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Major breakthrough for URA’s demand-led redevelopment projects before deadline

The second and third demand-led redevelopment projects of the Urban Renewal Authority (URA) in Sham Shui Po and Tai Kok Tsui respectively have today (Monday) achieved a major breakthrough with owners representing more than 80 percent of the undivided shares per lot having agreed to sell their properties to URA.

The Chairman of the URA, Mr Barry Cheung, congratulated the property owners on fulfilling the key term of the Authority's conditional offer within the 60-day offer period and extended his appreciation to them for their joint efforts, in particular to the shop owner in the Tai Kok Tsui project who has also agreed to sell his property to URA for redevelopment just before deadline.

"Thanks to his co-operation and agreement to participate, this is extremely good news to some 300 residents before the festive holidays as the project could be taken forward as scheduled and their living environment improved in accordance with their original wish," he said.

Mr Cheung said the stipulated 80 percent threshold for the implementation of both projects was attained following much hard work by both the property owners concerned and the frontline staff of URA in the past two months.

The URA issued conditional acquisition offers to owners of property interests at 205-211A Hai Tan Street in Sham Shui Po and 13-31 Pine Street and 87 Oak Street in Tai Kok Tsui in late October this year.

Mr Cheung said: "Both projects can be advanced further pending the authorisation of the project by the Secretary for Development."  Once it is given, the Authority will proceed with the completion of acquisition of the units within the projects right away, he added.

The two demand-led projects will be able to provide 160 residential flats to the market upon their completion.