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URA issues acquisition offers to Wing Kwong Street / Sung On Street project

The Urban Renewal Authority (URA) today issued acquisition offers to property owners affected by the Wing Kwong Street/Sung On Street Development Project (the Project) in Kowloon City.  Eligible owner-occupiers of domestic properties of the Project will be offered $17,917 per square foot of saleable area which is the unit rate of a notional replacement flat of seven years old situated in the same locality (“Notional Unit Rate”).

The Notional Unit Rate was approved by the Land, Rehousing and Compensation Committee (LRCC) of the URA Board on 30 April 2019.  In line with the established mechanism, the URA appointed seven independent consultancy firms by open ballot to assess the Notional Unit Rate for the Project.  The whole process is transparent and open.

The URA’s prevailing acquisition policy for both domestic and non-domestic property interests is applicable to this redevelopment project.  In addition, eligible domestic owner-occupiers of the Project will have a choice of a flat-for-flat (FFF) unit in an appropriate development project to be constructed in the same district, or FFF unit at the URA’s Kai Tak Development Project.

The Project affects a total of about 300 property interests.  All property owners will have 60 days to consider the URA’s offers which was issued today.

After completion of the property acquisition, the URA will make ex-gratia allowance for the eligible tenants and rehousing arrangement for the eligible domestic tenants.

The URA will organise briefings for the affected owners, residents and shop operators to explain to them the acquisition, ex-gratia allowance and rehousing principles and arrangements.  An urban renewal social service team staffed by professional social workers of The Salvation Army (Tel.: 3188 2151), which has been appointed by the Urban Renewal Fund, will provide assistance to the owners and residents in need.

The Project, which was commenced in June 2018, was authorised by the Secretary for Development and gazetted on 1 March 2019.   The project occupies a gross site area of about 3,020 square metres.  Under a holistic and district-based approach to rejuvenate the Kowloon City area, the Project would create synergy with the five URA projects commenced earlier in the vicinity to allow comprehensive restructuring and re-planning of the area, with an aim to enhance the road network and pedestrian environment and maximise the planning benefits for the district.  Subject to the future detailed design, the URA’s current proposal is to redevelop the site to provide about 21,430 square metres of residential floor area and some 4,280 square metres of commercial floor area.

(ENDS)