelopment project in Tai Kok Tsui have signed agreements to sell their properties to the Urban Renewal Authority (URA) within the 75-day conditional offer period expiring today (Monday).
This demand-led project at Nos. 5 - 13 Ash Street (odd number) was commenced in May 2015. It is the fourth and last demand-led redevelopment project in the third round of the pilot scheme. Conditional acquisition offers were issued to property owners in the project on 10 August 2015.
After the granting of 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 the Agreements for Sale and Purchase with the owners.
The project occupies an area of about 474 square metres covering five street numbers. The URA's current proposal is to redevelop the project to provide about 3,100 square metres of residential floor area for about 69 residential units. It will also provide non-domestic floor area of about 390 square metres. The project is tentatively scheduled for completion by 2021/2022.