Two demand-led projects of URA in Sham Shui Po take a major step forward
The two demand-led redevelopment projects in Sham Shui Po under the second round of the pilot scheme of the Urban Renewal Authority (URA) are set to move forward as owners representing more than 80 percent of the undivided shares per lot in both projects have signed agreements to sell their properties to URA within the 75-day offer period expiring today (Tuesday).
Director (Acquisition & Clearance) of the URA, Mr Ian Wong, congratulated the property owners of 270 - 286 Tung Chau Street/1 - 5 Kweilin Street, and 1 - 3B Kowloon Road/1 - 5 Kiu Yam Street for their efforts in taking the projects a significant step forward on fulfilling one key condition of the URA's conditional offers.
"We are delighted to see that the two projects initiated by owners have achieved a major breakthrough which will help improve the living environment of over 840 residents just as they have hoped for," said Mr Wong.
It is by no means an easy task to assemble owners of over 80 percent of undivided shares to sell their properties to URA within such a tight schedule. This is a result of the support of the owners and the hard work of different teams within URA and in particular the frontline staff in the past two months, he added.
The URA issued conditional acquisition offers to property owners of the two Sham Shui Po demand-led projects on 27 June this year.
Mr Wong said both projects could now be advanced further pending the authorisation of the projects by the Secretary for Development.
The total site area of the two demand-led projects is 2,200 square metres. The URA's initial proposal is to redevelop the two projects to provide around 270 residential units of small to medium size, including some at lower levels for in-situ flat-for-flat option. It is tentatively scheduled for completion by 2019/2020.