URA and HKSHCL sign Memorandum of Understanding on Tai Hang Sai Estate Redevelopment
With the support and facilitation of the HKSAR Government, the Urban Renewal Authority (URA) and The Hong Kong Settlers Housing Corporation Limited (HKSHCL) today (8 March) signed a memorandum of understanding (MOU) for the “Tai Hang Sai Estate Redevelopment” project. The signing ceremony was held at the HKSAR Central Government Offices and was witnessed by the Hon. Frank Chan Fan, Secretary for Transport and Housing, Chairman of the URA, the Hon. Chow Chung-kong, and Director of HKSHCL, Prof. the Hon. Arthur K. C. Li. The MOU was signed by Managing Director of the URA, Ir Wai Chi-sing, and Chairman of HKSHCL, Dr. the Hon. David K. P. Li.
The MOU lays down the goals and cooperation framework for the “Tai Hang Sai Estate Redevelopment” project. In the meantime, the URA and HKSHCL are working on the next level details of the redevelopment plan with the aim of expediting the project.
According to current projections, it is expected that an implementation plan will be presented to the tenants of Tai Hang Sai Estate by the middle of this year.
Meanwhile, the URA is developing the Master Layout Plan, which is targeted to be ready in the third quarter. The project will be carried out in accordance with the redevelopment goals announced earlier, including the provision of about 1,300 units to be used by HKSHCL for re-housing existing Tai Hang Sai Estate tenants; and about 2,000 “Starter Homes” units for the URA to be sold as private residential housing at a discount to market value.