Kai Tak Flat-For-Flat pilot scheme draws lots for flat selection
The Urban Renewal Authority (URA) today (Thursday) draws lots to determine the sequence for flat selection and makes purchase arrangement for four property owners affected by its redevelopment projects who had previously opted for the Kai Tak Flat-For-Flat (FFF) scheme. All of the four property owners selected to buy studio flats in the same floor zone.
The remaining four property owners will not undergo the balloting procedure as each of them selected different flat sizes in different floor zones in the Kai Tak development. The URA has arranged for them to select and purchase their respective units tomorrow or at a later date.
The URA has reserved a total of 47 flats in the Kai Tak development for the eight participating owners for their selection and purchase according to the selected floor zones and sizes of flats which they had accepted under the FFF scheme. The fixed unit prices for these eight participating owners range from $10,534 to $12,722 per square foot in saleable area.
The FFF scheme is among the key initiatives set out in the 2011 Urban Renewal Strategy. It is offered as an alternative to cash compensation for domestic owner-occupiers affected by the URA's redevelopment projects commenced after 24 February 2011.