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URA issues offer letters to owners affected by two remaining projects in second round of demand-led pilot scheme

The Urban Renewal Authority (URA) today (Wednesday) issued conditional acquisition offers to property owners affected by two remaining redevelopment projects in the second round of demand-led pilot scheme in Tai Kok Tsui and Sham Shui Po commenced in June this year.

Eligible owner-occupiers of domestic properties affected by the two demand-led projects at No. 8 - 10 Fuk Chak Street/7 - 9 Li Tak Street in Tai Kok Tsui, and No. 25 - 31 Wong Chuk Street in Sham Shui Po will be offered $11,020 and $9,863 per square foot of saleable area respectively which are equivalent to the unit rate of a notional replacement flat of seven-year-old situated in similar locality and of similar size.

The URA offer letters spelt out details of the conditional offers to owners of 109 property interests who will have 75 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 respective redevelopment sites within the said 75 days before the projects will take a further step for implementation.

If acceptance of the conditional offers up to the said level of 80% is successfully attained and if the projects submitted by URA to the Government have been authorised by the Government, the URA will then complete the acquisition with owners and full purchase price will be paid. Otherwise, the projects will be aborted.

The prevailing property acquisition principles of the URA will be applicable to these two demand-led projects, 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.  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 / 2117 8671.

The total site area of the two projects is 1,200 square metres. The URA's initial proposal is to redevelop them to provide around 165 residential units of small to medium size, including some at the lower floor levels for flat-for-flat option. It is tentatively scheduled for completion by 2019/20.