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URA issues offer letters to owners affected by a demand-led redevelopment project in Sham Shui Po

The Urban Renewal Authority (URA) today (Wednesday) issued conditional acquisition offers to property owners affected by one of its three debut demand-led redevelopment projects commencing in early April this year.

Eligible owner-occupiers of domestic properties affected by the demand-led project at 229A-G Hai Tan Street in Sham Shui Po are being offered $8,830 per square foot of saleable area, which is the unit rate of a notional seven-year old flat. The conditional offer was endorsed by the Land, Rehousing and Compensation Committee of the URA Board last week.

The URA offer letters have spelt out details of the conditional offers to owners of 58 property interests who will then have 60 days to consider and accept the offer. There must be an acceptance of URA's conditional offers with execution of Sale and Purchase Agreements by owners of not less than 80% of undivided shares of each lot in the redevelopment site within the said 60 days before the project is taken a further step for implementation.

If acceptance of the conditional offers up to the said level of 80% is successfully attained and if the project submitted by URA to the Government has been authorised by the Government thereafter, the URA will then complete the acquisition with owners and full purchase price will be paid. Otherwise, the URA will not proceed with the project.

The prevailing property acquisition guidelines of the URA will be applicable to this demand-led project, same as other URA-initiated projects.

The URA will organise briefing sessions for the affected owners, residents and shop operators to explain to them the acquisition, compensation and rehousing arrangements on 10 July 2012.  An urban renewal social service team staffed by professional social workers of the Salvation Army, which is appointed by the Urban Renewal Fund Limited will provide counselling and practical assistance that the residents may need. The contact number of the social service team is 3586 3095.

The Sham Shui Po project at 229A-G Hai Tan Street is 483 square metres in area. The URA's initial proposal is to redevelop it to provide around 70 residential units of small to medium size, including some at the lower levels for flat-for-flat option. It is tentatively scheduled for completion by 2019/20.